UK: Suncor closes Rosebank buy

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).

Share this article

Follow Offshore Energy Today

Events>

<< Feb 2020 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 1

Offshore Energy Exhibition and Conference (OEEC) 2020

Offshore Energy addresses the technical, operational and commercial challenges associated with future sector growth.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

OWI APAC 2020

Over the two-day conference, 30 expert speakers will share exclusive insight to help drive well work efficiencies through innovative…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply