Norwegian oil and gas group Det Norske says it is on schedule to decide on how to develop the massive Johan Sverdrup field by the end of 2014 after seeing third quarter losses narrow.
The company posted a third quarter loss of £54million ($87million), down significantly from the £240million loss a year ago, after being boosted by the start-up of the Atla and Jette fields in the Norwegian see.
Production also rose to 5940, up more than 650% year on year with the new fields coming online.
The company said its focus was now on its two major North Sea projects, the Ivar Aasen and Johan Sverdrup fields.
Production on the former is due to begin by the end of 2016, the company said, while a concept design for developing the Sverdrup field would be made in the next year.
“The field will most likely be developed in multiple phases, but it remains to be concluded on how many and on the size and timing of each phase,” DNO said.
“The plan is to submit a plans for development and operation to the authorities by the end of 2014.”