Delays and Doubts on Oil Developments

by Tom Morton -

In two separate announcements today, oil giant Chevron cast doubt on the viability of its $10bn Rosebank development west of Shetland, and Norwegian state company Statoil postponed $7bn of work on the Bressay field in the North Sea UK sector.

Chevron stated that Rosebank “does not currently offer an economic value proposition that justifies proceeding with an investment of this magnitude", though it was still working with partners OMV from Austria and Denmark's Dong Energy to make the project work economically. A final decision is expected next year.

Statoil is looking at simplified methods of extracting the Bressay field's heavily viscous oil.

Both projects offer extreme technical challenges.

Read the full Chevron story courtesy of The Telegraph here, and about the Statoil announcement here, via Invezz.

Posted in: Oil and Gas