SHELL AND EQUINOR TO MERGE OPERATIONS TO CREATE NEW UK COMPANY

British and Norwegian energy companies Shell and Equinor intend to merge their oil and gas operations in the UK to form a joint venture, the Financial Times (FT) reports.

According to its information, the company will be founded by the British subsidiaries of the energy giants and will become a joint venture with an equal shareholding - 50% in the capital. At the same time, Equinor will hold shares in three fields in the North Sea and Shell in nine.

According to the companies themselves, the new company will be “the largest independent producer [of oil and gas] in the North Sea” and will play “a key role in ensuring the supply of energy resources to Britain”.

The cost of the operation has not yet been disclosed.