Norway approved the plans of ConocoPhillips for a 6.1 billion crowns ($667.10 million) development of the Tor II field, which is expected to start production in the final quarter of 2020, the oil and energy ministry said on Thursday.
The project will allow restarting output at the Tor field, which had been producing oil and gas from 1978 until 2015, targeting reserves of around 68 million barrels of oil equivalent, it added in a statement.
ConocoPhillips has a 30.66% stake in the license, Total 48.2%, Eni's subsidiary Vaar Energi 10.82%, Equinor 6.64% and Petoro 3.69%.
($1 = 9.1441 Norwegian crowns)
(Reporting by Nerijus Adomaitis, editing by Terje Solsvik)
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