The world's first ship tunnel could enter the construction phase in Norway in two years.
A feasibility study is to be presented by the Norwegian Coastal Administration (NCA) to the ministry of transport in May, according to Business Insider.
Project manager Terje Andreassen told the website the project would need to be fully financed by parliament, which has already set aside NOK 1bn (117m) for NCA's research.
If the plans are approved, construction could start as early as 2019, Andreassen added.
The Stad Ship Tunnel could see between 70 and 120 vessels transiting per day.
It is located in the Stadhavet Sea, an area notorious for bad weather.
Vessels are often delayed for hours or days, Andreassen said.
In 2013, TradeWinds reported that the scheme - first mooted in the 1980s - to drill through the peninsula would cost NOK 1.7bn.
The tunnel would be at least 1.8km long.
At 45m high and 36m wide, it will allow coastal ferries and cargoships of up to 16,000 gt to pass through. The draught will be 12 metres.
At that time, work was tentatively scheduled for 2018.
Watertight cofferdams would have to be built at either end to keep water out during excavation.
