Deal Insight
OMV sells 30% interest in Rosebank (UK) to Suncor for up to US$215 million
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
OMV has agreed to sell a 30% stake in Rosebank to Suncor Energy, while retaining a 20% interest. The initial consideration is US$50 million upon completion, with a contingent payment of up to a further US$165 million payable upon the partners reaching a Final Investment Decision (FID). The structure of the deal offers Suncor a low entry cost option on participation in Rosebank. Rosebank is a large pre-FID oil and gas field in the UK West of Shetlands. Due to the water depth and harsh environment it is considered a technically challenging project and will require around US$7 billion to develop. However, as the largest pre-FID field in the UKCS, it represents a good growth opportunity for the operator Chevron (40%), and other partner DONG Energy (10%). We assume FID will be taken in 2019, with first production in 2024.
Table of contents
- Executive summary
- Transaction details
- Upstream assets
- Deal analysis
- Upsides and risks
- Strategic rationale
- Oil & gas pricing and assumptions
Tables and charts
This report includes the following images and tables:
- Executive summary: Table 1
- Upstream assets: Table 1
- Deal analysis: Table 1
- Deal analysis: Table 2
- Deal analysis: Table 3
- Comparable consideration metrics: pre-development deals (1) UK all (2) global deepwater
- Oil & gas pricing and assumptions: Table 1
- Oil & gas pricing and assumptions: Table 2
What's included
This report contains:
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