Egdon Resources plc said it had received approval to store crude oil in licences PEDL180 and PEDL182 at Wressle oil field in North Lincolnshire.
North Lincolnshire Council granted the site operator permission for full use of the installed oil storage capacity at the site of approximately 2,000 barrels.
Egdon said it would also allow full production to be realised following the proppant squeeze, which is planned to begin during June 2021.
This is expected to increase overall production to 500 barrels of oil per day.
The company holds a 30% operated interest along with joint venture partners Europa Oil & Gas (Holdings) plc (30% working interest) and Union Jack Oil plc (40%).