The acquisition of Chevron’s 40% operated interest was initially announced in early October and came as Chevron was looking to shrink its presence in the North Sea.
Rosebank is one of the largest undeveloped oil and gas fields off Britain. Chevron has estimated that the field, situated some 130 km (80 miles) northwest of the Shetland Islands, could hold more than 300 million barrels, a Reuters report on Oct. 1 said.
Reuters also reported that the Rosebank project is currently estimated to cost over $6 billion, citing consultancy firm Wood Mackenzie.
The other partners in the field are Suncor Energy Inc. (NYSE: SU) with 40% and Siccar Point Energy with 20%. Siccar Point is seeking to sell at least half of its stake.
In a statement on Jan. 11, Equinor said the Rosebank acquisition “further strengthens Equinor’s U.K. upstream portfolio which includes the Mariner development, expected to start commercial production during the first half of 2019.”
Reuters contributed to this article.
Activist investor Elliott Management offered to buy oil and gas producer QEP Resources in an all-cash deal valued at $2.07 billion, saying that the company is "deeply undervalued."
Overall, 2018 was the Year of Consolidation as several E&Ps agreed to merge throughout the U.S., including inside and outside the prolific Permian Basin.
Expect plenty of capital, plenty of volatility, plenty of shifts in investor strategies—and plenty of unfolding stories to track as the new year progresses.