This structure contains just over 10 million barrels in estimated recoverable oil reserves.
The combined exploration and production well will be producing oil and associated gas through the C platform's processing facilities.
A pilot production phase lasting no more than six months and recovering three million barrels has been approved by the Ministry of Petroleum and Energy. Work is also under way to establish permanent production from the discovery.
"Results so far are extremely encouraging," says Eirik Graue, project manager for the Topas well.
"Based on the pilot production phase, we'll consider drilling more wells in this area to recover additional reserves and hopefully prove further resources."
Finding and development costs for Topas are estimated at US $1 per barrel.
Exploring in the vicinity of existing installations is important for Statoil to ensure that as much as possible of the remaining resources in mature areas is recovered.
Located between Gullfaks and Visund, the Topas discovery was made with exploration well 34/10-48 S. This was drilled to a total measured length of 7,393 meters.
Statoil has a 61 per cent interest in production licence 050, which embraces Gullfaks. Its partners there are Hydro with nine per cent and Petoro with 30 per cent.
The group's holding in PL 120, which covers Visund, is 30.07 per cent. Hydro has 29 per cent, Petoro 16.93 per cent, Total 11 per cent and ConocoPhillips 13 per cent.
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