the rosebank field
The Rosebank Project has the potential to unlock a region that holds a significant portion of the United Kingdom's undeveloped oil and gas resources. The potential recoverable volumes at Rosebank are expected to be more than 300 million barrels.
The Rosebank Field, which was discovered in 2004 and is currently progressing toward development, lies about 80 miles (129 km) northwest of the Shetland Islands in water depths of approximately 3,600 feet (1,110 m).
Chevron operates and holds a 40 percent interest in the project. The selected design calls for a subsea development tied back to a floating production, storage and offloading (FPSO) vessel, with natural gas exported via pipeline.
The Rosebank Project is progressing through pre-sanction Front End Engineering and Design (FEED) stage, including the re-tendering process for the FPSO. Chevron is continuing to work closely with its joint venture participants to further improve project value and decrease execution risk.
The Rosebank project is operated by Chevron North Sea Limited (40 percent) with Suncor Energy (30 percent), Siccar Point Energy (20 percent) and INEOS (10 percent) holding non-operated interests in the field.
As a large resource project, Rosebank has the potential to provide the U.K. with greater energy security and significant economic benefits, such as employment, government revenue and local business opportunities.
Rosebank is expected to make an approximately £9 billion contribution to the UK economy in taxes and expenditures through its life span from development through to decommissioning. The project is expected to bring significant expenditures on operating expenses and ongoing investment in goods and services in the local economy.
According to a study by Aberdeen Chamber of Commerce and the Fraser of Allander Institute, Rosebank will create more than £6 billion in Gross Value Add in the UK economy. Rosebank is also expected to contribute very substantial revenues in direct taxes to the UK Treasury. The UK Treasury will derive income taxes from the hundreds of jobs and increased commercial activity created by Rosebank. Rosebank is projected to return around £3.2 billion to the UK Government over its life span through expected tax payments alone.