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 .
For further details see:
Equinor nears deal to buy Suncor's U.K. oilfields - report