Equinor has signed an settlement to accumulate Chevron’s 40% operated curiosity within the Rosebank undertaking, one of many largest undeveloped fields on the UK Continental Shelf (UKCS). Once concluded, the transaction will strengthen Equinor’s UK portfolio, which incorporates the Mariner growth, engaging exploration alternatives and three producing offshore wind farms.
“We stay up for turning into the operator of the Rosebank undertaking. We have a confirmed monitor document of excessive worth area developments throughout the North Sea and can now have the ability to deploy this expertise on a brand new undertaking within the UK. Today’s settlement permits us to purchase again into an asset wherein we beforehand had a taking part curiosity, demonstrating our technique of making worth via oil worth cycles. The acquisition of Rosebank enhances our portfolio of oil, gasoline and wind property on this nation, in keeping with our technique as a broad vitality firm. This new funding underlines Equinor’s dedication to be a dependable, safe vitality companion for the UK,” says Al Cook, Equinor’s government vice chairman for international technique & enterprise growth and UK nation supervisor.
The Rosebank area was found in 2004 and lies about 130 km northwest of the Shetland Islands in water depths of roughly 1,110m. The different companions within the area are Suncor Energy (40%) and Siccar Point Energy (20%).
“With Rosebank, a standalone growth within the underexplored West of Shetland area, we strengthen our upstream portfolio, which additionally contains Mariner, one of many largest investments on the UKCS in over a decade. As we now have completed with different tasks in our portfolio, equivalent to Johan Castberg and Bay du Nord, we intend to leverage our expertise and competence to create additional worth in Rosebank, in alignment with the UK Government’s precedence of maximising the financial restoration of the UKCS,” says Hedda Felin, Equinor’s senior vice chairman for UK & Ireland offshore. (Source: Equinor)
The put up UK NORTH SEA: EQUINOR ACQUIRES CHEVRON’S 40% STAKE IN THE ROSEBANK PROJECT appeared first on Energy Global News.