Equinor completes acquisition with Shell in the US GoM

Source: press release, 19 August 2019

Equinor has been present in the US Gulf of Mexico since 2004 with exploration prospects and interests in eight producing fields in the US Gulf of Mexico and two in development
Equinor has been present in the US Gulf of Mexico since 2004 with exploration prospects and interests in eight producing fields in the US Gulf of Mexico and two in development (illustration: Equinor)

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.