STAVANGER, Norway, March 12 (UPI) -- Getting a North Sea field said to hold 37 million barrels of oil equivalent online quickly adds value to regional assets, said Norwegian major Statoil.
Statoil announced it started production at the Vigdis North-East oil field in southern regions of the North Sea. The field was discovered in 2009 and developed as part of Statoil's fast-track portfolio.
"The project adds new and valuable volumes for Statoil and its partners and we have managed to meet the ambitious schedule and cost frames for this type of fast-track developments," Edvin Ytredal, Statoil head of production, said in a statement.
Statoil said it would invest around $750 million on development for a field it expects to have a lifespan of more than 15 years.
Norway is the largest oil producer in Europe and the second-largest exporter of natural gas after Russia. In January, the Norwegian Petroleum Directorate estimated the total recoverable petroleum reserves in Norway at 85 billion barrels of oil equivalent, not including new areas in the Barents Sea.