Shell and Equinor merge UK North Sea oil and gas assets | husks

Shell and Equinor will combine their UK North Sea offshore oil and gas assets to create a new company with 1,300 employees.

The Aberdeen-based company will become the North Sea's largest independent producer and is expected to produce more than 140,000 barrels of oil equivalent (BOE) per day next year.

Shell added that the deal would not result in job losses and would extend the life of UK oil and gas jobs.

Norway's Equinor employs around 300 people in the oil and gas sector in the UK, while Shell employs around 1,000 people in similar roles. Equinor said the 50-50 joint venture would create a more cost-competitive way to utilize the once-producing basin. [is] It is naturally decreasing.

The merger includes Equinors' vast Rosebank field, located 80 miles (130km) northwest of Shetland, which contains nearly 500 million barrels of oil and gas and is the UK's largest untapped field. Climate campaigners recently called on a Scottish court to revoke the Rosebank drilling permit, arguing it would cause significant and unjust harm to the planet.

Shell will contribute nine segments to the venture, while Equinor will add three segments.

Shells integrated gas and upstream director Zoe Yujnovich said anyone who worked most of the time on Shell and Equinors North Sea assets, such as oil rigs, would transfer to the new company.

She added that the transaction will enable the combined company to further grow and prosper. From an employee perspective, I think this could really improve the diversity of career choices, as well as extend the longevity of careers under the new combined entity. reality.

She said the new company would contribute to the UK's energy needs by sustaining domestic oil and gas production for decades to come.

But she added that the North Sea is no longer the rich ocean it once was.

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Yujnovich said: Of course, after several decades of production, oil and gas dwindle and as basins mature, what's left inevitably becomes more difficult to recover.

To remain competitive with other global energy hubs for production in the North Sea, it is essential to continually adapt and respond proactively to changing realities.

The transaction is subject to regulatory approval and is expected to close by the end of 2025.

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