Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Statoil Starts Production From Gudrun Field In North Sea

|Includes:Statoil ASA (STO)

Statoil announced the start-up of production on the Gudrun oil and gas field located in PL025 in the Norwegian North Sea. "Gudrun is the first new Statoil-operated platform to come on stream on the Norwegian continental shelf since 2005. This is a red-letter day for the company," says Arne Sigve Nylund, Statoil's executive vice president for the Development and Production Norway business area.

Statoil expects to recover 184 MMBOE from the Gudrun field. The investment decision on the field was made during the financial crisis. When the plan for development and operation was submitted in 2010, Gudrun was Statoil's only mega-project with investments in excess of NOK 12 billion.

PL025 ownership: Statoil (51%, operator), GDF Suez (25%) and OMV (24%).

In Jan-2014, Statoil halted oil production at the Gulfaks B platform in the North Sea after discovering a hole in a pipe to the flare system.

In Nov-2012, Statoil started production at the Visund South oil and gas field in the North Sea.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Stocks: STO