Shell reaches Penguins FID
UK Although no financial details were offered, analysts cited by Reuters estimated that the cost could reach USD 2.5 billion. The project will involve the construction of a new FPSO for the field.
“The redevelopment is an attractive opportunity with a competitive go-forward break-even price below USD 40 per barrel,” Shell said in a statement. “The FPSO is expected to have a peak production of circa 45,000 boepd.”
The Penguins field, discovered in 1974, was developed in 2002 by Shell, which owns a 50% operating interest, and ExxonMobil, which holds the remaining 50%.
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