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).