Total E&P UK has confirmed a new North Sea exploration bid.
The French company said it will start drilling of the Sween exploration well in the third quarter of this year.
A spokesperson for Total said the well is believed to hold up to 100million barrels of oil equivalent.
The company made the announcement as Prime Minister David Cameron visited the company’s offices in Aberdeen.
The politician was there as a £250million City Region Deal was announced to help pump investment into the local economy.
The Scottish Government has also said it will provide funding on a 50-50 basis.
An exploration permit, for the Sween prospect, was awarded in December 2014 during the 28th Offshore Licensing Round.
Elisabeth Proust, managing director of Total E&P UK, said: “It is a particularly challenging time for the offshore industry where every penny counts. Nevertheless, we will continue to look for opportunities to improve our position and thereby create value.
“In this context, I am pleased to be able to confirm Total’s commitment to continue exploring UK waters and delighted that the Prime Minister, David Cameron, has been able to join us today.
“I have a strong team with me at Total E&P UK and today’s announcement would not be possible without their hard work and dedication.”
The Sween prospect is located in water depths of 100m, 150km east of the Shetland Islands and about 80km from the Total-operated Alwyn platform.
Total said if the exploration is successful, Ttoal will consider a development of Sween through a tie-back to existing Total facilties.
It is expected it will create additional value by extending the operations of such facilities.
Last year Us oil and gas company Apache said it had made significant discoveries in the North Sea in both the Beryl and Forties field which could up to 70million barrels of oil equivalent.
The US explorer said two discoveries were made on two exploration wells in the Beryl area as well as further discovery 50 miles south of the company’s Forties field.
Apache said it also drilled two development wells in the Beryl area from which no reserves have previously been booked.
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