Suncor backs into Rosebank project west of Shetland
OMV has closed the sale of a 30% interest in the Chevron-operated Rosebank oil and gas project west of Shetland to Suncor Energy.
Following the transaction, OMV retains a 20% interest. DONG E&P (U.K.) is the other partner.
On closure of the deal Suncor made an initial payment of $50 million, with up to $165 million more due to OMV once a final investment decision has been approved.
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 remains in the front-end engineering and design phase, with a planned capacity of 100,000 b/d of crude oil and 80 MMcf/d of natural gas.