Spain's Repsol and its partners achieved first oil in Buckskin, an ultra-deep project located in the Gulf of Mexico, the company announced on Wednesday.
Repsol said that initial output is projected to reach 30,000 barrels of oil per day.
Originally planned for late 2019, the project has come online ahead of schedule and with a cost reduction of 60% from initial development plans.
"Buckskin stands as an example of lean operation thanks to an optimized development plan based on technology, efficiency measures and synergies with partners," Repsol said.
Repsol has a 22.5% working interest in Buckskin; a consortium led by LLOG Exploration Company, the operator, with a 33.8% interest.
The rest is held by Beacon Offshore Energy Buckskin LLC (18.7%), Navitas Buckskin US, LLC (7.5%) and two entities managed by Ridgewood Energy Corporation that own the remaining 17.5%.
By Murat Temizer