Shell and Equinor will combine their UK North Sea offshore oil and gas assets to create a new company.
Based in Aberdeen, the company will be the North Sea’s biggest independent producer is expected to produce more than 140,000 barrels of oil equivalent (BOE) a day next year.
Shell said the deal was intended to sustain domestic oil and gas production and security of energy supply in the UK.
Shell’s integrated gas and upstream director, Zoe Yujnovich, said: “Domestically produced oil and gas is expected to have a significant role to play in the future of the UK’s energy system. To achieve this in an already mature basin, we are combining forces with Equinor, a partner of many years.
“The new venture will help play a critical role in a balanced energy transition providing the heat for millions of UK homes, the power for industry and the secure supply of fuels people rely on.”
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