Equinor has signed an agreement to acquire Chevron Corp.’s 40% operated interest in the Rosebank project, one of the largest undeveloped fields on the UK Continental Shelf. Once concluded, Equinor says, the transaction will strengthen its UK portfolio, which includes the Mariner development, exploration opportunities, and three producing offshore wind farms.
“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,” said Al Cook, Equinor executive vice-president for global strategy and business development and UK country manager.
Rosebank field, which lies 130 km northwest of the Shetland Islands in 1,110 m of water, was discovered in 2004. Other partners in the field are Suncor Energy Inc. 40% and Siccar Point Energy 20%.
“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 UK government’s priority of maximizing the economic recovery of the UKCS,” says Hedda Felin, Equinor’s senior vice-president for UK and Ireland offshore.
The parties did not disclose the commercial terms of the agreement.
