The project is Chevron’s first operated development in the West of Shetland basin.
Chevron Corporation (NYSE: CVX) announced that its U.K. subsidiary has entered front-end engineering and design (FEED) on the Rosebank oil and gas project in the West of Shetland region. "The Rosebank project is another important step forward in our strategy to grow profitably in core areas of our upstream business," said George Kirkland, Chevron's vice chairman. "Chevron has extensive deepwater capabilities, and the Rosebank project fits well in our portfolio."
The Chevron-operated Rosebank project is located approximately 80 miles (130 kilometers) northwest of the Shetland Islands, in water depths of approximately 3,700 feet (1,100 meters). The project will include a floating production, storage and offloading vessel, production and water injection wells, subsea facilities, and a gas export pipeline.
The Rosebank Field, discovered in 2004, is estimated to contain total potentially recoverable oil-equivalent resources of 240 million barrels. The Rosebank development is a joint venture between Chevron's subsidiary Chevron North Sea Limited with a 40 percent equity interest; Statoil (U.K.) Limited (30 percent); OMV (U.K.) Limited (20 percent) and DONG Exploration & Production (UK) Limited (10 percent).
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