Equinor UK Limited has signed an agreement to acquire Suncor Energy UK Limited for a total consideration of USD 850 million.
The transaction includes a non-operated interest in the producing Buzzard oil field (29.89%), an additional operated interest in the Rosebank development (40%) and Suncor employees based in the UK who work with these assets.
The transaction will add approximately 15,000 barrels of oil equivalent per day in equity share in 2023 and create synergies with Equinor’s existing operations.
The transaction will increase Equinor’s operated share of the Rosebank development with an additional 40%. Rosebank is being developed in line with the UK Government North Sea Transition deal and the Rosebank partners are targeting a final investment decision in 2023, subject to the UK Government’s and partners’ approval. USD 250 million of the consideration is contingent upon a final investment decision for Rosebank.
(Source: Equinor –Buzzard offshore facility/CNOOC)