Statoil field development chief Ivar Aasheim delivered plans to Norwegian Energy Minister Ola Borten Moe for the Delta 2 field in the North Sea.
Aasheim said Delta 2 is estimated to contain at least 77 million barrels of oil equivalent. Statoil said it expects to produce around 18,000 barrels of oil equivalent per day once the project comes on stream at the end of 2014.
"Delta 2 marks an important new step for Statoil and our fast-track development strategy," he said in a statement. "The fast-track projects will considerably boost Statoil's equity production and will produce 100,000 barrels of oil equivalent daily by the end of 2014."
Delta 2 is the 11th fast-track development project for Statoil. The company said such development means it takes about half the time to execute when compared with others.
Statoil said Delta 2 represented a $1.3 billion investment.