SANDEFJORD Norway (Reuters). ConocoPhillips has submitted Monday a plan to discover oil in Norway North Sea. The proposal was valued at 10.5 billion Norwegian Crowns ($1.10 Billion), as stated by the U.S.-based petroleum company.

The development, known as Eldfisk North is located in the larger Ekofisk region, which has seen oil pumped there for over 50 years. New reserves will be available to the public by 2024, according to the company.

Norway implemented tax incentives during the COVID-19 pandemic. This was part of Norway’s attempt to prolong the oil and gas industry’s life for many decades.

ConocoPhillips is the operator of Ekofisk (NYSE:), and holds a 35.1% interest. TotalEnergies controls 39.9%, Vaar Energi 12.4% Equinor 7.6%, Petoro 5%, and TotalEnergies 39.9%.

Norway is the largest producer of crude oil in western Europe, producing approximately four million barrels per day. However, some major fields are at risk of being depleted over the next decade.

($1 = 9.5506 Norwegian crowns)