Statoil's new North Sea operations will run by remote control

Norwegian energy company Statoil said it started operations at a North Sea platform that will eventually be run by remote control from the shore.

The company brought the Valemon natural gas and condensate field into production Saturday. It's the second platform to be put into production by the company in the last nine months.

"Valemon is one of several new projects on the Norwegian continental shelf that will help add value, activity and innovation, demonstrating well the long-term perspective that characterizes Statoil's activity on the Norwegian continental shelf," Arne Sigve Nylund, executive vice president for development and production in Norway, said in a statement.

The North Sea platform has accommodations for as many as 40 workers. Long-term, the facility will be unmanned and operated remotely from the Norwegian shore.

Recoverable reserves from the Valemon field are estimated at 192 million barrels of oil equivalent.

Statoil in early December said it was suspending contracts for four rigs because of lower profitability.

Analysis from Ernst & Young finds most of the investments of on the Norwegian Continental Shelf are based on oil below the $80 per mark. As crude oil lost nearly 50 percent of its value since June, Statoil was forced to slash annual costs by more than $1 billion.

For Valemon, the company said it was using existing pipelines and regional production facilities in order to cut development costs.