STAVANGER, Norway – The Bureau of Ocean Energy Management has approved the transaction whereby Equinor exercised its preferential right to acquire 22.45% interest in the Caesar Tonga oil field from Shell Offshore Inc. for $965 million in cash.
Equinor’s interest in the field is now 46%. Occidental Petroleum Corp. (ex-Anadarko Petroleum Corp.) is the operator with a 33.75% interest, and Chevron holds 20.25% interest.
The Caesar Tonga field is located 180 mi (290 km) south-southwest of New Orleans in Green Canyon blocks 683, 726, 727, and 770 in water depths of about 4,921 ft (1,500 m).
The company’s portfolio in the US Gulf of Mexico is producing more than 130,000 boe/d.