Shell completes Caesar-Tonga sale to Equinor

31/07/2019 09:01 Oil Market

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Shell announced it had signed an agreement to sell its interest in the Caesar-Tonga asset to Israel’s Delek in April 2019. Subsequently, Norway’s Equinor exercised its right of first refusal under the joint venture operating agreement.

The transaction has an effective date of January 1, 2019. The total cash consideration was $965 million.

 

First oil from the Caesar-Tonga field was produced in March 2012. Anadarko completed its eighth development well at the field in the second quarter of 2018. The well was tied back to the Constitution Spar and came online in the third quarter of 2018. Total average production at Caesar-Tonga is over 70,000 boe/d.

 

The field is operated by Anadarko Petroleum Corporation, holder of 33.75% interest. The remaining interest in the asset following the completion of the divestment is distributed between Equinor (46%) and Chevron (20.25%).

Source: offshoreenergytoday.com

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