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Chevron confirms Rosebank development

OIL COMPANY Chevron has confirmed that they are going ahead with the engineering and design work to develop the Rosebank oil field, 80 miles northwest of Shetland.

The field in 1,100 metres of water is estimated to hold around 240 million barrels of recoverable oil.

The project will include a floating production, storage and offloading vessel, production and water injection wells, subsea facilities, and a gas export pipeline.

“Rosebank is an important project for Chevron and the West of Shetland region, which holds a significant portion of the U.K.’s undeveloped oil and gas resources,” said Brenda Dulaney, managing director of Chevron Upstream Europe.

The news was welcomed by northern isles MP Alistair Carmichael, who said the investment decision could have gone the other way.

“Ministers have made it clear that the government is determined to support growth and this is an example of how decisions taken in Whitehall can have a real positive impact on the ground in Shetland and other areas with strong links to the energy industry.

“This is a decision that may have gone differently in the absence of the measures announced by the government in this year’s budget.

“There is a need to ensure that all necessary safeguards are taken as oil and gas exploration continues West of Shetland.

“However, fossil fuels will remain an important part of our energy mix for years to come and this announcement is good news for the UK and good news for the northern isles,” the LibDem MP said.

The Rosebank development is a joint venture between Chevron’s subsidiary Chevron North Sea Limited with a 40 percent equity interest; Statoil (U.K.) Limited (30 percent); OMV (U.K.) Limited (20 percent) and DONG Exploration & Production (UK) Limited (10 percent).