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Rethinking Rosebank: Chevron flinches, but project critical for OMV

Nov. 22, 2013 5:56 PM ETOMV Aktiengesellschaft (OMVJF) StockCVX, OMVJF, OMVZYBy: Carl Surran, SA News Editor
  • OMV (OTCPK:OMVJF, OTCPK:OMVZY) had "been vocal" in pressing its operatorship partner Chevron (NYSE:CVX) to put the U.K.’s Rosebank project on hold pending a review of the development’s scope and costs.
  • "We have been telling Chevron we think this can be better. Chevron has been managing this out of Houston, probably not the best decision," OMV CFO David Davies says; CVX was focused on other projects, and Rosebank was less material, but it is a critical project for OMV, especially after it recently acquired an additional 30% stake from Statoil to take its total stake to 50%.
  • CVX says a final investment decision will come next year on the field estimated to hold 240M barrels of recoverable oil - a lot of oil, but the company may feel it is relatively small for the billions of dollars in further investments needed to produce it.

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