Suncor closes purchase of interest in Rosebank project
Suncor has closed the previously announced purchase of a 30% participating interest in the U.K. North Sea Rosebank project from OMV U.K. Limited. All necessary regulatory approvals have been received and as per the agreement, Suncor has made an initial payment of $50M to OMV U.K. 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 of up to $165M, subject to adjustments. The Rosebank project, located approximately 80 miles northwest of the Shetland Islands is considered one of the best and largest remaining undeveloped resources in the U.K. North Sea. Joint Venture parties include operator Chevron North Sea Limited - 40% -, Suncor - 30% -, OMV U.K. - 20% - and DONG E&P U.K. - 10%.