Oil giant ConocoPhillips and its partners are understood to be bringing the Tor filed, located in the Norwegian side off the North Sea, back to life.
Tor was closed in 2015 after more than 37 years in operation.
ConocoPhillips, Total, Our Energy, Equinor and Petoro will invest more than £555 million.
A development plan is understood to have been submitted to the Norwegian Minister for Petroleum and Energy today.
Trond-Erik Johansen, regional director of ConocoPhillips in Norway and North -Africa, said: “Having produced the Tor field for 37 years, we are now proud to be able to rebuild the field and with that gain a total lifetime of more than 60 years production from Tor.”
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