Andy Samuel, Chief Executive of the Oil and Gas Authority has welcomed Shell’s announcement that it has made a final investment decision on the redevelopment of the Penguins oil and gas field in the UK North Sea.
“We are very pleased to approve the redevelopment of the Penguins cluster in the Northern North Sea. It’s a vote of confidence from two major global operators, Shell and Esso, in realising the significant remaining potential of an existing asset. We are expecting further high value projects to move forward to sanction this year which will help prolong UK production for many years.
The project also marks the first time that the OGA Supply Chain Action Plans will be used as part of the field development approval process ensuring collaboration through the Supply Chain to maximise value for both operator and service companies.”