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Equinor optimizes oil & gas portfolio, acquires Suncor Energy UK

Oil&Gas Materials 3 March 2023 12:06 (UTC +04:00)
Equinor optimizes oil & gas portfolio, acquires Suncor Energy UK
Laman Zeynalova
Laman Zeynalova
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BAKU, Azerbaijan, March 3. Equinor UK Limited acquired Suncor Energy UK Limited, as it inked a relevant agreement on March 3, Trend reports with reference to the company.

The transaction cost stood at $850 million and includes 29.89 percent non-operated interest in the producing Buzzard oil field, 40 percent additional operated interest in the Rosebank development and Suncor employees based in the UK who work with these assets.

Philippe Mathieu, executive vice president for Exploration and Production International, noted that the deal corresponds to the company’s policy of optimizing oil and gas portfolio and strengthening the business in the company’s core countries.

“We are building on our longstanding position as a broad energy partner to the UK, strengthening our position as a reliable energy provider in Europe, while continuing to deliver on our ambition of becoming a net-zero company,” he said.

Equinor aims to increasingly explore for volumes in mature areas where discoveries can be tied into existing infrastructure to maximize the value of investments and to minimize emissions.

The company is responsible for 70 percent of oil and gas production in Norway. Equinor says it is on track to maintain profitable production from the Norwegian continental shelf at current level towards 2030.

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