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).