Commenting on news that Equinor has acquired a 40 percent stake in the Rosebank project, Oil & Gas UK chief executive Deirdre Michie said:
“This is a significant announcement and will further boost investor confidence in the potential of the basin. The Rosebank project is one of the largest known pre-Final Investment Decision (FID) developments in the UK Continental Shelf.
“With over 300 million barrels which could potentially be recovered, Equinor’s track record of successfully developing complex and challenging fields means they are well matched to maximise economic recovery from Rosebank.
“As industry continues to emerge from one of the most testing downturns in its history, its challenge is to hold firm in its approach and build upon the investment conditions which have helped improve the competitiveness of the basin.”