Seeking Alpha

OMV sees Rosebank decision with Chevron in 2015

  • OMV, Austria's biggest oil-and-gas company, says it is working with partner Chevron (CVX +1%) to reduce the expected $10B cost of their North Sea Rosebank oil and gas project and hopes to reach a final investment decision next year.
  • The two had planned to decide this year, but CVX said in November the development of the project was not economically attractive.
  • CVX's concerns last year raised doubts about a resurgence of the North Sea oil industry as fears grow over costs.
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