Maersk Oil gets new oil out of the North Sea

Calling it a driver for value, Maersk Oil said oil started flowing from its Flyndre field in the British and Norwegian waters of the North Sea for the first time.

Maersk said oil started flowing late Sunday local time, marking new production from the North Sea, a "core value driver" for the company.

"Flyndre first oil represents new production for both the U.K. and Norway and we're pleased to have worked with partners on both sides of the border to deliver this development," Maersk Oil CEO Gretchen Watkins said in a statement.

Maersk Oil counts Spanish energy company Repsol and China's Sinopec as development partners at Flyndre. It's tied to the Clyde platform, operated jointly to the Spanish and Chinese companies.

The life of Flyndre is expected to extend until at least 2023. Peak production is estimated at around 10,000 barrels of oil per day.

The start of new operations in the North Sea could be significant for Maersk, which grew out of last year's division of A.P Moeller-Maersk. The company started the year by saying it was working to improve its efficiency under the reorganization by cutting about 160 positions from one of its Danish business units. British energy company BP in 2016 reduced its North Sea headcount as it moved to streamline operations during the market downturn.

"By combining experience and strong technical capabilities Maersk Oil is helping engineer a bright future across the North Sea, and bringing new developments on stream is always a strong signifier of that," Watkins said.