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Oil companies Shell and Equinor are to combine their UK offshore oil and gas assets to form a new company they say would be the biggest independent producer in the North Sea.
The new company formed by their UK subsidiaries will be a 50-50 joint venture holding Equinor’s stakes in three North Sea fields and Shell’s stakes in nine.
“With the once prolific [North Sea] basin now maturing . . . the combination of portfolios and expertise will allow continued economic recovery of this vital UK resource,” the companies said, adding that the new entity would “play a crucial role in securing the UK’s energy supply”.
The companies did not give a value for the deal.
This is a developing story
