Equinor buys large field on the British continental shelf

EquinorEquinor.Photo: Tor Erik Schrøder / NTB scanpix

Equinor bought 40% of the Rosebank project on the UK shelf,and at the same time took over the license.

 

The oil and gas fields are considered to be one of the largest undeveloped fields on the British continental shelf. Chevron sold its stake of 40%.

“We are looking forward to becoming an operator for the Rosebank project. We can show results from high value field developments throughout the North Sea, and can now use this experience for a new project in the UK” said United Kingdom’s Al Cook, of Equinor, in a press release.

He said that the investment underlines Equinor’s commitment to being a “reliable, secure energy partner for the UK”.

The Rosebank field was found in 2004 and is located about 130 km northwest of Shetland at about 1,100 meters of sea depth. The other partners in the field are Suncor Energy (40%) and Siccar Point Energy (20%).

Equinor has previously held ownership interests in the field, but sold out in 2013.

“Today’s agreement allows us to buy back into an asset in which we previously had a stake, and to showcase our strategy of creating value through oil price fluctuations” said Cook.

The purchase price is not known.

 

© NTB scanpix / #Norway Today

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