Suncor Sells its Offshore Operations in the North Sea For $1.2 billion

Suncor Energy Inc. has agreed to transfer its offshore properties in the North Sea to Equinor UK Ltd. for a total worth of approximately $1.2 billion.

Kris Smith, the interim CEO of Suncor, commented that their decision to sell its U.K. exploration and production, demonstrates its determination to optimize its assets.

Suncor has a part ownership of 29.9% in the Buzzard field and a 40% interest in the Rosebank development as part of the agreement.

Equinor is in charge of the Rosebank development, situated around 130 kilometres north of the Shetland Islands.

The agreement entails an amount of $338 million that shall be given depending on the submission of the Rosebank project to the governing body. It is anticipated that the deal will be concluded by mid 2023.