Equinor and its partners have confirmed a new timeline for the Rosebank project on the UK Continental Shelf (UKCS), with the final investment decision planned to be taken by May 2022.
The new timeline comes after the award of a three-year extension for the Rosebank licences by the UK Oil and Gas Authority.
“Together with our partners, Suncor and Siccar Point, we are fully focused on bringing this much anticipated UK development to realization,” said Hedda Felin, Equinor’s senior vice president for UK and Ireland offshore.
“We believe there is more value to capture in Rosebank including the opportunity to reduce development cost. There are similarities with other recent projects in Equinor’s portfolio, such as Johan Castberg and Bay du Nord, where we have made significant improvements to the concept approach, particularly in how we design and plan new developments in harsh environments, but also through the application of digitization.
“We see that improvements in the concept and planning phase will also support an efficient execution of the project.”
The Rosebank project team has been established and technical and strategic work and studies are underway.
“Equinor is creating significant value in the UK through a broad energy portfolio. Upstream, we have the Mariner field about to start production and now Rosebank, one of the largest undeveloped fields on the UKCS. Combined with our large offshore wind portfolio and our natural gas and oil supplies, these strengthen our position as a key energy partner of the UK,” said Torgrim Reitan, executive vice president for Development and Production International in Equinor.
An extension for a period of three years has been awarded for Licences P1026, P1191 and P1272.
The Rosebank field was discovered in 2004 and lies about 130 km northwest of the Shetland Islands in water depths of approximately 1,110m.
Equinor holds a 40% operated interest in the Rosebank project. The other partners are Suncor Energy (40%) and Siccar Point Energy (20%).