- Gaza rescuers say Israeli strikes kill 28
- Sweet smell of success for niche perfumes
- 'Finally, we made it!': Ho Chi Minh City celebrates first metro
- Angry questions in Germany after Christmas market attack
- China's Zheng pulls out of season-opening United Cup
- Minorities fear targeted attacks in post-revolution Bangladesh
- Tatum's 43-point triple-double propels Celtics over Bulls
- Tunisia women herb harvesters struggle with drought and heat
- Trump threatens to take back control of Panama Canal
- India's architecture fans guard Mumbai's Art Deco past
- Secretive game developer codes hit 'Balatro' in Canadian prairie province
- Large earthquake hits battered Vanuatu
- Beaten Fury says Usyk got 'Christmas gift' from judges
- First Singaporean golfer at Masters hopes 'not be in awe' of heroes
- Usyk beats Fury in heavyweight championship rematch
- Stellantis backtracks on plan to lay off 1,100 at US Jeep plant
- Atletico snatch late win at Barca to top La Liga
- Australian teen Konstas ready for Indian pace challenge
- Strong quake strikes off battered Vanuatu
- Tiger Woods and son Charlie share halfway lead in family event
- Bath stay out in front in Premiership as Bristol secure record win
- Mahomes shines as NFL-best Chiefs beat Texans to reach 14-1
- Suspect in deadly Christmas market attack railed against Islam, Germany
- MLB legend Henderson, career stolen base leader, dead at 65
- Albania announces shutdown of TikTok for at least a year
- Laboured Napoli take top spot in Serie A
- Schick hits four as Leverkusen close gap to Bayern on sombre weekend
- Calls for more safety measures after Croatia school stabbings
- Jesus double lifts Christmas spirits for five-star Arsenal
- Frankfurt miss chance to close on Bayern as attack victims remembered
- NBA fines Celtics coach Mazzulla and Nets center Claxton
- Banned Russian skater Valieva stars at Moscow ice gala
- Leading try scorer Maqala takes Bayonne past Vannes in Top 14
- Struggling Southampton appoint Juric as new manager
- Villa heap pain on slumping Man City as Forest soar
- Suspect in deadly Christmas market attack railed against Islam and Germany
- At least 32 die in bus accident in southeastern Brazil
- Freed activist Paul Watson vows to 'end whaling worldwide'
- Chinese ship linked to severed Baltic Sea cables sets sail
- Sorrow and fury in German town after Christmas market attack
- Guardiola vows Man City will regain confidence 'sooner or later' after another defeat
- Ukraine drone hits Russian high-rise 1,000km from frontline
- Villa beat Man City to deepen Guardiola's pain
- 'Perfect start' for ski great Vonn on World Cup return
- Germany mourns five killed, hundreds wounded in Christmas market attack
- Odermatt soars to Val Gardena downhill win
- Mbappe's adaptation period over: Real Madrid's Ancelotti
- France's most powerful nuclear reactor finally comes on stream
- Ski great Vonn finishes 14th on World Cup return
- Scholz visits site of deadly Christmas market attack
Shell, Norway's Equinor to form joint UK oil and gas firm
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 venture "will be the UK North Sea's biggest independent producer", the energy sector heavyweights said in a statement.
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 new company. Shell employs around 1,000 people in oil and gas positions in Britain compared to 300 for Equinor.
"Domestically produced oil and gas is expected to have a significant role to play in the future of the UK's energy system," said Zoe Yujnovich, Shell's integrated gas and upstream director.
"To achieve this in an already mature basin, we are combining forces with Equinor, a partner of many year," Yujnovich said.
The venture is expected to produce more than 140,000 barrels of oil equivalent per day in 2025.
"With the once-prolific basin now maturing and production naturally declining, the combination of portfolios and expertise will allow continued economic recovery of this vital UK resource," the statement said.
"The new company will invest to provide a long-term future for the individual oil and gas fields and platforms, helping extend the life of this crucial sector for the benefit of the UK."
The companies expect the merger to be completed by the end of 2025, pending approval by regulators.
- Legal case -
Under the deal, Equinor will retain ownership of three oil and gas cross-border assets between Norway and Britain, along with its offshore UK wind farms.
The Norwegian group will also keep its hydrogen, carbon capture and storage, power generation, battery storage and gas storage assets.
Shell will maintain ownership of its Fife liquefied natural gas plant and St Fergus gas terminal in Scotland as well as floating wind projects off Scotland.
"This transaction strengthens Equinor's near-term cash flow," said Philippe Mathieu, an executive vice president at the Norwegian company.
"By combining Equinor's and Shell's long-standing expertise and competitive assets, this new entity will play a crucial role in securing the UK's energy supply," he said.
Environmental group Greenpeace noted that the merger includes two oil and gas fields, Rosebank and Jackdaw, that it has challenged in court in Scotland.
"With two massive new Shell and Equinor fields already threatened by legal challenges from Greenpeace and others, this apparent show of strength belies an industry consolidating because it is in terminal decline," Greenpeace said in a statement.
"The government must hold fast on its commitment to banning new oil licenses," it said.
Shell shares fell more than one percent near midday deals in London while Equinor was down 0.5 percent in Oslo.
John Olaisen, an analyst at ABG Sundal Collier, an investment bank, said the new company could eventually have its own stock listing.
"Profitability is bad in the UK, and it is getting worse," Olaisen told the business news website e24.no.
A.F.Rosado--PC