Lundin Petroleum won a green light from Norwegian regulators on Monday to start production at the offshore Edvard Grieg field.
The Norwegian Petroleum Directorate granted permission for Ludin to begin production at the North Sea field, located in production license 338.
Production start-up is scheduled for the fourth quarter of 2015.
Appraisal drilling at the field confirmed certified gross 2P reserves of 186 million barrels of oil equivalent, according to Lundin.
The gross capital cost of the Edvard Grieg field development is estimated at $4 billion and includes platform, pipelines and 15 development wells.
The platform has already been successfully installed and commissioning is ongoing.
Development costs have increased slightly, but the increase is within the uncertainty range of plus or minus 20 percent as included in the PDO investment projections, the NPD said.
Edvard Grieg is located on the Utsira High, about 21 miles south of the Grane and Balder fields.
The field was developed with a subsea production facility and oil produced at the field will be transported via the EGOP pipeline to the Grane oil pipeline and on to the Sture Terminal north of Bergen.
Gas from the field will be transported through a separate pipeline, known as the UHGP, that is tied-in to the transport system on the UK side.
The NPD recently granted start-up consents for the EGOP and UHGP transport systems.
Development plans for Edvard Grieg are being coordinated with the neighboring Ivar Aasen field.
Oil and gas from Ivar Aasen will be processed on Edvard Grieg, then routed via the same transport systems.
Edvard Grieg will also supply Ivar Aasen with power.
Production start-up on Ivar Aasen is scheduled for late 2016.
The licensees in production license 338 are cooperating with other licensees on the Utsira High regarding a coordinated solution for power from land, the NPD added.