The fields are expected to contain 75 million barrels of oil equivalent, all crude, with a comfortable break even oil price of $24, according to operator Statoil.
The Svalin M and Svalin C discoveries will be exploited in a so-called "fast-track" development, with production starting in November 2013 and June 2014 respectively. Statoil has a 57% stake in Svalin, while partner Petoro AS holds 30% and ExxonMobil Exploration and Production Norway AS holds 13%.
The oil will be processed from the Grane platform for processing, and then be transported along the Grane production through a pipeline to the mainland.
"This is a fantastic way to make our fields last longer and get more out of them," said Statoil's Ivar Aasheim when presenting the plan to Norway's Minister of Petroleum and Energy Ola Borten Moe.
Mr. Moe told reporters he did not believe that oil prices would fall to levels which could hurt the value of Norwegian oil resources in the future.
He also said Chinese oil companies were welcome to apply for drilling licenses on the Norwegian Continental Shelf if they so wished.
Copyright ? 2012 Dow Jones Newswires
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