Neptune Energy and its partners in the North Sea Cara oil and gas discovery have presented preliminary development plans to Norway's energy ministry, the company said on Thursday.
"The licence partnership will now progress its technical and economic plan before making a final investment decision early in 2019," Neptune said.
The plan, if sanctioned, is to tie the discovery back to the nearby Gjøa field platform via a subsea production system.
Cara is expected to yield 56-94 million barrels of oil equivalent.
Discovered in 2016, the Cara licence is operated by Neptune, which holds a 30 percent stake, and is co-owned by Idemitsu Petroleum (30 percent), Pandion Energy (20 percent) and Wellesley Petroleum (20 percent).
Neptune, founded by Sam Laidlaw, is backed by CIC and funds advised by Carlyle Group and CVC Capital Partners, the company said.
(Reporting by Terje Solsvik; editing by Jason Neely)