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New Delhi: Equinor UK Ltd and Shell U.K. Limited have announced the formation of a 50-50 incorporated joint venture (IJV) to combine their UK offshore oil and gas assets, making it the largest ...
British energy giant Shell and Norway's Equinor announced plans Thursday to merge their UK offshore oil and gas assets to create a new jointly owned company. Based in Aberdeen, Scotland, the joint ...
Equinor will also bring large tax savings while Shell's larger oil and gas production offers the venture higher cashflow as it develops new fields, including the giant Rosebank oil project. "The UK ...
Notably, Equinor currently produces about 38,000 barrels of oil equivalent per day in the U.K., while Shell UK produces over 100,000 barrels per day. The new company is expected to produce over ...
The new company "will be set up to sustain domestic oil and gas production and security of energy supply in the UK", the statement said. Equinor and Shell will each hold a 50 percent stake in the ...