Royal Dutch Shell gave the green light on Monday for an expansion of the Penguins oil and gas field in the UK North Sea, its first major new project in the ageing basin in six years. Shell said the development, which includes the construction of a floating production, storage and offloading (FPSO) vessel, reaffirmed the Anglo-Dutch company’s commitment to the region after it sold around half of its assets there last year. “Penguins demonstrates the importance of Shell’s North Sea assets to the company’s upstream portfolio,” said Andy Brown, director of Shell’s oil and gas production, known as upstream. The FPSO is expected to produce up to 45,000 barrels of oil equivalent per day (boe/d). Shell shares were 0.3 percent lower at 1145 GMT. The Penguins redevelopment is the first major project Shell has announced since 2012, when it made a final investment decision for the […]