The company estimates recoverable reserves of 192 million boe in the high-pressure, high-temperature field.
The Valemon platform will be remotely controlled from shore and will evolve into a normally unmanned platform when drilling is completed in 2017. The platform will have 10 production wells.
Use of existing facilities in the Kvitebjorn and Heimdal fields reduced Valemon development costs, said Arne Sigve Nylund, executive vice-president. Condensate will be piped to Kvitebjorn for processing while gas will be sent to Heimdal.
Statoil, the operator, has 53.77% in the project. Other partners include Petoro AS 30%, Centrica Resources 13%, and AS Norske Shell 3.23%.