Gullfaks is an oil and gas field in the Norwegian sector of the North Sea operated by Statoil. It was discovered in 1978, in block 34/10, at a water depth of 130-230 meters. The initial recoverable reserve is 2.1 billion barrels (330×10 6 m3), and the remaining recoverable reserve in 2004 is 234 million barrels (37.2×10 6 m3). This oil field reached peak production in 2001 at 180,000 barrels per day (29,000 m3/d). It has satellite fields Gullfaks South, Rimfaks, Skinfaks and Gullveig.[2]