The Bureau of Ocean Energy Management has approved Equinor and Shell’s transaction, in which Equinor exercised its preferential right to acquire 22.45% interest in the Caesar Tonga oil field from Shell Offshore Inc for $965 million. Equinor’s interest in the field is now 46%.
Equinor has said that this transaction demonstrates their determination to grow and also strengthens their portfolio in the US Gulf of Mexico, now producing a total of more than 130,000 boepd in the region.
Equinor has a broad portfolio in the Gulf of Mexico, with active exploration activity, equity- and operated production.
Image credit: Equinor