06:57 AM EST, 12/05/2024 (MT Newswires) -- Shell (SHEL) and Equinor ( EQNR ) said Thursday that their UK subsidiaries are combining their UK offshore oil and gas assets and operations to form a new independent joint venture for domestic oil and gas production in the country's North Sea.

Financial terms weren't disclosed.

The two parties will own a 50% stake each in the new JV, the companies added.

Shell and Equinor ( EQNR ) said they expect to close the transaction by the end of next year.