EQNR - Equinor nears deal to buy Suncor's U.K. oilfields - report

Equinor ( NYSE: EQNR ) is close to a deal to buy Suncor Energy's ( NYSE: SU ) U.K. North Sea oil and gas assets for ~$1B, Reuters reported Wednesday.

The deal is said to include Suncor's ( SU ) 40% stake in the Rosebank oil and gas project, one of the largest developments in the aging basin.

Equinor ( EQNR ), which already operates and owns 40% of Rosebank, has estimated the project's cost at ~£4.3B (~$5.22B).

The deal also would include a 29.9% stake in the Buzzard oil field, the largest supplier to the Forties crude oil grade, which delivers more than 20K boe/day net to Suncor ( SU ).

An acquisition of the Suncor ( SU ) assets would provide Equinor ( EQNR ) with a large amount of tax losses it could use to offset future investments in the basin, according to the report .

Suncor ( SU ) said last August that it was looking to sell its upstream assets in Britain .

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