EnQuest started production on Monday at its Scolty/Crathes field in the UK North Sea.
The UK-based company achieved first oil from the offshore field on November 21.
EnQuest CEO Amjad Bseisu said the field was brought online ahead of schedule and under budget.
Bseisu added that unit operating costs are expected to be under $15 per barrel during the field’s initial peak volume years.
Production at the field is anticipated to continue until 2025.
The project was the only offshore pure oil field development plan to be approved for the UK North Sea area in 2015.
Scolty and Crathes are two light oil accumulations in the Central North Sea, located about 100 miles north east of Aberdeen.
The fields are estimated to contain up to 15 million barrels of gross oil technical reserves, according to EnQuest.
EnQuest holds a 50 percent interest and MOL Growest (II) Ltd holds the remaining 50 percent interest.
The Scolty accumulation was discovered in 2007 by Lundin Petroleum while the Crathes accumulation was discovered by EnQuest in 2011.
The development plan for Scolty/Crathes consists of two single horizontal wells tied back over via a 15 mile long subsea pipeline in a ‘daisy chain’ fashion to the Kittiwake platform located in the Greater Kittiwake Area.
EnQuest holds a 50 percent interest in the Greater Kittiwake Area.
Oil from Scolty and Crathes will be exported via the Forties Pipeline System.
“The safe and successful first oil milestone from Scolty and Crathes is testament to EnQuest and MOL’s efforts, working at pace and in excellent collaboration with the service sector to create efficiencies and value. This has unlocked the economic recovery of a small pools development and sustains the wider Greater Kittiwake Area and infrastructure,” Oil and Gas Authority chief executive Andy Samuel said.