Eni started production on Monday at the Goliat field, the first oil field to start production in the Barents Sea.
The Goliat field is located about 53 miles northwest of Hammerfest in Production License 229 in a ice-free area of the Barents Sea off the coast of Norway.
“Goliat was developed through the largest and most sophisticated floating cylindrical production and storage vessel (FPSO) in the world,” Italy’s Eni said.
The unit has a capacity of 1 million barrels of oil and was built to tackle the technical and environmental challenges faced by operators in the Arctic.
Goliat’s output will reach 100,000 barrels of oil per day, with 65,000 boed net to Eni.
The field is estimated to contain reserves of about 180 million barrels of oil.
Production will take place through a subsea system consisting of 22 wells, with 17 of those wells already competed.
Twelve of the wells will be oil producers, seven will be water injectors and three of the wells will be gas injectors.
Eni said Goliat also utilizes the “most advanced technological solutions in order to minimize the impact on the environment.”
Goliat receives power from shore by means of a subsea power cables, reducing CO2 emissions by 50 percent compared to alternative solutions, while water and gas products are re-injected into the reservoir.
“Goliat’s start-up is an important milestone for Eni’s growth strategy and will significantly contribute to the cash flow generation,” Eni added.
Eni holds a 65 percent operating stake in Production License 229 while Norway’s Statoil holds the remaining 35 percent stake.
Eni has been present in Norway since 1965, where it operates through its subsidiary Eni Norge AS.
The company has interests in exploration licenses and production fields in Norway, including Ekofisk, Åsgard, Heidrun and Kristin with a total equity production of 106,000 barrels of oil equivalent per day in 2015.