London, 27 September, 2023, (Oilandgaspress) – Equinor and Ithaca Energy have taken the final investment decision to progress Phase 1 of the Rosebank development on the UK Continental Shelf (UKCS), investing USD 3.8 billion.
The North Sea Transition Authority (NSTA) granted consent for the development of the field on 27 September.
The Rosebank field is located around 130 kilometres north-west of Shetland in approximately 1,100 metres of water depth. Total recoverable resources are estimated at around 300 million barrels of oil, with Phase 1 targeting estimated 245 million barrels of oil.
The field will be developed with subsea wells tied back to a redeployed Floating Production Storage and Offloading vessel (FPSO), with start-up planned in 2026-2027. Oil will be transported to refineries by shuttle tankers, while gas will be exported through the West of Shetland Pipeline system to mainland Scotland.
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