Italian energy group ENI is reportedly planning to commence production from Goliat oil and gas field offshore Norwegian sector of the Barents Sea, in the coming weeks.

Said to be the Norway’s first Arctic oil development, the field is estimated to host 174 million barrels of oil.

The oil production was planned to commence operations in 2013; however, it was deferred due to increase in project costs to $5.62bn from initially planned $3.6bn in 2009.

ENI spokesman Andreas Wulff was quoted by Reuters as saying: "We had some delays due to bad weather, but we are planning to start the production in a few weeks."

The produced oil is planned to be stored on a Goliat floating production storage and offloading platform and will be exported through shuttle tankers.

The gas from the field will be injected into the Kobbe reservoir to increase oil recovery or will be transported to the processing plant at Melkøya in Finnmark county, Norway.

ENI operates the field with 65% stake, while Statoil owns the remaining 35%.