June 16 (Bloomberg) -- BP Plc, Europe’s second-largest oil company, said its North Sea Valhall oilfield resumed production yesterday after repeated oil and natural-gas leaks prompted a shutdown of the facility.

“Valhall had a cautious production start yesterday and was producing at 13,000 barrels a day,” Jan Erik Geirmo, a BP spokesman, said after a company presentation in Oslo. “It will take a few days before it can reach normal production.”

Valhall, which produces about 50,000 barrels a day, has been fully closed since April 2 after experiencing leaks caused by corrosion in pipes. The company used the shutdown to carry out maintenance that was scheduled for later this year.

BP operates the field and holds a 28.09 percent stake. Hess Corp. and Royal Dutch Shell Plc also hold 28.09 percent each, while Total SA owns 15.72 percent.

BP, like other oil and gas producers, is reducing costs and investments after crude oil prices dropped 52 percent from a record $147 a barrel in July.

“We’ve already implemented measures to reduce costs both internally and with suppliers,” Geirmo said, without specifying cost reductions.

Geirmo said in February BP’s investments in Norway will peak this year, climbing 64 percent from 2008, largely because of the development of the Skarv and Valhall projects. BP is “evaluating more carefully” whether to go ahead with other projects in Norway in light of the current market conditions, he reiterated today, without specifying any projects.

BP’s investments in Norway will rise to about 21 billion kroner ($3.3 billion) this year, from 13.2 billion kroner last year, then drop to about 14.5 billion kroner in 2010 and to about 8.3 billion kroner in 2011, Geirmo said.

To contact the reporter on this story: Vibeke Laroi in Oslo at vlaroi@bloomberg.net

Last Updated: June 16, 2009 05:33 EDT