BP announced it started production from the Skarv field in the Norwegian Sea. The company estimated the field contains at least 100 million barrels of oil and more than 1.5 trillion cubic feet of natural gas.
"Skarv will be a very important hub for BP in Norway, contributing significantly to our production growth from Norway and representing an important new source of gas to Europe," Rebecca Wiles, BP Norway managing director, said in a statement.
BP said field development includes a floating production, storage and offloading vessel built specially for the rough waters of the Norwegian Sea. A 50-mile pipeline connects to a regional grid, which allows for exports to the European market.
BP Chief Executive Officer Bob Dudley said the Norwegian field represents an "operational milestone" for the company. BP expects production from Skarv to reach a maximum rate of 165,000 barrels of oil equivalent per day by the end of the year.
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