(Alliance News) - Shell PLC and Ithaca Energy PLC on Tuesday said that they have completed the restart of operations at the Pierce field in the UK North Sea.
Pierce field is a joint venture between oil major Shell and Ithaca Energy, a North Sea oil and gas operator. Shell is the operator, with a 92.5% stake, whilst Ithaca holds a 7.5% stake.
Substantial modifications were made to the Haewene Brim floating production, storage and offloading vessel, which is used to produce hydrocarbons at the Pierce field, the companies said.
They added that a new subsea gas export line was also installed, connecting to the SEGAL pipeline system, which brings gas ashore at St Fergus, north of Aberdeen.
Gross peak production is expected to reach 30,000 barrels of oil equivalent per day, which is more than twice the production prior to the redevelopment, with more gas being produced than oil.
The gas will be sent through newly installed subsea pipelines and the oil will be transported by tanker.
Shell Upstream Director Zoe Yujnovich said: "The completion of this major project is testament to Shell's long-standing commitment to the UK North Sea. We took this investment decision in 2019, and it is now increasing locally produced gas right at the time when this additional supply is critically important for the UK’s energy security. It's a source of huge satisfaction when projects like Pierce come to fruition."
Shell shares traded 0.7% higher at 2,472.00 pence each in London on Tuesday morning. Shares in Ithaca Energy were up 2.7% at 161.80p each.
By Sophie Rose; Alliance News reporter
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