The Equinor ASA offshore oil drilling rig is located in the Johan Sverdrup field in the North Sea off the coast of Norway on Monday, February 13, 2023.
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Petroleum Major shell and norwegian Statoil announced plans on Thursday to merge its UK offshore oil and gas assets to create a joint energy company.
The joint venture will be established in Aberdeen, Scotland, to maintain fossil fuel production and energy supply security in the UK
The companies aim to complete the deal by the end of next year, subject to approvals. Shell said the combined company would then become the largest independent producer in the UK North Sea.
The company’s daily production is expected to exceed 140,000 barrels of oil equivalent by 2025.
“Domestic production of oil and gas is expected to play an important role in the future of the UK energy system,” Zoë Yujnovich, director of integrated gas and upstream at Shell, said in a statement.
Juinovich added: “The new joint venture will help play a key role in a balanced energy transition, providing millions of British homes with a secure supply of heat, industrial power and the fuels that people rely on.”
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