Royal Dutch Shell to return to UK North Sea with expansion of oil field
London — Royal Dutch Shell gave the green light on Monday for an expansion of the Penguins oil and gas field in the UK North Sea, its first major new project in the ageing basin in six years. Shell said the development, which includes the construction of a floating production, storage and offloading (FPSO) vessel, reaffirmed the Anglo-Dutch company’s commitment to the region after it sold about half of its assets there in 2017. "Penguins demonstrates the importance of Royal Dutch Shell’s North Sea assets to the firm’s upstream portfolio," said Andy Brown, director of Shell’s oil and gas production, known as Upstream. The FPSO vessel is expected to produce up to 45,000 barrels of oil equivalent a day. Shell shares were 0.3% lower in midmorning trading. The Penguins redevelopment is the first major project Shell has announced since 2012, when it made a final investment decision for the Fram field in the central North Sea. The project will generate a profit even with oil prices below $...
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