Equinor Acquires a 40% Stake in the Rosebank Project in the UK
Tuesday 2 October 2018
Equinor has signed an agreement to acquire Chevron’s 40% operated interest in the Rosebank project, one of the largest undeveloped fields on the UK Continental Shelf (UKCS). Once concluded, the transaction will strengthen Equinor’s UK portfolio, which includes the Mariner development, attractive exploration opportunities and three producing offshore wind farms.
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%) and Siccar Point Energy (20%).
The transaction is subject to customary conditions, including partner and authority approval, with completion targeted as soon as possible.
The parties have agreed not to disclose the commercial terms of the agreement.