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.