The deal will see Equinor increase its interest in the Rosebank oil and gas field - one of the region s largest untapped reserves - by 40 per cent, taking its total stake to 80 per cent.
By Kari Lundgren and Christian Wienberg (Bloomberg) — Norway’s Equinor ASA agreed to buy Suncor Energy UK Ltd. for $850 million, adding to its oil and gas production in the North Sea as Europe races to replace Russian supplies. Since Moscow’s invasion of Ukraine a year ago, Equinor’s importance to Europe has never been greater as the region seeks alternative sources of energy. The firm is now using its vast profit from last year a result of flat-out production and soaring gas prices to boost capacity as well as reward shareholders. The transaction gives Equinor a 30% non-operated stake.