Rosebank

The Rosebank field is located approximately 80 miles north-west of the Shetland Islands. The field was discovered in 2004 and has since been appraised with five wells. The field is operated by Adura (80.0%) with Ithaca Energy holding a 20% non-operated interest. Ithaca Energy’s interest was acquired through its acquisition of Siccar Point Energy in June 2022.

On 27 September 2023, the final investment decision to progress Phase 1 of the Rosebank development on the UK Continental Shelf was announced, with an investment of $3.8 billion in the development and the North Sea Transition Authority (NSTA”) granting consent for the development of the field.

The Rosebank field has recoverable resources estimated at around 300 million barrels of oil from phase 1 and 2, with Phase 1 targeting an estimated 245 million barrels of oil. The field will be developed with subsea wells tied back to a redeployed Floating Production Storage and Offloading vessel (FPSO), with first production expected in 2026-2027. The Rosebank field will produce in excess of 21 MMSCF of natural gas every day, the equivalent to the daily use of Aberdeen City.

The Rosebank development has been optimised to reduce carbon emissions, in line with the North Sea Transition Deal, with the FPSO designed to be electrification-ready. Ithaca Energy and Adura continue to collaborate with government and industry stakeholders to pursue a regional solution for power from shore to Rosebank and nearby fields with the objective of minimising carbon emissions from production.