Equinor to buy Chevron’s Rosebank stake

STAVANGER, October 1, 2018 – Equinor has agreed to acquire Chevron’s 40% stake in the Rosebank project offshore the UK for an undisclosed amount, the Norwegian company announced on Monday.

Rosebank is one of the biggest undeveloped fields on the UK continental shelf, the company statement added. Equinor will join as operator, alongside partners Suncor Energy (40%) and Siccar Point Energy (20%).

“Today’s agreement allows us to buy back into an asset in which we previously had a participating interest, demonstrating our strategy of creating value through oil price cycles,” said Al Cook, Equinor’s executive vice-president for global strategy and business development. “The acquisition of Rosebank complements our portfolio of oil, gas and wind assets in this country, in line with our strategy as a broad energy company.”