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Shell approves development of Penguins oil, gas field in North Sea

Reuters - UK Focus

LONDON, Jan 15 (Reuters) -

* Shell (LSE: RDSB.L - news) announced a final investment decision on the redevelopment of the Penguins oil and gas field in the UK North Sea

* Shell said the redevelopment is an attractive opportunity with a competitive go-forward break-even price below $40 per barrel

* The decision authorises the construction of a floating production, storage and offloading (FPSO) vessel, the first new manned installation for Shell in the northern North Sea in almost 30 years

* The FPSO is expected to have a peak production (100%) of circa 45,000 barrels of oil equivalent per day. (Reporting by Ron Bousso; Editing by Mark Potter)