Equinor UK and Shell UK are combining their UK offshore oil and gas assets under a new 50:50 joint venture company.
With the once prolific North Sea basin now maturing and production declining, the combination of portfolios and expertise will allow continued economic recovery of resources via a more ‘agile and cost competitive’ company. Completion of the transaction remains subject to approvals and is expected by the end of 2025.
Equinor will retain its hydrogen, carbon capture and storage, power generation, battery storage and gas storage assets while Shell remains technical developer of Acorn, Scotland’s largest carbon capture and storage project.
Philippe Mathieu, Equinor’s Executive Vice-President for Exploration and Production International, said Equinor has been a reliable energy partner to the UK for over 40 years, providing oil and gas, developing the offshore wind industry, and advancing decarbonisation.
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