Norwegian energy company Statoil said it started its largest international project to date at the offshore Peregrino field. Helge Lund, president and chief executive officer at Statoil, said the launch makes his company the second-largest operator in Brazil.
"We now look forward to continue working with our Brazilian partners to run safe and reliable operations and to unlock the resource potential of the larger Peregrino area," added Kjetil Hove, the Brazilian manager for Statoil, in a statement.
The Peregrino field is located about 52 miles off the coast of Brazil in roughly 320 feet of water. Statoil said it has a total of 37 wells planned for the field.
The Norwegian energy company said there are an estimated 600 barrels of recoverable oil equivalent at Peregrino, "with a significant yet-to-find potential."
The field was discovered in 1994.