New fast-track developments online for Statoil

Norwegian energy company Statoil said Wednesday it started two development projects in the North Sea using fast-track technology.

The company, one of the largest in the world, said production from the Fram H-North and Svalin C in the Norwegian waters of the North Sea mark its eighth and ninth fast-track developments.

"These are good experiences we will benefit from in Statoil's efforts to increase competitiveness and a long-term sustainable development of the industry," Ivar Aasheim, director of Norwegian shelf development, said in a statement.

The energy company said combined, the two projects are expected to contain more than 40 million barrels of recoverable oil equivalent.

Norway is the largest oil and natural gas producer in Europe.

The National Petroleum Directorate, a government regulator, said preliminary production figures for July, the last full month for which data are available, show an average daily production of 1.93 million barrels of oil, natural gas liquids and condensate, about 8 percent more than was produced in June.