Industry body Oil and Gas UK (OGUK) said 2018 had got off to an “exciting start” after Shell’s decision to redevelop one of its North Sea fields.
The oil giant said today it had taken a final investment decision on the Penguins area, north-east of Shetland.
The project will involve the construction of Shell’s first new manned installation in the northern North Sea in almost 30 years.
OGUK chief executive Deirdre Michie said: “A global leader like Shell making a commitment on this scale demonstrates the investment potential the UK continental shelf still holds.
“It also shows the importance of the efficiency improvements our industry has delivered which have helped make redevelopment projects like this commercially attractive.
“We are hopefully entering a more positive phase for our industry in the UK with new projects on the horizon that I hope will bring a much needed boost for companies in the supply chain.”
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