Shell and Equinor Join Forces to Create the UK's Largest Independent Oil and Gas Company

Equinor UK Ltd, a subsidiary of Equinor ASA, and Shell UK Limited, a subsidiary of Shell (LON:RDSa) plc, are set to establish a new company that will combine their offshore oil and gas assets and expertise in the UK, making it the largest independent producer in the UK North Sea.

The joint venture (JV), aimed at maintaining domestic oil and gas production and energy supply security in the UK, will, upon completion of the agreement, be jointly owned by Equinor (50%) and Shell (50%), two leading global energy companies with decades of experience in the UK North Sea.

As a once-productive basin matures and production declines naturally, the combination of portfolios and expertise will ensure the continued economic viability of this vital resource for the UK.

The new company will be agile, focused, cost-competitive, and strategically well-positioned to maximize the value of their combined portfolio in the UK Continental Shelf. It will invest to provide a long-term future for individual oil and gas fields and platforms, helping to extend the life of this critical sector for the benefit of the UK.

Based in Aberdeen, the heart of the country's energy sector, the joint venture will include Equinor's equity interests in Mariner, Rosebank, and Buzzard, as well as Shell's equity interests in Shearwater, Penguins, Gannet, Nelson, Pierce, Jackdaw, Victory, Clair, and Schiehallion. A number of exploration licenses will also be part of the transaction.