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PARIS, Jan. 26 (UPI) -- The opening of the Gjoa oil and gas field in the Norwegian waters of the North Sea will enhance European energy security, an industry executive said.
Norwegian Petroleum and Energy Minister Terje Riis-Johansen officially opened the North Sea oil and gas field for business during a ceremony with energy leaders.
Gerard Mestrallet, the chairman and chief executive officer at GDF Suez, said the move is a boost for long-term energy security in the region.
"Gjoa will enhance the security of supply of Europe and act as a hub in the Norwegian North Sea for future gas and oil developments," he said in a statement.
The field holds an estimated 82 million barrels of oil and 1.4 trillion cubic feet of natural gas. GDF Suez said the field could produce oil and gas for 15 years, though installations are designed to last for 30 years.
The Gjoa platform uses electricity from the mainland, meaning the amount of carbon dioxide emissions avoided is about the same as taking 100,000 cars off the road, GDF Suez said.
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