Dana Petroleum yesterday said it would soon begin drilling development wells at its £1 billion Western Isles project three months ahead of schedule.
First oil from the scheme involving the Harris and Barra fields in the northern North Sea is anticipated in late 2015.
The fields are estimated to contain recoverable oil reserves of more than 45 million barrels, and daily production is expected to reach up to 40,000 barrels a day.
Western Isles is anticipated to be in production for 15 years.
A spokesman said: “This is a transformational project for Dana Petroleum and a significant part of our growth strategy.
“In just six months, we have achieved a number of key milestones. In February, construction started on our FPSO (floating production vessel) in China and in May the keel was laid. In June, our first subsea tree moved to our storage facility ready for deployment.
“We are now beginning drilling operations in August 2013 three months earlier than originally planned.”
Dana has a 77% stake in the Western Isles development and Japanese exploration and production company Cieco holds the remaining 23%.
The project is expected to lead to up to 200 jobs, including about 20 additional posts at Dana in Aberdeen.
The company which is owned by the Korea National Oil Corporation said it had made “solid progress” in 2012 despite a fall in profits.
Revenues increased by 0.4% to £1.09bn in the year but pre-tax profits were down by 34% to £288.3m.
Chief executive Marcus Richards said: “We were granted sanction for the Western Isles project in the UK North Sea at the end of the year.
“This project is extremely important for Dana as we aim to significantly boost our production over the next five years. We continue to invest in long-term growth.
“Our priorities remain the same as last year to deliver value for Korea National Oil Corporation by maintaining safe, reliable and profitable operations and to deliver production growth.
“We have built solid foundations to grow our business in a sustainable, long-term way.”