North Sea oil's rock hoppers
Shell is happy to give the Penguins project a helping hand
There is yet more evidence that the mature regions of the North Sea oil province are exhibiting serious staying power. Shell has given the go-ahead for the Penguins field redevelopment plan in the UK North Sea and Norway has awarded a record 75 licenses to explore near existing infrastructure. The Penguins project has been on the cards for some time, but operator Shell and ExxonMobil, which each have 50% stakes, announced a positive final investment decision (FID) on 15 January, making it the Shell's first new manned installation in the northern North Sea for nearly three decades. Shell said the new project will break even at less than $40 a barrel, a figure which reflects improving technolo
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