OREANDA-NEWS. July 16, 2012. Chevron Corporation (NYSE: CVX) announced that its U.K. subsidiary has entered front-end engineering and design (FEED) on the Rosebank oil and gas project in the West of Shetland region, reported the press-centre of Chevron.

"The Rosebank project is another important step forward in our strategy to grow profitably in core areas of our upstream business," said George Kirkland, Chevron's vice chairman.  "Chevron has extensive deepwater capabilities, and the Rosebank project fits well in our portfolio."

The Chevron-operated Rosebank project is located approximately 80 miles (130 kilometers) northwest of the Shetland Islands, in water depths of approximately 3,700 feet (1,100 meters). The project will include a floating production, storage and offloading vessel, production and water injection wells, subsea facilities, and a gas export pipeline.

"Rosebank is an important project for Chevron and the West of Shetland region, which holds a significant portion of the U.K.'s undeveloped oil and gas resources," said Brenda Dulaney, managing director, Chevron Upstream Europe. 

The Rosebank Field, discovered in 2004, is estimated to contain total potentially recoverable oil-equivalent resources of 240 million barrels. 

The Rosebank development is a joint venture between Chevron's subsidiary Chevron North Sea Limited with a 40 percent equity interest; Statoil (U.K.) Limited (30 percent); OMV (U.K.) Limited (20 percent) and DONG Exploration & Production (UK) Limited (10 percent).

Chevron is one of the world's leading integrated energy companies, with subsidiaries that conduct business worldwide. The company's success is driven by the ingenuity and commitment of its employees and their application of the most innovative technologies in the world. Chevron is involved in virtually every facet of the energy industry. The company explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and other energy products; manufactures and sells petrochemical products; generates power and produces geothermal energy; provides energy efficiency solutions; and develops the energy resources of the future, including biofuels. Chevron is based in San Ramon, Calif. More information about Chevron is available at www.chevron.com.