Equinor Acquires 40% Stake in Rosebank Project

Posted by Michelle Howard
Monday, October 1, 2018

Equinor has signed an agreement to acquire Chevron’s 40 percent operated interest in the Rosebank project, one of the largest undeveloped fields on the U.K. Continental Shelf (UKCS). The parties did not disclose the commercial terms of the agreement.

“Today’s agreement allows us to buy back into an asset in which we previously had a participating interest, demonstrating our strategy of creating value through oil price cycles. The acquisition of Rosebank complements our portfolio of oil, gas and wind assets in this country, in line with our strategy as a broad energy company. This new investment underlines Equinor’s commitment to be a reliable, secure energy partner for the U.K.,” said Al Cook, Equinor’s executive vice president for global strategy & business development and U.K. country manager.

The Rosebank field was discovered in 2004 and lies about 130 km northwest of the Shetland Islands in water depths of approximately 1,110m. The other partners in the field are Suncor Energy (40 percent) and Siccar Point Energy (20 percent).

“With Rosebank, a standalone development in the underexplored West of Shetland region, we strengthen our upstream portfolio, which also includes Mariner, one of the largest investments on the UKCS in over a decade. As we have done with other projects in our portfolio, such as Johan Castberg and Bay du Nord, we intend to leverage our experience and competence to create further value in Rosebank, in alignment with the U.K. Government’s priority of maximising the economic recovery of the UKCS,” said Hedda Felin, Equinor’s senior vice president for U.K. & Ireland offshore.

The transaction is subject to customary conditions, including partner and authority approval, with completion targeted as soon as possible.

Categories: Offshore Energy Deepwater Subsea Industry News Europe Oil Floating Production

Related Stories

Hanwha Ocean Marks Entry into Deepwater Drilling Market with First Drillship

VARD Snags $125M Shipbuilding Deal for Subsea Construction Vessel

INEOS Wraps Up Acquisition of CNOOC’s US Oil and Gas Assets

Op-Ed: Kazakhstan’s National O&G Firm Positioning Itself as Global Energy Player

CNOOC Sees 11% Profit Growth in 2024 Driven by Record Oil Production

Shell Hires Noble’s Drillship for Work in Southeast Asia

CNOOC Discovers ‘Vast Exploration Prospects’ in China’s Beibu Gulf Basin

Japan and South Korea Look to Partner Up with US for Alaska Pipeline

Eco Wave Finds Partner for Wave Energy Project in India

CNOOC Starts Production at Offshore Oil Filed Equipped with CCUS Tech

Current News

Mitigate SCC & HE to Keep Offshore Metal Structures Ship Shape

India Stretches Bids Deadline for 13 Offshore Deep-Sea Mineral Blocks

Indonesia Awards Oil and Gas Blocks to Boost Reserves

Sapura Energy Nets $22.6M in Offshore Support Vessel Contracts

CNOOC Puts Into Production New Oil Field in South China Sea

Sunda Energy Starts Environmental Consultation for Chuditch-2 Well Drilling Plans

Pakistan’s OGDC to Start Production at ADNOC’s Offshore Block by 2027

Petrovietnam, Petronas Extend PSC for Offshore Block

Sapura Energy Scoops Close to $9M for O&M Work off Malaysia

Hanwha Ocean Marks Entry into Deepwater Drilling Market with First Drillship

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com