Equinor has bought Chevron’s 40% operated interest in the Rosebank offshore oil and gas project.
The move will see Norwegian energy giant partner with Suncor Energy and Siccar Point Energy, which own 40% and 20% interests in the facility respectively.
The field, which is located in the West of Shetland region of the UK Continental Shelf (UKCS), boasts water depths of approximately 1,100 metres and is one of the largest undeveloped sites in the area.
Equinor’s Executive Vice-President for Strategy, Al Cook, said: “We are putting more investments into the UK despite Brexit, the perception of North Sea as being very mature and dying and oil price gyrations.
“We want to make the most out of UK’s common geology with Norway.”
Oil producer Equinor plans to drill up to 3,000 offshore wells in offshore Norway before 2040.