June 16, 2024

Norwegian energy group Equinor acquires Suncor Energy UK – BusinessPortal Norway

Buzzard Oil Field © Suncor Energy

Oslo, 3 March 2023. Equinor UK Limited has signed an agreement to acquire Suncor Energy UK Limited for US$850 million. The transaction includes a non-operating interest in the Buzzard producing field (29.89%), an additional operating interest in Rosebank development (40%) and Suncor UK employees working on these assets.

This transaction is consistent with Equinor’s strategy to improve and deepen our oil and gas portfolio in our core countries. said Philippe Mathieu, Executive Vice President, International Exploration and Production.

Equinor has been the UK’s energy partner for nearly 40 years, developing domestic energy resources, generating low carbon electricity and meeting the equivalent of 29 percent of all UK natural gas needs in 2022. Equinor aims to continue to support the UK economy By investing billions of euros in key energy infrastructure, including offshore wind, carbon capture and storage (CCS), hydrogen, power, and oil and gas.

The transaction will add approximately 15,000 barrels of oil equivalent per day from equity in 2023 and create synergies with Equinor’s existing operations.

The company said the deal would add an additional 40% to Equinor’s operating stake in the Rosebank development. Rosebank is being developed in line with the UK Government’s North Sea Transition deal, and Rosebank Partners is targeting a final investment decision in 2023, subject to approval by the UK Government and its partners. $250 million of the consideration is contingent on Rosebank’s final investment decision.

The transaction is subject to relevant regulatory approvals.