Shell and Equinor plan to merge their British offshore oil and gas assets into a 50-50 joint venture headquartered in Aberdeen, Scotland. The partnership aims to sustain U.K. fossil fuel production and energy security, with completion expected by the end of 2025, pending approvals. The venture is projected to become the U.K. North Sea’s largest independent producer, delivering over 140,000 barrels of oil equivalent daily by 2025. Analysts highlight potential tax synergies and strategic benefits amid U.K. fiscal challenges, supporting continued growth while optimizing resource allocation.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Shell and Equinor plan to merge their British offshore oil and gas assets into a 50-50 joint
00:07venture headquartered in Aberdeen, Scotland. The partnership aims to sustain UK fossil
00:12fuel productions and energy securities with completion expected by the end of 2025,
00:18pending approvals. The venture is projected to become the UK North Sea's largest independent
00:26producer, delivering over 140,000 barrels of oil equivalent daily by 2025.
00:32Analysts highlight potential tax synergies and strategic benefits among UK fiscal challenges,
00:38supporting continued growth while optimising resource allocation.