Project overview
The Penguins field, located northeast of the Shetland Islands in the UK North Sea, was discovered in 1974 and first developed in 2002. At that time oil and gas were pumped from four drill centres that were tied back to the Brent Charlie platform in the nearby Brent field.
In 2017, after over forty years of successful operation, Shell started the process of decommissioning the Brent Field, including the Brent Charlie platform. In 2018 Shell took the final investment decision to redevelop the Penguins oil and gas field in the UK North Sea using a floating production, storage and offloading (FPSO) vessel that would take the place of the Brent Charlie platform.
Read more about the Brent decommissioning process here.
Redeveloping the Penguins field
As part of the redevelopment process a further eight wells will be drilled and tied back to the FPSO vessel. Oil will be transported via tanker to refineries, and gas will be transported via the Far North Liquids and Associated Gas System (FLAGS) pipeline to the St Fergus gas terminal in northeast Scotland.
This redevelopment is an attractive opportunity with a competitive forward looking break-even price below $40 per barrel. Once fully functional, average peak production is expected to be approximately 45,000 boe/d.
Source : Link
Pasargad Energy Development Co. (PEDC) is an independent energy company based in Iran. PEDC is an integrated energy company whose activities span the entire value chain including exploration, production, refining, petrochemicals marketing, power generation & renewables as well as new high-tech venture capitalizing. Our headquarter is located in Tehran. PEDC is present across the Iranian continental shelf and international market through its subsidiaries. We create value for our shareholders through active investment, high-level monitoring of our projects, building world-class partnership and managing our risks effectively and making balanced portfolio. Meantime, we contribute to the sustainable development of the energy sector and communities in our country. PEDC’s competitiveness relies upon our values-based performance culture, with a strong commitment to transparency, cooperation and continuous operational improvement. As a wholly owned subsidiary of the Pasargad Financial Group, with Pasargad Bank being a distinctive shareholder, we owe our success to our experience, management knowledge and strong local/international partnerships since 2008. PEDC is committed to maintaining sustainability and being recognized as the strategic partner of choice in Iran’s energy and petrochemical sector.