Maersk Oil’s Golden Eagle oil field in the UK North Sea, which is about 70 kilometres north of Aberdeen, has started to produce some of its first oil.
Maersk owns just under 40 percent of a field that it believes has the potential to yield up to 70,000 barrels of oil per day by 2015.
Maersk’s cut of the total output would be about 20,000 barrels per day.
Golden Eagle is one of several Maersk Oil projects geared towards growing the company’s production towards its target of 400,000 barrels per day by 2020, provided its investments yield a 10 percent return.
“A project of this scale is important for the UK North Sea and for Maersk Oil – to deliver it safely, on time and on budget is an excellent performance,” Martin Rune Pedersen, the managing director of Maersk Oil UK, said in a statement.
“Today’s announcement represents a great achievement by the Golden Eagle project teams.”
Maersk Oil has several promising projects that will help it increase production, including one of Norway’s largest discoveries ever: the 'Johan Sverdrup' field.
Two other projects will first see production in 2014/2015 – the 'Jack' field in the US and the expansion of the 'Tyra Southeast' field in the Danish North Sea.