Equinor said the joint venture would include its equity interests in Mariner, Rosebank and Buzzard, and Shell’s equity interests in Shearwater, Penguins, Gannet, Nelson, Pierce, Jackdaw, Victory, Clair and Schiehallion.

A range of exploration licences will also be part of the transaction.

Equinor’s executive vice president for exploration and production international, Philippe Mathieu, said: “Equinor has been a reliable energy partner to the UK for over 40 years, providing oil and gas, developing the offshore wind industry, and advancing decarbonisation.

“This new entity will play a crucial role in securing the UK’s energy supply.”

The company would be a 50-50 joint venture.

Climate lawyer Tessa Khan, executive director of Uplift – which supports the transition away from oil and gas – said: “This consolidation is because the North Sea is in decline and it is now eye-wateringly expensive to get what’s left of the oil out of the basin.”