October 1, 2018 / 1:53 PM / a year ago

Equinor confirms buying Chevron's 40 pct stake in Rosebank project

OSLO, Oct 1 (Reuters) - Norway’s Equinor confirmed on Monday it had agreed to buy Chevron’s 40-percent stake in the Rosebank development off the British coast for an undisclosed sum.

Reuters reported on Sept. 28 that Equinor was interested in buying Chevron’s stake, citing sources close to the process.

Rosebank, one of the largest undeveloped oil and gas fields off Britain, situated some 130 km (80 miles) northwest of the Shetland Islands, could hold more than 300 million barrels, its operator Chevron has said.

“We look forward to becoming the operator of the Rosebank project. We have a proven track record of high value field developments across the North Sea and will now be able to deploy this experience on a new project in the UK,” Equinor said in a statement.

The parties have agreed not to disclose the commercial terms of the agreement, it added.

The other partners in the field are Suncor Energy with 40 percent and Siccar Point Energy with 20 percent.

The transaction is subject to customary conditions, including partner and authority approval, with completion targeted as soon as possible, Equinor said. (Reporting by Nerijus Adomaitis; Editing by Adrian Croft)

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