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 This material may not be published, broadcast, rewritten or redistributed.

  • 0045 WBPC 2023 Bright Colors P
    0045 WBPC 2023 Bright Colors P
  • 0044 PTRC CCUS Aquistore
    0044 PTRC CCUS Aquistore
  • 0043 ALX ten sizes
    0043 ALX ten sizes
  • 0042 Sask Oilfield Services
    0042 Sask Oilfield Services
  • 0039 Summit ESP Saskatchewan lower third
    0039 Summit ESP Saskatchewan lower third
  • 0041 DEEP Since 2018 now we are going to build
    0041 DEEP Since 2018 now we are going to build
  • 0040 Southeast College safety tickets
    0040 Southeast College safety tickets
  • 0033 Buffalo Potash Jared Small Footprint
  • 0032 IWS Summer hiring rock trailer music
  • 0029 Latus Viro updated Latus phone
  • 0025 Kendalls
  • 0026 Buffalo Potash Quinton Salt
  • 0023 LC Trucking tractor picker hiring mix
  • 0022 Grimes winter hiring
  • 0021 OSY Rentals S8 Promo
  • 0019 Jerry Mainil Ltd hiring dugout
  • 0018 IWS Hiring Royal Summer
  • 0014 Buffalo Potash What if PO
  • 0013 Panther Drilling PO ad 03 top drive rigs
  • 0011
  • 0006 JK Junior
  • 0004 Royal Helium PO Ad 02
  • 9001
  • 0002