Once production starts, the field is expected to recover an average of 35,000 barrels of oil equivalent per day, the company said.

UK Energy Minister John Hayes told that the durability of oil production in the North Sea constantly confounds expectation.

"It is a tribute to the high-tech advances and expertise of British industry, which has constantly pushed the boundaries of what can be produced," Hayes added.

"This announcement shows that by working with industry and by creating the right fiscal environment, our oil supplies will continue to be an asset to Britain for years to come.

The company anticipates that the development will add 2% to its daily production in the UK.