Equinor UK Ltd and Shell UK Ltd are combining their UK offshore oil and gas assets to form a joint venture, making it the largest independent producer in the UK North Sea. This collaboration will enhance domestic energy security, sustaining production in the maturing basin through a focused, cost-competitive approach. The new company, based in Aberdeen, will manage key assets such as Mariner, Buzzard, Shearwater, and Clair, alongside exploration licenses, aiming to maximize the basin’s economic recovery.

With both companies holding equal ownership (50%), the venture highlights their commitment to the North Sea’s future, balancing near-term production with strategic long-term sustainability. The transaction, effective January 2025 and subject to regulatory approvals, is expected to close by year-end, ensuring continued investment and energy supply for the UK.