General – New Independent Producer
Equinor and Shell are to combine their UK offshore oil and gas assets and expertise to form a new company which will be the UK North Sea’s biggest independent producer.
The incorporated joint venture (IJV) will be set up to sustain domestic oil and gas production and security of energy supply in the UK.
On deal completion, the new independent producer will be jointly owned by Equinor (50%) and Shell (50%).
With the once prolific basin now maturing and production naturally declining, the combination of portfolios and expertise will allow continued economic recovery of this vital UK resource.
The new company will be more agile, focused, cost-competitive, and strategically well positioned to maximise the value of its combined portfolios on the UK Continental Shelf.
The new company will invest to provide a long-term sustainable future for individual oil and gas fields and platforms, helping extend the life of this crucial sector for the benefit of the UK.
Based in Aberdeen, the heart of the nation’s energy sector, the joint venture will include Equinor’s equity interests in Mariner, Rosebank and Buzzard; and Shell’s equity interests in Shearwater, Penguins, Gannet, Nelson, Pierce, Jackdaw, Victory, Clair and Schiehallion. A range of exploration licences will also be part of the transaction.
Completion of the transaction remains subject to approvals and is expected by the end of 2025.
