The transaction includes a non-operated interest in the producing Buzzard oil field (29.89%), an additional operated interest in the Rosebank development (40%) and Suncor employees based in the UK who work with these assets.

Philippe Mathieu, executive vice president for exploration and production international, said: “This transaction is in line with Equinor’s strategy of optimizing our oil & gas portfolio and deepening in our core countries.

“We are building on our longstanding position as a broad energy partner to the UK, strengthening our position as a reliable energy provider in Europe, while continuing to deliver on our ambition of becoming a net-zero company.”

The transaction will add approximately 15,000 barrels of oil equivalent per day in equity share in 2023 and create synergies with Equinor’s existing operations.

The transaction will increase Equinor’s operated share of the Rosebank development with an additional 40%. Rosebank is being developed in line with the UK government North Sea Transition deal and the Rosebank partners are targeting a final investment decision in 2023, subject to the UK government’s and partners’ approval. $250m (£208m) of the consideration is contingent upon a final investment decision for Rosebank.

The transaction is subject to relevant regulatory approvals.