SU

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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