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Shell, Ithaca Energy to go ahead with Pierce field project in UK North Sea

Royal Dutch Shell PLC subsidiary Shell U.K. Ltd. and joint venture partner Ithaca Energy Ltd. unit Ithaca Energy (UK) Ltd made a final investment decision on the Pierce Depressurization Project in the U.K. Central North Sea.

The investment will go toward modifying the Haewene Brim floating production, support and offloading vessel, or FPSO, owned and operated by Bluewater Holding BV. Work will also include installing a subsea gas export line from the FPSO to the SEGAL pipeline and drilling new wells.

The U.K.'s Oil & Gas Authority approved the Pierce development work, which is scheduled to take place between 2020 and 2021.

Shell said the decision will allow it to start exporting gas from the Pierce field. Peak production at the field is expected at more than 30,000 barrels of oil equivalent per day.

Shell holds a 92.52% stake in the Pierce joint venture, while Ithaca Energy holds the remaining 7.48% interest.

Financial details were not disclosed.