Fossil Energy – Acquisition
Equinor UK Limited has signed an agreement to acquire Suncor Energy UK Limited for a total consideration of USD 850 million.
The transaction includes a non-operated interest in the producing Buzzard oil field (29.89%), an additional operated interest in the Rosebank development (40%) and Suncor employees based in the UK who work with these assets.
“This transaction is in line with Equinor’s strategy of optimizing our oil & gas portfolio and deepening in our 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,” said Philippe Mathieu, executive vice president for Exploration and Production International.
The transaction will add approximately 15,000 barrels of oil equivalent per day in equity share in 2023 and create synergies with Equinor’s existing operations.