Equinor said on Friday it will acquire the British oil and gas business of Canada's Suncor Energy for $850 million, giving the Norwegian company stakes in several key North Sea petroleum assets.
"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 organisation on delivering value in the rest of our portfolio, including our E&P business in East Coast Canada," he said.
The transaction will add approximately 15,000 barrels of oil equivalent per day to Equinor's production in 2023, the Norwegian company 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 ageing North Sea basin.holds the remaining 20%.
Equinor and its partner later this year are expected to make a final investment decision on Rosebank's development, which the Norwegian group has said could involve a commitment of about 4.3 billion pounds .
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