Equinor buys stake in oil development in North Sea

Norwegian firm Equinor has agreed to buy Chevron’s 40 per cent stake in the Rosebank project, one of the largest undeveloped fields on the UK Continental Shelf (UKCS), for an undisclosed sum.

Rosebank is situated around 80 miles northwestoftheshetlandislands and could hold more than 300 million barrels.

Al Cook, Equinor’s executive vice president for global strategy and business development and UK country manager, 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.”