Gas from the Valemon field would flow through an existing pipeline that serves as a hub for natural gas exports to European markets.
Ivar Aasheim, a senior vice president of field development at Statoil, said development of Valemon will put his company in a better position for oil and gas development in the area.
Statoil estimates recoverable reserves from Valemon at 206 million barrels of oil equivalent. At its peak, it is expected to produce around 105 billion cubic feet of natural gas per year.
High temperature, high pressure and the fragmentation of the Valemon reservoir make work there complicated.
"Development of Valemon involves a fixed platform with a steel jacket for the separation of gas, condensate and water," said Statoil. "The normally unmanned platform will be remotely controlled from the Kvitebjorn platform (in the North Sea) when drilling operations are completed in 2016-17."