Shell and Equinor have announced they schedule to form a recent corporation by combining their oil and gas assets in the North Sea.

The vigor firms said the offshore deal – which is subject to regulatory approval – would view the creation of the North Sea’s biggest oil and gas producer.

Shell said there would not be any job losses as a outcome.

The recent corporation would be based in Aberdeen.

Shell predicted the shift could “enhance” the longevity of UK oil and gas jobs.

It employs about 1,000 people in oil and gas roles in the UK, while Equinor employs about 300 people in similar jobs.

Zoe Yujnovich, director of Shell’s integrated gas and upstream business, said anyone who spent a majority of their period working on Shell and Equinor’s North Sea assets – such as oil rigs – would transfer to the recent corporation.

She said the deal could outcome in a “growing and more prosperous” combination, adding: “From an employee point of view, I ponder that that can really enhance diversity of career choices, but also, I would debate, longevity of their career.”

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

A range of discovery licences will also be part of the trade.

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

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

The corporation would be a 50-50 joint enterprise.

Climate lawyer Tessa Khan, executive director of Uplift – which supports the shift away from oil and gas – said: “This combining 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.”