Daily Newsletter

09 November 2023

Daily Newsletter

09 November 2023

Equinor weighs selling stake in Rosebank oil project

The divesture could fetch around $1.5bn for Equinor.

Shivam Mishra November 08 2023

Equinor is planning to sell part of its stake in the Rosebank oil project, reported Reuters, citing sources.

The Norwegian oil and gas company owns an 80% stake in the project in the UK North Sea.

Equinor, which is the operator of Rosebank, is considering selling a quarter of its stake or a 20% stake in the project, sources said.

The divesture could fetch around $1.5bn (Nkr16.8bn) for Equinor, they added.

Equinor refused to comment on the news, reported the media outlet.

The news comes after the North Sea Transition Authority (NTSA) approved the development and production of Rosebank this September.

Located around 128km west of Shetland, Rosebank is said to be the UK’s largest untapped oilfield.

Earlier this year, the Norwegian company doubled its shareholding in the project following the acquisition of Suncor Energy’s UK business in a deal valued at $850m.

UK-based Ithaca Energy owns the remaining 20% stake in Rosebank.

It is anticipated that the field will start production in 2026–27, producing 300 million barrels of oil over its lifetime.

The field’s development is projected to cost $3.8bn.

Equinor has cut costs by streamlining the field’s development and redeploying a floating production, storage and offloading vessel.

In April this year, the International Energy Agency declared that to keep global warming to 1.5°C, no new oil and gas resources should be developed.

More than 200 million metric tonnes of carbon dioxide could be released when Rosebank oil is burnt, making the proposed project controversial, reported CNBC.

Earlier this week, Equinor found oil close to the Gina Krog oil and gas field in the Norwegian North Sea.

The discovery is estimated to contain recoverable amounts of 5–16 million barrels of oil equivalent.

Could Machine learning (ML) adoption be a key growth catalyst in the O&G market?

ML can be used to analyze seismic data, well logs, and other geologic data to identify potential reservoirs. ML algorithms are also capable of analyzing production data and identifying patterns that can be used to improve well performance. This can lead to increased production rates and reduced downtime. Besides, this analysis can also be used to identify potential hazards, thereby preventing any untoward incidents and boosting operational safety.

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