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

Sapura Energy Nets $720M from Multiple Drilling Services Contracts

ADNOC Secures LNG Supply Deal with India's BPCL

EnQuest to Acquire Harbour Energy's Vietnamese Assets

Europe's Gas Uncertainty Help Drive Asian LNG Spot Prices Higher

Vestas Lands First 15MW Offshore Wind Turbine Order in Asia Pacific

Flare Gas Recovery Meets the Future

Offshore Service Vessels: What’s in Store in 2025

AI & Offshore Energy: The Higher the Stakes, the More Value AI Creates

Sembcorp Signs 10-Year LNG Supply Contract with Chevron

QatarEnergy Signs Deal with Shell for Long-Term LNG Supply to China

Current News

CNOOC Makes Major Oil and Gas Discovery in South China Sea

Valeura’s Assets in Gulf of Thailand Remain Operational After Earthquake

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

Woodside to Shed Some Trinidad and Tobago Assets for $206M

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

‘Ultra-Mega’ Offshore Deal for L&T at QatarEnergy LNG’s North Field Gas Scheme

Keel Laying for Wind Flyer Trimaran Crew Boat

MODEC Gets Shell’s Gato do Mato FPSO Ops and Maintenance Job

EnerMech Names APAC Regional Chief

CIP Reaches Financial Close for Offshore Wind Farm in Taiwan

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