Equinor ASA (OB:EQNR) is considering buying oilfields in the British North Sea from CNOOC Limited (SEHK:883), including a big stake in the huge Buzzard oilfield, two industry sources told Reuters on October 17, 2022. The deal is valued at between NOK 20 billion and NOK 30 billion ($1.9 billion-$2.8 billion), and might close as swiftly as the end of 2022, Norwegian newspaper DN reported earlier on Monday, citing unnamed sources. The assets come with so-called tax losses, meaning the owner of the fields can offset past losses against future tax bills, one source said.

“As a matter of principle, we never comment on rumours and speculation,” an Equinor spokesperson told Reuters when asked about the DN report. CNOOC also declined to comment.