STAVANE, Norway, Nov. 29 (UPI) -- Norwegian energy company Statoil said it transferred operations of an offshore gas field in the North Sea to its counterparts at GDF Suez.
Statoil describes the Gjoa field as the largest one in the North Sea. Discovered in 1989, the field holds an estimated 82 million barrels of oil and condensate and 1.4 trillion cubic feet of natural gas
The company said it transferred operatorship of the field over to its partners at GDF Suez, which entered the North Sea portfolio in 2003.
"This major milestone celebrates the accomplishment of a successful project and cooperation with Statoil and our partners," said Terje Overvik, a managing director of GDF Suez, in a statement.
Oystein Michelsen, Statoil executive vice president for Norwegian exploration, said in a statement that "oil and gas are set to flow from Gjoa for at least 15 years to come."
"The Gjoa platform with its infrastructure is also important for us in the future," added Michelsen in his statement. "This area is very interesting, and we hope the field can play a key role in developing new resources."
Statoil announced that it started production at the Gjoa oil and natural gas field in early November.