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FT: Chevron ready to confirm commitments to North Sea fields – Chevron Corporation (NYSE:CVX)

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Chevron (NYSE:CVX) is set to reconfirm its commitment to the North Sea, restarting a bidding process to develop the Rosebank field and considering extending the life of one of its main assets in U.K. waters, Financial Times reports.

CVX has been working to cut its North Sea project costs since the 2014 oil price crash, but its cancellation of a $1.8B order last year of a floating production and offloading vessel for the field raised fears it would abandon development; CVX now tells FT it expects to relaunch the tender process for the Rosebank FPSO later this year.

A final decision may be several years away, but the move likely will be viewed as a positive sign that CVX and its partners, including Suncor Energy (NYSE:SU), are committed to the Rosebank development, which is estimated to hold more than 300M recoverable barrels of oil.

CVX also will soon make a final investment decision on extending the life of its Captain field northeast of Aberdeen, which has been producing since 1997.



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