ConocoPhillips (NYSE: COP) has announced first oil production from the Eldfisk II project in the Norwegian North Sea.
"Eldfisk II joins Ekofisk South as the second major project startup in Norway since late 2013," said Matt Fox, executive vice president, Exploration and Production. "These projects will increase ultimate resource recovery and extend the field life of this premier legacy asset for years to come."
Eldfisk II, along with Ekofisk South and other projects offshore Norway, will add approximately 60,000 barrels of oil equivalent per day to the company's production volumes by 2017.
The Eldfisk II project includes plans to drill 40 new production and water injection wells. One of four pre-drilled wells is currently online, with the remaining three anticipated to come on stream this month. Production from the field will ramp up over the next three years as additional wells are brought online.
The Greater Ekofisk Area, located approximately 200 miles (300 km) offshore Stavanger, is comprised of four producing fields: Ekofisk, Eldfisk, Embla and Tor. Crude oil from Greater Ekofisk's producing fields is exported via pipeline to Teesside, England, and natural gas flows via pipeline to Emden, Germany.
ConocoPhillips (35.1%) operates the Greater Ekofisk Area. The other Ekofisk co-venturers are Total (39.9%), Eni (12.4%), Statoil (7.6%) and Petoro (5.0%).