Equinor to buy Chevron’s 40% stake in Rosebank project offshore UK

3 October 2018 (Last Updated September 1st, 2020 13:17)

Norwegian energy giant Equinor has signed an agreement to purchase 40% operated interest owned by Chevron in the Rosebank project offshore UK, for an undisclosed sum.

Equinor to buy Chevron’s 40% stake in Rosebank project offshore UK
Equinor’s Aberdeen office. Credit: Øivind Haug/Equinor ASA.

Norwegian energy giant Equinor has signed an agreement to purchase 40% operated interest owned by Chevron in the Rosebank project offshore UK, for an undisclosed sum.

The Rosebank project is one of the largest undeveloped fields on the UK Continental Shelf (UKCS).

The transaction will boost Equinor’s UK portfolio, which includes the Mariner development, exploration opportunities, and three producing offshore wind farms.

Equinor Global Strategy and Business Development executive vice-president and UK country manager Al Cook said: “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.”

Discovered in 2004, the Rosebank field is located around 130km northwest of the Shetland Islands in water depths of about 1,110m.

“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.”

The other partners in the Rosebank project offshore UK are Suncor Energy and Siccar Point Energy, which own 40% and 20% interests, respectively.

Upon receiving customary conditions, including partner and authority approval, the completion of the transaction is targeted as soon as possible.

Equinor UK & Ireland offshore senior vice-president Hedda Felin said: “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 UK Government’s priority of maximising the economic recovery of the UKCS.”