the rosebank field

The Rosebank project lies in the West of Shetland and will include a floating production, storage and offloading vessel.

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 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 Floating Production Storage and Offloading (FPSO) vessel. Chevron is continuing to working closely with its joint venture participants to further improve project value and decrease execution risk.

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.

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.