OMV scales back west of Shetland Rosebank stake

OMV has agreed to sell 30% of its interest in the Rosebank offshore oil and gas project west of Shetland to Suncor Energy.

Offshore staff

VIENNA, Austria – OMV has agreed to sell 30% of its interest in the Rosebank offshore oil and gas project west of Shetland to Suncor Energy.

The initial payment would be $50 million, with further consideration of up to $165 million to follow when the partners take a final investment decision.

Assuming approvals, OMV would retain a 20% stake.Chevron North Sea is the operator with 40%, DONG E&P (U.K.) holding the remaining 10%.

Johann Pleininger, OMV executive board member responsible for Upstream, said: “This transaction rebalances our OMV portfolio by reducing future investment requirements…At the same time, the addition of Suncor, with their substantial offshore experience, to the Rosebank consortium will strengthen the venture considerably as it moves towards project implementation.”

Rosebank, discovered in December 2004, is 130 km (81 mi) northwest of the Shetland Islands in water depths of around 1,110 m (3,609 ft). The project is currently in the front-end engineering and design phase, with an anticipated design capacity of 100,000 b/d of crude oil and 80 MMcf/d of natural gas.

08/10/2016

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