Shell completes Caesar-Tonga divestment
HOUSTON – Shell Offshore Inc. has completed the sale of 22.45% non-operated interest in the Caesar-Tonga asset in the US Gulf of Mexico to Equinor Gulf of Mexico LLC, subject to approval of the lease assignments by the regulator. The total cash consideration was $965 million.
The sale contributes to Shell’s ongoing divestment program.
Last April, the company signed an agreement to sell its interest to Delek CT Investment LLC. Subsequently, Equinor exercised its right of first refusal under the joint venture operating agreement. The transaction has an effective date of Jan. 1, 2019.