Norway's Equinor nears deal to buy Suncor's UK oilfields

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Norway's Equinor nears deal to buy Suncor's UK oilfields
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Norway's Equinor is close to reaching a deal to buy Suncor Energy's British North Sea oil and gas assets for around $1 billion, three sources familiar with the matter told Reuters on Wednesday.

The deal follows the British government's decision late last year to increase a windfall tax on North Sea oil and gas producers to 35% from 25%, bringing the total tax rate to 75%, one of the highest in the world.that they could reduce their UK North Sea investments.

Suncor flagged plans to divest its upstream assets in Britain last August as the company aims to focus on its core oil sands operations in northeast Alberta.

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