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Oil companies Shell and Equinor will combine their British offshore oil and gas assets into a new company they say will be the largest independent producer in the North Sea.
The new company set up by their UK subsidiaries will be a 50-50 joint venture holding Equinor’s interests in three North Sea fields and Shell’s interests in nine.
“With a once fertile basin (the North Sea) that is now maturing. . . the combination of portfolio and expertise will enable the continued economic recovery of this vital British resource,” the companies said, adding that the new entity “will play a key role in securing the UK’s energy supply”.
The companies did not provide a deal value.
This is a developing story
