Equinor and Shell to create the UK’s largest independent oil and gas company

Equinor and Shell will 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%). The new company will invest to provide a long-term future for the individual oil and gas fields and platforms. The IJV 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 licenses will also be part of the transaction.

The transaction has economic effect on 1 January 2025. Completion of the transaction remains subject to approvals and is expected by the end of 2025.