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).
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(END) Dow Jones Newswires
January 15, 2018 06:32 ET (11:32 GMT)