Equinor wraps $965M Caesar/Tonga buy as BOEM grants final approval

Norwegian oil firm Equinor has received regulatory approval in the U.S. for the acquisition of Shell’s stake in Caesar/Tonga field in the U.S. Gulf of Mexico.

Equinor Gulf of Mexico assets / Map source: Equinor

To remind, the Norwegian firm snatched the assets from under Israeli Delek’s nose. The Israeli firm had in April agreed to buy Shell’s 22.45% stale in the Caesar-Tonga field for $965 million in cash. However, Equinor then, being Shell’s partner in the field, exercised its preferential rights and bought the stake itself for the same amount.

Shell late in July said it had completed the sale in the Caesar-Tonga asset to Equinor, but the final deal was subject to the approval of the lease assignments by the regulator.

Equinor on Monday said that the Bureau of Ocean Energy Management had approved Equinor and Shell’s transaction.

Equinor’s interest in the field is now 46 percent. Anadarko 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 said.


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