Suncor Energy announced on Thursday, March 2, 2023, that it has entered into a share purchase agreement with Equinor UK Limited.

The agreement signed between Equinor UK Limited and Suncor Energy covers the sale of Suncor Energy UK Limited , which includes the unexploited offshore interests of Suncor in the North Sea. Indeed, the approximate value of the agreement is $1.2 billion CAD. It includes adjustments to working capital and includes a potential consideration of $338 million CAD conditional on the submission of the Rosebank project application to regulators.

Kris Smith , Interim President and CEO of Suncor said that “the decision to sell our exploration and production (E&P) business in the United Kingdom is a concrete example of our commitment to optimizing our portfolio of assets, By having an appropriate and well-targeted portfolio of assets, we can effectively allocate capital in line with our strategic objectives and ensure that our business generates value across the rest of our portfolio, including our E&P businesses on Canada's East Coast.”