Shell and Equinor form UK North Sea oil and gas joint venture

Joint Venture Formation: Shell and Equinor are merging their British North Sea assets to create the largest oil and gas company in the region, aiming to enhance profitability and increase output to 200,000-220,000 barrels of oil equivalent per day by 2025.

Financial Benefits: The joint venture will benefit from significant tax savings and reduced capital expenditures, with Equinor contributing deferred tax losses and Shell leveraging its larger production capabilities.