Welcoming the Collaboration Between Shell and Equinor in the North Sea

That the Parliament welcomes the significant announcement by Shell and Equinor to combine their UK offshore oil and gas assets, creating the UK North Sea's largest independent producer; recognises that this new incorporated joint venture, equally owned by Shell and Equinor, will be headquartered in Aberdeen; notes that the new incorporated joint venture is expected to produce 140,000 barrels of oil equivalent per day; understands that this collaboration represents a critical move to sustain and optimise production in the maturing North Sea basin; considers that continuing domestically produced oil and gas is essential for the UK's energy independence and security, and that it protects skilled jobs in the energy sector; highlights what it sees as the venture's potential to play a crucial role in a balanced energy transition, providing heat for millions of UK homes, power for industry, and secure fuel supplies; considers that Equinor has been a reliable energy partner to the UK for over 40 years, providing oil and gas, developing offshore wind industry, and advancing decarbonisation; acknowledges Shell's six-decade heritage in the North Sea and what it considers to be its significant contributions to UK energy security; notes that the transaction will combine long-standing expertise and competitive assets to secure the UK's energy supply; commends the approach to creating a stronger, more efficient, and more sustainable business; expects the new company to become operational by the end of 2025, and wishes the new venture success in maintaining the UK's critical energy infrastructure while supporting the broader energy transition.