(Calgary) Suncor Energy has signed an agreement to sell its North Sea assets to Equinor UK in a deal valued at around $1.2 billion.
Suncor’s interim chief executive, Kris Smith, says the decision to sell the UK exploration and production business is an example of the company’s commitment to optimizing its asset portfolio.
The agreement includes Suncor’s unoperated 29.9% interest in the Buzzard field and its 40% interest in the Rosebank project.
Equinor is the operator of the Rosebank project located approximately 130 kilometers northwest of the Shetland Islands, UK.
The agreement includes $338 million in contingent consideration, subject to Rosebank’s development application being submitted to the regulator.
The transaction is expected to be finalized in the middle of this year.