Equinor is reported to be considering buying the North Sea assets of China's CNOOC, including a big stake in the huge Buzzard oilfield.

Reuters reports today that a deal worth up to £2.8billion could be struck before the end of the year.

"As a matter of principle, we never comment on rumours and speculation," an Equinor spokesperson told the news agency.

In April it emerged that the Chinese offshore oil and gas major was preparing to exit its operations in Britain, Canada and the United States because of concerns in Beijing the assets could become subject to Western sanctions.

CNOOC acquired the North Sea assets as part of its $15 billion purchase of Canadian producer Nexen in 2013.

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