Shell starts production on Goldeneye field development

Oct 19, 2004 02:00 AM

Oil major Shell announced the start of production at a major gas field 60 miles off the north-east coast of Scotland which could secure thousands of jobs north of the border.
The Goldeneye field in the Outer Moray Firth, offshore St Fergus, will supply 3 % of the UK's gas requirements. Increasingly scarce supplies from ageing North Sea discoveries have made the UK less self-sufficient meaning the country will shortly become a net importer.

The £ 300 mm project is a joint venture mainly involving Shell and Esso but also featuring Scottish Gas owner Centrica and Edinburgh-based energy minnow Paladin Resources. Shell has a 49 % stake in the field, while Esso has 39 %, Paladin Resources 7.5 % and Centrica 4.5 %.
Gas production at Goldeneye is estimated to be some 300 mm standard cf of gas and associated liquids a day. It will be the first time gas has been brought ashore from the Outer Moray Firth area.

Kieron McFadyen, technical director for Shell Exploration & Production in Europe said:"The £ 300 mm Goldeneye project has commenced production safely, on time and on budget, demonstrating world-class project delivery. This is an excellent example of Shell's ability to grow its integrated gas business."
The field was initially considered economically marginal when it was discovered in 1996 because of its distance from existing infrastructure. However, Shell created a 90-mile pipeline allowing it to transfer gas to its plant at St Fergus.

Mike O'Brien, the energy minister, said: "Goldeneye will help secure several thousand jobs in Scotland where gas lands at St Fergus and Shell's natural gas liquids plant in Mossmorran.
"This venture highlights the continued development of the UK continental shelf -- it is excellent news for the UK and confirms the opportunities which remain in the basin."

Meanwhile, City watchdog the Financial Services Authority has asked a tribunal to dismiss accusations it acted improperly when it censured Shell over its reserves over-booking scandal earlier this year.
The regulator said that it had asked the Financial Services and Markets Tribunal to rule on whether it had identified Sir Philip Watts, the former Shell chairman, in its censure of Shell, something Watts claims and the FSA denies.

Source: The Herald
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