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Suncor Energy (NYSE:SU) said late Thursday it agreed to sell its non-operated offshore interests in the U.K. North Sea to Equinor (NYSE:EQNR) in a deal valued at ~C$1.2B, confirming speculation from earlier this week.
The deal includes a C$338M payment that is conditional upon the submission of the Rosebank project application to the regulator.
Suncor (SU) said the deal includes its 29.9% stake in the producing Buzzard field and its 40% share of the Rosebank development.
“The decision to sell our U.K. Exploration & Production business is a clear example of our commitment to optimize our asset portfolio,” interim President and CEO Kris Smith said.
Suncor (SU) recently named former Imperial Oil head Rich Kruger as its new President and CEO effective April 3.