Equinor and Chevron completed a transaction announced in October 2018, in which Equinor acquired Chevron’s 40 percent operated interest in the Rosebank offshore wind project located northwest of the Shetland Islands on the U.K. Continental Shelf, Equinior announced on Friday.
The company said the Rosebank project would further strengthen Equinor’s U.K. upstream portfolio. According to Equinor, this includes one of the largest upstream investments in the U.K. in the last 10 years; the Mariner development, which is expected to start commercial production during the first half of 2019.
The Rosebank field was discovered in 2004 and lies about 130 kilometers northwest of the Shetland Islands in water depths of approximately 1,110 meters.
The other partners in the field are Suncor Energy with a 40 percent interest and Siccar Point Energy with a 20 percent share.
The parties agreed not to disclose the commercial terms of the agreement.
Equinor’s U.K. portfolio also includes exploration opportunities and three producing offshore wind farms in addition to being the largest supplier of crude oil and natural gas to the U.K. market.
By Murat Temizer