Spanish oil firm Repsol has submitted a new development plan for the Yme field in the North Sea to the Norwegian Ministry of Petroleum and Energy.
Under the new development plan, the Yme field is expected to see an investment of more than NOK 8bn ($960m).
Production from the field is scheduled to begin in 2020.
The partners of the field plan to use existing facilities, which were installed on the field during the development in 2007, to develop the Yme.
The existing facilities on Yme consists of a caisson, a subsea oil storage tank, pipelines and a connection between Gamma and Beta, manifold and subsea template with three slots on Beta, subsea loading system for oil from the storage tank, and wells on both Gamma and Beta.
While Repsol is the operator of the Yme field with 55%, the other partners include Lotos with 20%, Okea with 15% and Kufpec with 10%.
The licensees plan to start production in the field from the leased jack-up drilling and production facility, Mærsk Inspirer.
The Yme field is expected to hold future recoverable oil resources of 10.3 million standard cubic metres, which is equivalent to 65 million barrels of oil.
Production was carried at the Yme field from 1996 to 2001 before it was shut down and the facilities removed.
Originally, the field was developed with a jack-up production facility and a storage vessel for one of the structures, Gamma. Beta, the other structure, was developed with subsea wells.
Owing to structural faults, the facility could not be used, and it was removed in 2016 without starting production on the field.
The new development will see the re-use of a total of nine wells.
Image: The Yme field. Photo courtesy of Repsol.