Statoil along with its partners has commenced production at the Hyme oil field located in the southern part of the Norwegian Sea.

The oil field is the second of Statoil’s 12 fast-track projects.

The company said the fast-track projects are the discoveries made near the existing fields and in near future these projects will be transformed from discovery to first oil within 30 months.

Statoil Norway Development and Production "fast-track" portfolio head Halfdan Knudsen said the field began production one month earlier than it was earlier expected in the plan for development and operation.

"The project execution period from we decided to use Njord A as a tie-in platform and to first oil is thus slightly more than two years, which we are very pleased with," Knudsen added.

"This development will revitalise the entire area, open for further expansion and increase the production life of Njord."

In June 2009, the Hyme field was discovered at Haltenbanken about 19km north-east of the Njord A platform.

The field tied in to existing infrastructure on Njord A, is expected to extend the production life of the Njord field from 2015 to 2020.

At an investment of about NOK4.5bn ($788m), Statoil and its partners will develop a production well and a water injection well drilled through a subsea template with four well slots in the field.