Following the award of a three-year extension for the licenses P1026, P1191, and P1272 by the UK’s Oil and Gas Authority, a final investment decision for Rosebank is planned to be taken by May 2022.
Discovered in 2014, Rosebank is about 130 km (81 mi) northwest of the Shetland Islands in water depths of approximately 1,110 m (3,641 ft).
Hedda Felin, Equinor’s senior vice president for UK and Ireland offshore, said: “We believe there is more value to capture in Rosebank including the opportunity to reduce development cost. There are similarities with other recent projects in Equinor’s portfolio, such as Johan Castberg and Bay du Nord, where we have made significant improvements to the concept approach, particularly in how we design and plan new developments in harsh environments, but also through the application of digitalization.
“We see that improvements in the concept and planning phase will also support an efficient execution of the project.”
The Rosebank project team has been established and technical and strategic work and studies are under way.