Statoil marks oil production milestone in Brazil

Norwegian energy company Statoil said Tuesday it achieved a production milestone at a field off the coast of Brazil by passing the 100 million barrel mark.

Statoil owns the Peregrino field in the Campos basin off the coast of Brazil alongside Chinese energy company Sinochem. The company said it passed the milestone officially Sunday, roughly four years after operations began.

"These results reflect the professionalism of our people, and the application of technology developed by Statoil, in Brazil and elsewhere," Brazilian manager for Statoil, Pal Eitrheim, said in a statement.

Peregrino is the eighth largest field in Brazil and accounts for about 12 percent of production for Statoil outside of Norway. The company estimates it holds between 300 million and 600 million barrels of recoverable reserves.

The Peregrino field is located about 52 miles off the coast of Brazil in roughly 320 feet of water. Statoil said it has a total of 37 wells planned for the field. Peregrino was discovered in 1994.