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6 Pages

OMV sells 30% interest in Rosebank (UK) to Suncor for up to US$215 million


OMV sells 30% interest in Rosebank (UK) to Suncor for up to US$215 million

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.

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  • OMV sells 30% interest in Rosebank (UK) to Suncor for up to US$215 million PDF - 310.45 KB 6 Pages, 7 Tables, 1 Figures

Description

The upstream oil and gas industry conducts activities against a backdrop of growing energy and environmental challenges. Political instabilities, international conflicts and government and environmental regulation have all impacted the production process.

This has forced companies to re-examine their corporate strategy, moving away from high-risk exploratory drilling to lower-risk exploration in mature basins as they search for increased returns.

This Upstream Oil and Gas Deal Insight report provides an in-depth analysis of this deal. You will also find information about upstream assets and the strategic rationale behind the deal.

For investors and businesses, this deal insight report provides an understanding of the effect this deal will have on the market, including oil and gas pricing and assumptions. Use it to keep up to date with deal announcements, gain expert insights and analyse potential developments that might affect your strategy.

Wood Mackenzie goes beyond company-reported data and announcements to give you an independent and informed view. Our unique valuation metrics are underpinned by our deep understanding of upstream assets and companies. We help you objectively benchmark and evaluate asset and corporate deals so you can compare deal economics around the world.

  • Executive summary
  • Transaction details
  • Upstream assets
  • Deal analysis
  • Upsides and risks
  • Strategic rationale
  • Oil & gas pricing and assumptions

In this report there are 8 tables or charts, including:

  • Executive summary
    • Executive summary: Table 1
  • Transaction details
  • Upstream assets
    • Upstream assets: Table 1
  • Deal analysis
    • Deal analysis: Table 1
    • Deal analysis: Table 2
    • Deal analysis: Table 3
    • Comparable consideration metrics: pre-development deals (1) UK all (2) global deepwater
  • Upsides and risks
  • Strategic rationale
  • Oil & gas pricing and assumptions
    • Oil & gas pricing and assumptions: Table 1
    • Oil & gas pricing and assumptions: Table 2
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