Equinor and partners have decided to invest in the development of the North Sea oilfield, Breidablikk, and have pledged $1.95 billion, according to a press release.

The partnership, consisting of Equinor; Petoro; Vår Energi; and ConocoPhillips, will submit the plan for development and operation to the Minister of Petroleum and Energy, in addition to awarding contracts for subsea facilities and upgrading of the Grane platform.

Equinor expects the field to yield about 200 million barrels (mmbbl). The first oil from the field is scheduled for H1 2024.

Once operational, the oil will be transported through the Grane oil pipeline to the Sture terminal in Øygarden municipality for storage and shipping. Breidablikk is being phased in during a period of declining oil production at Grane and will help maintain the activity level on the platform.

Geir Tungesvik, Equinor’s VP for projects and drilling, said, “The Breidablikk field is one of the largest undeveloped oil discoveries on the Norwegian continental shelf (NCS). Field development will create substantial value for the Norwegian society and the owners. We are also pleased to award two key contracts today at a total value of NOK 3.3 billion, including options. The contracts will contribute to important activity for the supply industry and secure jobs for many years.”