OMV sees Rosebank decision with Chevron in 2015

|About: Chevron Corporation (CVX)|By:, SA News Editor

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.