Statoil and its partners have brought the Valemon gas and condensate field, which is located between production license 050 and 193 in the Norwegian Sea, on stream.
Statoil is the operator of the field with a 53.77% interest while other licensees include Petoro (30%), Centrica Resources (13%) and Norske Shell (3.23%).
The NOK22.6bn ($2.96bn) Valemon high-pressure, high-temperature field has an estimated 192 million barrels of oil equivalent and 10 production wells.
Statoil Development and Production Norway executive vice president Arne Sigve Nylund said: "Valemon is one of several new projects on the Norwegian continental shelf that will help add value, activity and innovation, demonstrating well the long-term perspective that characterises Statoil’s activity on the Norwegian continental shelf.
Scheduled to complete drilling in 2017, the Valemon platform is Statoil’s first platform remotely controlled from shore.
"By using the existing facilities at Kvitebjørn and Heimdal, as well as the existing pipelines, we have also reduced the costs of developing the Valemon field."
Statoil Technology, Projects and Drilling executive vice president Margareth Øvrum said: "The South Korean yard and a competitive Norwegian supply industry have together with a competent project organisation ensured project start-up on schedule, with excellent HSE results."
Image: Thialf at the Valemon gas and condensate field offshore North Sea. Photo: courtesy of Anette Westgård, Woldcam/ Statoil.