Talisman Energy, Canada's number six oil group, and Amerada Hess of the US said that they have begun oil production from a new field in the UK North Sea.
The Halley field started producing 15,000 barrels of oil a day yesterday, Talisman said in a statement. The field, which holds about eleven million barrels of reserves, is expected to reach normal daily production of about twenty thousand barrels within a few days from now.
Talisman boosted oil output from the North Sea in the first quarter by twenty six percent to an average 132,718 barrels a day. The Calgary based company has been exploring and buying oilfields that larger companies have passed over because of their size.
“The Halley field was discovered twenty years ago, and Talisman has overcome significant challenges in a relatively short timescale to successfully commercialize this previously stranded asset,” said Chief Executive Officer Jim Buckee in the statement.