Shell to Redevelop Penguins Field in U.K. North Sea
January 15 2018 - 6:47AM
Dow Jones News
By Ian Walker
Royal Dutch Shell PLC (RDSB.LN) said Monday that it has approved
construction of a floating production, storage and offloading
vessel at the Penguins oil-and-gas field in the U.K. North Sea.
The FPSO, the company's first in the northern North Sea in
almost 30 years, is expected to have a peak production of around
45,000 barrels of oil equivalent a day, Shell said.
"Penguins demonstrates the importance of Shell's North Sea
assets to the company's upstream portfolio," Upstream Director Andy
Brown said.
Steve Phimister, Vice President for Upstream in the U.K. and
Ireland said: "Having reshaped our portfolio over the last twelve
months, we now plan to grow our North Sea production through our
core production assets."
Discovered in 1974, the Penguin field was first developed in
2002 and is a 50:50 joint venture between Shell, who is also the
operator, and Exxon Mobil Corp. (XOM).
Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
(END) Dow Jones Newswires
January 15, 2018 06:32 ET (11:32 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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