German energy firm Wintershall has begun its North Sea operations after finally taking over the Brage field from Statoil.
The companies, which announced a $1.4billion asset swap earlier this year, took over operatorship of the field, along with the Gjøa and Vega fields as part of the deal.
The deal turns Wintershall into a substantial player on the Norwegian Continental Shelf, increasing their daily production levels from 3000 barrels of oil a day to 40,000 boe.
The company, which said it received 7,000 applications for just 240 new jobs in Norway, is now closing in on a daily target of 50,000 barrels from its Norwegian operations.
“Taking over the Brage operatorship is a key element in our growth strategy,” said Wintershall exploration director Martin Bachmann.
“At the same time we have developed into a full service oil and gas company in Norway.”
Statoil had operated the field for 20 years, but sold the 32.7% stake in Brage, along with the 30% Vega field stake and 15% share of the Gjøa field, for $1.35billion plus a 15% stake in the Edvard Grieg North Sea development.