Statoil ASA (NYSE: STO) has brought Oseberg Delta 2 in the North Sea onstream, the company said in a Feb. 23 release.

The company and its partners started up production from Oseberg Delta 2 on Feb. 21, the release said.

Delta 2 is the 10th project in Statoil's fast-track portfolio to be completed. The field's recoverable reserves are estimated at 77 million barrels of oil equivalent (MMboe).

The field, which is tied back to the Oseberg Field Center, has been developed using two subsea templates with capacity for a total of eight wells.

The initial phase of the plan initially involves three oil producers and two gas injectors.

Delta 2 is an important element in extending the lifetime of Oseberg, said Arild Dybvig, vice president for fast-track development projects in Development & Production Norway, in a statement.

"It pr​ovides a good example of how we can make lesser discoveries profitable by using existing infrastructure while it is still available,” he said.

The start-up of the first well is in line with the development plan and takes place 38 months after the discovery became part of the fast-track portfolio.

The total investment is slightly less than NOK 7 billion (US$915.6 million), well below the estimated investment cost when the project was sanctioned.

Oseberg Delta 2 marks a further development on the Delta terrace where oil from two wells on an existing template has been produced since 2008.

The plan for development and operation (PDO) was submitted to the Ministry of Petroleum and Energy on May 30, 2013.​​​​​​​​