Chevron Corporation (NYSE: CVX) announced that its U.K. subsidiary has entered  front-end engineering and design (FEED) on the Rosebank oil and gas project in  the West of Shetland region.
‘The Rosebank project is another important  step forward in our strategy to grow profitably in core areas of our upstream  business,’ said George Kirkland, Chevron’s vice chairman. ‘Chevron has extensive  deepwater capabilities, and the Rosebank project fits well in our  portfolio.’
The Chevron-operated Rosebank project is located  approximately 80 miles (130 kilometers) northwest of the Shetland Islands, in  water depths of approximately 3,700 feet (1,100 meters). 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, Chevron Upstream  Europe.
The Rosebank Field, discovered in 2004, is estimated to contain  total potentially recoverable oil-equivalent resources of 240 million  barrels.
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).
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