French energy company Total said development of the Hild license areas in the shallow waters of the Norwegian Sea represents a $4.2 billion investment.
Total estimates there are at least 190 million barrels of oil equivalent in the Hilde field. The company announced it was ready for development, subject to approval from the Norwegian government.
Patrice de Vivies, a senior vice president for northern European, said Hilde field development represented a milestone for the French supermajor.
"Norway will remain in the coming years as one of the largest contributors to group production," de Vivies said in a statement.
Total said it would meet the power needs for field operations through a 100-mile alternating current power line from the shore, the longest in the world.
"This technical solution is in line with the Norwegian authorities' long standing objective to curb carbon dioxide emissions from offshore activities," the company said.
Norway has been granting licenses for work on its continental shelf. Norwegian energy company Statoil made one of the biggest discoveries of the year there in 2011.
Total has worked in Norwegian fields since the 1960s. Production at Hild is expected to peak at 100,000 boe per day once production starts in 2016.