Norway’s Equinor and Shell have revealed plans to merge their British offshore oil and gas assets into a joint venture, equally owned by both companies.
The Aberdeen-based joint venture has been set up to sustain domestic oil and gas production.
Advertisement
Neither of the companies offshore wind assets will be included in the joint venture.
Equinor will retain ownership of its offshore wind portfolio including Sheringham Shoal, Dudgeon, Hywind Scotland and Dogger Bank.
It will also retain the hydrogen, carbon capture and storage, power generation, battery storage and gas storage assets.
Shell will remain the owner of its interests in the floating wind projects under development, MarramWind and CampionWind.