Equinor Closes UK Rosebank Acquisition From Chevron

Equinor ASA (NYSE: EQNR) said Jan. 11 it had completed the acquisition of Chevron Corp.’s (NYSE: CVX) stake in the U.K. Continental Shelf project, Rosebank, for an undisclosed sum.

The acquisition of Chevron’s 40% operated interest was initially announced in early October and came as Chevron was looking to shrink its presence in the North Sea.

Rosebank is one of the largest undeveloped oil and gas fields off Britain. Chevron has estimated that the field, situated some 130 km (80 miles) northwest of the Shetland Islands, could hold more than 300 million barrels, a Reuters report on Oct. 1 said.