Canada-based Suncor Energy has completed the acquisition of a 30% participating interest in Rosebank project in the North Sea from OMV UK in a $50m deal.

Suncor said all necessary regulatory approvals are in place to complete the acquisition and Rosebank will be complementary to the company’s existing UK portfolio.

The company is expected to pay an additional consideration of up to $165m to OMV UK in case the co-venturers approve the Rosebank project final investment decision and Suncor elects to participate.

“The Rosebank project is considered one of the UK North Sea’s largest undeveloped resources.”

OMV noted that the reduction of stake in Rosebank fits with its strategy of optimising the upstream portfolio.

The field was discovered in December 2004. Located 130km north-west of the Shetland Islands in water depths of 3,600ft, the Rosebank project is considered one of the UK North Sea’s largest undeveloped resources.

At present, the project is in the front-end engineering and design (FEED) phase and has a design capacity of 100,000 barrels of crude oil and 80 million cubic feet of natural gas a day.

Following closure of this acquisition, Chevron North Sea will operate the project with a 40% interest. Other joint venture partners are Suncor (30%), OMV (20%) and DONG E&P (10%).

OMV has a considerable portfolio of licences in the UK North Sea and in the area west of the Shetland Islands. The company has been an operator there since 2004.