EMEA News
Shell and Equinor to Form UK's Largest Independent Oil and Gas Company
Energy firms Shell and Equinor are set to combine their UK offshore assets to create the country's largest independent oil and gas company.
The new joint venture between the two firms will be the largest independent producer in the UK's North Sea waters, Shell said in a statement on its website on Thursday.
The Aberdeen-based JV will be 50% owned by each of the two parties.
"With the once prolific basin now maturing and production naturally declining, the combination of portfolios and expertise will allow continued economic recovery of this vital UK resource," Shell said in the statement.
"The new company will be more agile, focused, cost-competitive, and strategically well positioned to maximise the value of its combined portfolios on the UK Continental Shelf.
"The new company will invest to provide a long-term sustainable future for individual oil and gas fields and platforms, helping extend the life of this crucial sector for the benefit of the UK."
