The purchase gives Equinor stakes in several key North Sea petroleum assets
Equinorsaid the deal includes a 29.9 per cent stake in the Buzzard oilfield, an additional 40 per cent stake in the Rosebank development and will also see the Norwegian firm taking on Suncor’s UK-based employees who work with these assets.
Three sources familiar with the plans had on Wednesday told Reuters a deal between Equinor and Suncor for the British assets was close. “Having the right ‘fit and focus’ in our portfolio enables us to both ensure effective capital allocation consistent with our strategic objectives and to focus our organization on delivering value in the rest of our portfolio, including our E&P business in East Coast Canada,” he said.
Equinor is already operator of the planned offshore Rosebank oil and gas project, some 130 km northwest of the Shetland Islands and one of the largest developments in the aging North Sea basin.
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