EnQuest is on track to awaken its Kraken development next month.
First oil from the field is expected before the end of June, with average production forecast to be between 45,000 Boepd and 51,000 Boepd by the end of the year.
Two drill centres have been completed in the East of Shetland basin with a third underway.
Testing and other topsides and subsea infrastructure final commissioning work is also ongoing.
At start up, 13 wells will be available comprising 7 producers and 6 injectors.
It is expected that the field, developed by an FPSO, will have a lifespan of around 25 years.
EnQuest said that as with all developments of this scale, the wells will be brought onstream in a phased manner in line with good reservoir management practices.
Chief executive Amjad Bseisu said: “EnQuest is on track to achieve first oil from Kraken before the end of June and to deliver on its production, unit opex and capex targets for 2017.
“Our strategic priorities continue to be increasing production by delivering on operational and development execution, whilst also continuing to reduce the operating cost base.
“First production from the Kraken development will give EnQuest its seventh operated hub and will mark a turning point in EnQuest’s progress from a period of heavy investment to one focused on cash generation and deleveraging the balance sheet.”
EnQuest’s proposed acquisition and operation of interests in the Magnus oil field and the Sullom Voe Terminal is also on schedule for completion around the end of the year.
Kraken is one of the biggest subsea heavy-oil field projects under development in the UK sector of the North Sea. The field lies at a water depth of 120m.