Equinor acquires Suncor Energy UK for €830 million


Equinor UK, a British subsidiary of the former Statoil, has signed an agreement for the acquisition of Suncor Energy UK for a total amount of 850 million dollars (830 million euros), as announced by the companies.

The transaction includes Suncor’s non-operated offshore interests in the North Sea such as 29.89% of the Buzzard oil field, as well as an additional operated interest in the Rosebank development (40%).

The purchase of Suncor Energy UK will add approximately 15,000 barrels of oil equivalent per day in shares by 2023 and will create synergies with Equinor’s existing operations.

“This transaction is in line with Equinor’s strategy to optimize our oil and gas portfolio and go deeper into our core countries,” said Philippe Mathieu, Executive Vice President of International Exploration and Production.

“The decision to sell our UK exploration and production business is a clear example of our commitment to optimize our portfolio of assets,” said Kris Smith, Suncor’s interim chairman and chief executive officer.