Equinor and Chevron have completed their transaction whereby Equinor has acquired Chevron’s 40% operated interest in the Rosebank project in the West of Shetland region of the UK Continental Shelf.
Equinor announced the deal with Chevron in October 2018. The transaction was subject to customary conditions, including partner and authority approval.
Upon closing the deal, Equinor said on Friday that Rosebank further strengthens its UK upstream portfolio which includes the Mariner development, expected to start commercial production during the first half of 2019.
Equinor’s UK portfolio also includes attractive exploration opportunities and three producing offshore wind farms. In addition, Equinor is the largest supplier of crude oil and of natural gas to the UK.
The Rosebank field was discovered in 2004 and lies about 130 km northwest of the Shetland Islands in water depths of approximately 1,110m. Other partners in the field are Suncor Energy (40%) and Siccar Point Energy (20%).
The potentially recoverable volumes at Rosebank are expected to be more than 300 million barrels. The field is currently progressing toward development. The selected design calls for a subsea development tied back to a floating production, storage and offloading (FPSO) vessel, with natural gas exported via pipeline.