Located about 210km west of the Norwegian coast in water depths of 350m -450m, the field has about 100m barrels of oil and condensate and over 1.5tr ft³ of rich gas.
BP will develop the field by deploying a new highly-advanced floating production, storage and offloading vessel (FPSO) built for harsh waters as well as five subsea drilling templates.
The company will also connect an 80km 26in gas export pipeline to the Gassled transportation system to export output from the field to European markets.
BP expects the output of the field to increase further to produce about 125,000 barrels of oil equivalent per day (boe/d) at a monthly average rate within the first six months of production.
The production is expected to reach a maximum daily rate of about 165,000 boe/d by the end of 2013.
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BP group chief executive Bob Dudley said; "The start-up of Skarv is a key operational milestone for BP, adding new production from one of our core higher-margin areas."
With 23.84% interest, BP is the operator of the Skarv field, while other companies of the consortium include Statoil, E.ON E&P Norge and PGNiG Norway, who hold 36.17%, 28.08% and 11.92% interest respectively in the field.
Discovered in 1998, the Skarv oil and gas field is one of a series of new major upstream projects that the company brought into production in 2011.
Apart from the Skarv field, BP is also continuing its operation in the Ula and Valhall fields in Norway.
Image: Skarv field development schematic in Norwegian Sea.