Suncor to buy 30% of Rosebank from OMV

Suncor Energy Inc. is buying a 30% stake in the Rosebank project in the UK North Sea from OMV AG.

Upon completion of the transaction, OMV (UK) Ltd. will have 20% in Rosebank (OGJ Online, Aug. 19, 2013).

At closing, which is expected in the fourth quarter, Suncor will pay an initial $50 million. Suncor could pay an additional amount up to $165 million if project partners approve a final investment decision on Rosebank and Suncor elects to participate.

Rosebank was discovered in 2004, and is in the front-end engineering and design phase. It has a design capacity of 100,000 b/d of crude and 80 MMcfd of natural gas.

Rosebank is 130 km northwest of the Shetland Islands in 1,110 m of water.

Operator Chevron North Sea Ltd. has 40% in Rosebank, and DONG E&P (UK) Ltd. 10% (OGJ Online, July 9, 2012).

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