BAKU, Azerbaijan, December 5. Equinor UK Ltd, a subsidiary of Equinor ASA, and Shell U.K. Limited have announced plans to combine their UK offshore oil and gas assets to create the largest independent producer in the UK North Sea, Trend reports.
The joint venture, equally owned by Equinor and Shell, aims to sustain domestic oil and gas production while enhancing the UK’s energy security.
The new company, to be headquartered in Aberdeen, will consolidate Equinor’s interests in fields such as Mariner, Rosebank, and Buzzard, with Shell’s stakes in assets like Shearwater, Penguins, and Clair. The venture will also include a portfolio of exploration licenses. By combining expertise and resources, the company seeks to maximize economic recovery from the maturing UK Continental Shelf.
Equinor’s Philippe Mathieu highlighted the venture’s alignment with the UK’s energy needs and its potential to strengthen near-term cash flow while advancing decarbonization efforts. Shell’s Zoë Yujnovich emphasized the importance of domestic energy production in ensuring a balanced transition to cleaner energy sources.
The transaction is subject to regulatory approvals and is expected to close by the end of 2025.