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Suncor Energy closes purchase of interest in Rosebank project

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Oilfield Technology,

Suncor Energy UK Limited has announced it has closed the previously announced purchase of a 30% participating interest in the U.K. North Sea Rosebank project from OMV (U.K.) Limited.

In the event the co-venturers approve the Rosebank project final investment decision and Suncor elects to participate, Suncor could pay additional consideration to OMV (U.K.) Limited of up to US$165 million, subject to adjustments according to the terms of the agreement.

The Rosebank project, located approximately 80 miles (130 km) northwest of the Shetland Islands is considered one of the best and largest remaining undeveloped resources in the U.K. North Sea. The project is expected to be complementary to Suncor's existing UK portfolio. Joint Venture parties include operator Chevron North Sea Limited (40%), Suncor (30%), OMV (U.K.) Limited (20%) and DONG E&P (U.K.) Limited (10%).

All necessary regulatory approvals have been received and as per the agreement, Suncor has made an initial payment of US$50 million to OMV (U.K.) Limited.

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