Equinor majority owner

Equinor majority owner

Equinor has signed an agreement to acquire Chevron’s 40% operated interest in the Rosebank project.

Rosebank is one of the largest undeveloped fields on the UK Continental Shelf (UKCS).
The potential recoverable volumes at Rosebank are expected to be more than 300 million barrels, according to Chevron.
Rosebank is located in one of the harshest environments in the UKCS and if sanctioned, will be the first UK field developed in a water depth of more than 1,000 metres, according to WoodMackenzie.

Rosebank-Lochnagar was discovered in 2004.

The Rosebank field contains producible hydrocarbons from Paleocene-Eocene intrabasaltic fluvial and shallow marine siliciclastic sandstone reservoirs. Despite close proximity to volcanic lithologies the siliciclastic sandstones display very good reservoirs properties with permeability in the Darcy range and porosity values ranging from 19 to 23%. Preservation of high quality reservoir properties is the result of low quantities of volcanic minerals in the siliciclastic sandstones and limited element diffusion (e.g. Fe and Mg) from adjacent basalts into siliciclastic reservoir sandstones. The low content of volcanic derived detritus is most likely a result of the main sediment source being situated outside the volcanic terrain. The effect is that formation of clay minerals (smectites and or chlorites) reducing permeability and porosity is low. In contrast to the siliciclastic sandstones, the pore space of the volcaniclastics is occupied by authigenic clays (chlorite/smectite) and carbonates (calcite and Mg-calcite) resulting in poor reservoir quality according to Marine and Petroleum Geology.

Equinor in the UK – Key Facts

  • Equinor is the largest supplier of crude oil to the UK and the largest supplier of natural gas.
  • Equinor’s gas supplies meet more than 25% of UK demand, enough to heat or power 8 million British homes and businesses every year.
  • Equinor’s operated offshore wind farms (Sheringham Shoal, Dudgeon and Hywind Scotland) together supply electricity to 650,000 UK homes. Hywind Scotland is the first floating offshore wind park in the world and is partnered with Batwind, the world’s first battery for offshore wind.
  • Equinor is currently developing Mariner, one of the largest upstream investments in the UK in the last 10 years – a gross investment of more than GBP 4.5 billion.
  • Equinor is one of the most active explorers in the UK. A three-well campaign will start later this year. In May, Equinor was awarded nine new licences in the 30th Offshore Licensing round, eight as operator.
  • Equinor, with its partner SSE, is developing the Dogger Bank offshore wind project which has the potential to provide around 10% of the UK’s total electricity needs. Once fully developed it will be one of the largest offshore wind farms in the world.