Rosebank

Rosebank

The Rosebank field is located approximately 80 miles north-west of the Shetland Islands. The field was discovered in 2004 and has since been appraised with five wells. The field is operated by Equinor (80.0%) with Ithaca Energy holding a 20% non-operated interest. Ithaca Energy’s interest was acquired through its acquisition of Siccar Point Energy in June 2022.

Ithaca Energy, together with Equinor, announced on 27 September 2023 that they have taken the final investment decision to progress Phase 1 of the Rosebank development on the UK Continental Shelf, together investing $3.8 billion in the development with the North Sea Transition Authority (NSTA”) granting consent for the development of the field..

The Rosebank field has recoverable resources estimated at around 300 million barrels of oil from phase 1 and 2, with Phase 1 targeting an 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 first production expected in 2026-2027. The Rosebank field will produce in excess of 21 MMSCF of natural gas every day, the equivalent to the daily use of Aberdeen City.

The Rosebank development has been optimised to reduce carbon emissions, in line with the North Sea Transition Deal, with the FPSO designed to be electrification-ready. Ithaca Energy and Equinor continue to collaborate with government and industry stakeholders to pursue a regional solution for power from shore to Rosebank and nearby fields with the objective of minimising carbon emissions from production.

The Rosebank development is expected to lead to £8.1 billion¹ of total direct investment, of which 78% is likely to be invested in UK-based businesses. It is expected to support around 1,600 jobs during the height of the construction phase of the project, and it will continue to support approx. 450 UK-based jobs during the lifetime of the field.