Equinor completes acquisition with Shell in the US Gulf of Mexico

20/08/2019 08:18 Oil Market

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The Bureau of Ocean Energy Management has approved Equinor and Shell’s transaction announced in May 2019, whereby Equinor exercised its preferential right to acquire 22.45% interest in the Caesar Tonga oil field from Shell Offshore Inc for a total consideration of $965 million in cash.

Equinor’s interest in the field is now 46%. Anadarko Petroleum Corporation is the operator with a 33.75% interest, and Chevron holds 20.25% interest.

 

This transaction demonstrates Equinor’s ambition to grow and strengthens the portfolio in the US Gulf of Mexico, now producing a total of more than 130,000 boe/day.

 

Equinor has a broad portfolio in the Gulf of Mexico, with active exploration activity, equity- and operated production. In addition, Equinor has extensive US onshore operations with a total equity production of nearly 300,000 boe/d, and recently won a bid to deliver offshore wind energy to New York.

Source: neftegaz.ru

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