Suncor Energy UK has closed the previously announced purchase of a 30 percent participating interest in the U.K. North Sea Rosebank project from OMV (U.K.) Limited.
Suncor said on Thursday that all necessary regulatory approvals for the transaction announced in August this year have been received and as per the agreement, Suncor has made an initial payment of $50 million to OMV.
In the event the co-venturers approve the Rosebank project final investment decision and Suncor elects to participate, Suncor could pay additional consideration to OMV of up to $165 million, subject to adjustments according to the terms of the agreement.
The Rosebank project, located approximately 80 miles (130 kilometers) northwest of the Shetland Islands is considered one of the best and largest remaining undeveloped resources in the U.K. North Sea.
Joint Venture parties include operator Chevron North Sea (40 percent), Suncor (30 percent), OMV (U.K.) Limited (20 percent) and DONG E&P (10 percent).