The project will allow restarting output at the Tor field, which had been producing oil and gas from 1978 until 2015, targeting reserves of around 68 million barrels of oil equivalent, it added in a statement.

ConocoPhillips has a 30.66% stake in the license, Total 48.2%, Eni's subsidiary Vaar Energi 10.82%, Equinor 6.64% and Petoro 3.69%.

(Reporting by Nerijus Adomaitis, editing by Terje Solsvik)