Norway's Equinor ASA announced June 4 that the Rosebank consortium is targeting a final investment decision by May 2022 after the U.K. Oil and Gas Authority granted a three-year extension on the licenses for the field.

The agency granted an extension for licenses P1026, P1191 and P1272. The field was estimated to contain about 240 million barrels of oil equivalent.

The Rosebank field lies around 130 kilometers northwest of the Shetland Islands on the U.K. Continental Shelf, in water depths of about 1,110 meters.

Equinor is the project operator with a 40% stake, while Canada's Suncor Energy Inc. holds 40% and U.K.-based Siccar Point Energy Ltd. owns 20%.