The 500lb British-made mine from WWII lies 62 miles off St Fergus on the coast of Aberdeenshire.
It is beneath a pipeline that brings in 5% of the UK's daily gas supply and Shell is calling in a subsea bomb squad to remove the explosive device.
Since a study into the mine last year, a guard ship has warded off fishing boats in the area.
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Shell first became aware of the device nearly 20 years ago, in 1993.
A spokeswoman said that although they had previously followed military advice to leave the mine "in position" and monitor it, new technology meant the company could now contemplate detonating it.
The pipeline – known as FLAGS (Far North Liquids and Associated Gas System) – was completed in 1978 and commissioned in May 1982.
Liquids and gas from platforms in the North Sea are transported through it to St Fergus.
Using Remote Explosive Ordnance Disposal System technology, which consists of a bag that will inflate around the mine and float to the surface, Shell will attempt to remove and dispose of the bomb safely in August.
The company have met with the Department of Energy and Climate Change, the Royal Navy, Grampian Police and the Health and Safety Executive to discuss undertaking the delicate manoeuvre.
(NE)
