Norway-based multinational oil and gas company Statoil along with its partners has submitted a plan to the country’s petroleum and energy ministry to develop the Delta 2 field in North Sea for an estimated cost of NOL7.4bn ($1.2bn).

Delta 2 field will be developed as part of Statoil’s fast track portfolio, which aims at recovering resources by utilizing the existing infrastructure.

The recoverable reserves at Delta 2 are estimated to be about 77 million barrels of oil equivalent, while peak production will amount to 18,000boe/d.

Statoil Norwegian continental shelf field development senior vice president Ivar Aasheim said Delta 2 is an important step for the company’s fast-track development strategy.

"The fast-track projects will considerably boost Statoil’s equity production and will produce 100,000 barrels of oil equivalent daily (boe/d) by the end of 2014," Aasheim added.

"Delta 2 is the 11th fast-track development for which Statoil is making an investment decision. Without the fast-track concept many of the discoveries currently being developed would not have been profitable."

The oil field has been planned to come on stream by the end of 2014.