Equinor and Shell form UK Oil and Gas Joint Venture

The Norwegian group announced on Thursday that Equinor, a Norwegian oil company, and Shell would combine their British offshore assets in order to form a new entity owned by each party at 50%.

The joint venture is expected to be the largest independent producer in the British North Sea by 2025, Equinor stated in a press release.

Equinor announced that the company would be based in Aberdeen in Scotland and be established to maintain domestic oil and natural gas production as well as energy security in Britain.

The Norwegian group announced that the joint venture would include Equinor’s stakes on the Mariner, Rosebank, and Buzzard fields and Shell’s holdings on Shearwaters, Penguins, Gannets, Nelson, Pierces, Jackdaws, Victorys, Clair, and Schiehallion.

The transaction will also include a range of exploration licences, the statement added.

The deal is expected to be completed by 2025. (Reporting and editing by Terje Solsvik, Louise Breusch Rasmussen)

(source: Reuters)