Category: Business and Investment News
STAVANGER — Equinor has exercised its preferential rights to acquire an additional 22.45% interest in the Caesar Tonga oil field from Shell Offshore Inc for a total consideration of $965 million in cash. This will increase Equinor’s interest from 23.55% to 46.00%. Anadarko remains the operator with a 33.75% interest, and Chevron retains its 20.25% interest.
The Caesar Tonga field is located 180 mi (290 km) south-southwest of New Orleans in the Green Canyon area and is one of the largest deepwater resources in the U.S. Gulf of Mexico. Equinor’s current share of production from Caesar Tonga is 18,600 boepd (net to Equinor).
“We are pleased to increase our presence in the U.S., one of our core areas. This is an asset we understand well, and our larger interest will deliver significant additional free cash flow from day one”, says Christopher Golden, Equinor’s senior vice president for Development and Production International, North America Offshore.
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Source: World Oil
Published: May 1, 2019