- Chevron (CVX -0.5%) suspends investment on its $10B Rosebank oil project, one of the largest new prospects in the U.K. North Sea, saying it isn't economic to proceed due to rising costs in the sector.
- CVX says it is still working with partners OMV and Dong Energy to improve the economics of the project, and expects to make a final investment decision in 2014.
- If Rosebank doesn't proceed, it would be a major blow to U.K. ambitions to ramp up its North Sea oil and gas output; Statoil (STO) said earlier that it was delaying investment in the $6B-$7B Bressay field, also in the U.K. sector of the North Sea.
Chevron puts $10B Rosebank oil project on hold, blames rising costs
Nov 22 2013, 10:06 ET