CALGARY — Suncor Energy Inc. has signed a deal to sell its offshore assets in the North Sea to Equinor UK Ltd. in an agreement valued at about $1.2 billion.

Suncor interim chief executive Kris Smith says the decision to sell the U.K. exploration and production business is an example of the company’s commitment to optimize its asset portfolio.

The deal includes Suncor’s non-operated 29.9 per cent stake in the Buzzard field and its 40 per cent stake in the Rosebank development.

Equinor is the operator of the Rosebank project located about 130 kilometres northwest of the Shetland Islands.

The deal includes $338 million in contingent consideration that is conditional upon the submission of the Rosebank development application to the regulator.

The transaction is expected to close in the middle of this year.

This report by The Canadian Press was first published March 3, 2023.

Companies in this story: (TSX:SU)

The Canadian Press

News from © The Canadian Press, 2022. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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