Shell completes Caesar-Tonga divestment

Equinor's operations in the US Gulf of Mexico.
Equinor's operations in the US Gulf of Mexico.
Equinor

Offshore staff

HOUSTONShell 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.

The Caesar-Tonga is operated by Anadarko Petroleum Corp., holder of 33.75% interest. The remaining interest is distributed between Equinor (46%) and Chevron (20.25%).

07/31/2019

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