Based in Aberdeen, the company will be the North Sea's biggest independent producer with expectations of around 140,000 barrels of oil a day next year.
There will be no job losses as a result of the deal, Shell said, adding that it could "enhance" the longevity of UK oil and gas jobs.
Norway's Equinor employs about 300 people in oil and gas roles in the UK, while Shell employs about 1,000 people in similar jobs. Equinor said the 50-50 joint-venture would create a more "cost-competitive" way of exploiting a "once-prolific basin" where "production is" naturally declining.
This story is from the December 06, 2024 edition of The Guardian.
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This story is from the December 06, 2024 edition of The Guardian.
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