Oil from a field in the deep waters of the Norwegian Sea is a strategic asset for the region, an official at Norwegian energy company Statoil said.
Statoil announced that it started oil production at its Morvin field in the Norwegian Sea.
"The field is strategically important for further development and operation of activities in the Norwegian Sea," says Ivar Aasheim, head of the regional operations at Statoil. "Utilizing existing infrastructure and installations was imperative for developing the field."
The energy company said the initial production from the Morvin field was expected to reach 24,000 barrels of oil equivalent per day. Production from
a second well could approximately double that amount, the company added in a statement.
Statoil said assets from the Morvin field would keep production on the Norwegian Continental Shelf static through 2020.
The Morvin field was discovered in 2001 and sits at a depth of 14,750 feet. Recoverable reserves were reported at 70 million barrels of oil equivalent.