Equinor, Shell to form UK oil and gas joint venture
The new company is expected to produce over 140,000 barrels of oil equivalent per day in 2025
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NORWAY’S Equinor and Shell will combine their British offshore oil and gas assets to create a new company owned 50 per cent each, the Norwegian group said on Thursday (Dec 5).
“The new company is expected to produce over 140,000 barrels of oil equivalent per day in 2025,” Equinor said in a statement, adding that the joint venture would be the British North Sea’s biggest independent producer.
The company will be based in Aberdeen, Scotland, and will be set up to sustain domestic oil and gas production and security of energy supply in Britain, Equinor said.
The joint venture will include Equinor’s stakes in the Mariner, Rosebank and Buzzard fields, and Shell’s holdings in Shearwater, Penguins, Gannet, Nelson, Pierce, Jackdaw, Victory, Clair and Schiehallion, the Norwegian group said.
A range of exploration licenses will also be part of the transaction, it added.
The plan is to complete the deal by the end of 2025. REUTERS
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