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Equinor Completes Acquisition with Shell in the US Gulf of Mexico

Source: www.gulfoilandgas.com 8/19/2019, Location: South America

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 USD 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.?

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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