OSLO, Oct 1 (Reuters) - Norway's Equinor confirmedon Monday it had agreed to buy Chevron's 40 percentstake in the Rosebank oilfield west of Scotland's Shetlandislands for an undisclosed sum, as Chevron shrinks its North Seapresence.
Chevron is also looking into selling its other assets, mostof which it operates, in the British North Sea.
Rosebank, one of the largest undeveloped oil and gas fieldsoff Britain, is situated some 130 km (80 miles) northwest of theShetland Islands and could hold more than 300 million barrels,Chevron has said.
The complex project is currently estimated to cost over $6billion, according to consultancy WoodMackenzie.
"We look forward to becoming the operator of the Rosebankproject. We have a proven track record of high value fielddevelopments across the North Sea and will now be able to deploythis experience on a new project in the UK," Equinor said.
The other partners in the field are Suncor Energywith 40 percent and Siccar Point Energy with 20 percent. SiccarPoint is seeking to sell at least half of its stake.
Reuters reported on Sept. 28 that Equinor was interested inbuying Chevron's stake, citing sources close to theprocess.
The sale of the Chevron stake to Equinor is subject tocustomary conditions, including partner and authority approval,with completion targeted as soon as possible, Equinor said.
The California-based company kicked off a sales process forits North Sea oil and gas fields Alba, Alder, Captain,Elgin/Franklin, Erskine and Jade as well as the Britanniaplatform and its satellites, it said in July.
A spokeswoman said the marketing of these assets was stillin the early stages and it was too soon to say whether theywould be sold or not.
Chevron also holds a non-operated stake alongside BPand Shell in the Clair field in the British North Sea.
Chevron has in recent years focused its efforts on rapidlygrowing its shale production in the Permian basin in Texas aswell as the giant Tengiz field in Kazakhstan.
Chevron's net daily production in the North Sea in 2017averaged 50,000 barrels of oil and 155 million cubic feet ofnatural gas, according to its website.(Reporting by Nerijus Adomaitis; additional reporting by ShadiaNasralla, Editing by Adrian Croft and David Evans)
BP (BP.)
