The project partners will invest approximately NOK20bn ($3.64bn) in the platform, pipelines and production wells.
Located between the Kvitebjorn and Gullfaks South fields, the Valemon field holds recoverable reserves of 206 million barrels of oil equivalents, including 26 billion cubic meters of gas, five million cubic meters of condensate and one million cubic meters of natural gas liquids.
Gas from the field will be transported via an existing pipeline from Huldra to Heimdal, which serves as a hub for gas exports to European markets, while condensate will be piped via Kvitebjoern to the Mongstad refinery in Hordaland.
According to Statoil, development of Valemon involves a fixed platform that will be remotely controlled from the Kvitebjorn platform when drilling operations are completed in 2016/17.
At peak, Valemon is expected to produce about three billion cubic meters of gas per year and production at the field is due to start in 2014.
Statoil holds a 64.275% interest in the project and other partners are Total (2.5%), Enterprise Oil Norge (3.225%) and Petoro (30%).
