Press

Shell Makes a Comeback in the North Sea With New Gas Field Investment


The British-Dutch oil company Royal Dutch Shell has reportedly announced its plans to invest in the North Sea to construct a gas field 149 miles east of Aberdeen. As per trusted sources, the energy giant is making a slew of new investments in the basin after selling off about EUR 2.4 billion worth of North Sea fields and assets in early 2017.

Reportedly, Shell decided to invest in the Arran field following investments in revamping the Fram field in the Central North Sea, the Penguins field in the northern North Sea, and the Alligin field West of Shetland. According to a press release by Shell, the Arran field is likely to produce nearly 100 million cubic feet of gas and 4,000 barrels of condensate each day which is equivalent to 21,000 barrels of oil.

Head of Oil and Gas at Shell UK, Steve Phimister was reportedly quoted stating that latest investment is the testimony of the firm's continuous commitment toward the UK. As Shell seeks to strategically increase its central North Sea production, Arran would act as a significant addition to its portfolio. Moreover, the company has managed to revitalize and transform its North Sea business by concentrating its focus on competitive projects, Phimister added.

For the record, a majority of Shell's operations in the North Sea were sold off as the oil giant has initiated a disposal drive of USD 30 billion to pay off the debt it procured to fund the acquisition of BG Group.

Reportedly, the new investment is likely to pave the way for Serica Energy, one of the smaller players in the North Sea, to take a final investment decision in the Columbus field. Lucy King of Wood Mackenzie has reportedly commented that Serice Energy is expected to decide to invest in the Columbus field before the end of 2018.

Source: ​http://cmferesearch.com/shell-makes-comeback-gas-field-investment/10715/


Visit source site

cmferesearch.com/shell-makes-comeback-gas-field-in...

OilgasEnergyPowerinvestmentBusiness

More items from juikate


Shell Bags License To Trade Oil Products In China’s Wholesale Market

Royal Dutch Shell plc (Shell), a renowned European multinational oil & gas company, has reportedly been awarded a trading license by the Chinese government that allows it to independently trade its oil products in China's wholesale market. Reports cite, the license signifies the Chinese government ...

Jui Kate


Posted 11 days agoPress > OilgasBusiness +2

Iran Still Likely To Invest In Refinery Expansion, Says Indian Oil

India's largest oil and gas company Indian Oil Corporation Limited recently said that Iran could still invest in one of its subsidiaries for a refinery expansion project. Sanjiv Singh, chairman of Indian Oil stated that Iran has not ruled out its participation in the development at the Chennai Petr ...

Jui Kate


Posted 12 days agoPress > OilgasOil Refining +2

ContourGlobal sells 49% stake of its Spanish CSP assets for EUR 134M

ContourGlobal is reportedly selling 49 percent stake of company's 250 MW Concentrated Solar Power (CSP) plants in South-West Spain, which they bought from Acciona SA in early 2018. As per the agreement, ContourGlobal will sell 49 percent stake in the Concentrated Solar Power (CSP) Portfolio to Cred ...

Jui Kate


Posted 1 month agoPress > EnergySolar energyPower +1

Allete, Xcel Energy ink new 5-year contract for existing wind farms

Allete Clean Energy, a Minnesota-based independent power producer and supplier, has recently approved a new 5-year power sale agreement between its Viking wind farms in southern Minnesota and Xcel Energy, Inc., whose original 15-year PPAs will expire in December 2018. As per an official press rele ...

Jui Kate


Posted 1 month agoPress > EnergyPowerWind Energy +1

Australian businesses unite to urge government to abort energy policy

Some of the biggest energy & business groups in Australia have reportedly come together in an effort to urge the Australian government to forgo its Big Stick approach in the matter of energy legislation. Apparently, the businesses are warning the government that the divestiture powers it craves wo ...

Jui Kate


Posted 1 month agoPress > EnergyIndustryPower +1
All posts from juikate