Equinor Buys Suncor Energy UK for $850 Million
03 Marzo 2023 - 8:03AM
Dow Jones News
By Dominic Chopping
Equinor ASA said Friday that it has agreed to buy Suncor Energy
UK Limited for $850 million.
The Norwegian energy major said the deal includes a 29.89%
non-operated interest in the producing Buzzard oil field, a 40%
operated interest in the Rosebank development and Suncor employees
based in the U.K. who work with these assets.
"This transaction is in line with Equinor's strategy of
optimizing our oil and gas portfolio and deepening in our core
countries," Philippe Mathieu, Equinor's executive vice president
for exploration and production international, said.
"We are building on our longstanding position as a broad energy
partner to the U.K., strengthening our position as a reliable
energy provider in Europe, while continuing to deliver on our
ambition of becoming a net-zero company."
The deal will add around 15,000 barrels of oil equivalent a day
in equity share in 2023 and create synergies with Equinor's
existing operations.
The transaction is subject to regulatory approvals, and $250
million of the consideration is contingent upon a final development
investment decision for Rosebank.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
March 03, 2023 01:48 ET (06:48 GMT)
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