Equinor completes acquisition with Shell in the US Gulf of Mexico

August 19, 2024

The Bureau of Ocean Energy Management has approved Equinor and Shell’s transaction announced in May 2019, whereby Equinor exercised its preferential right to acquire 22.45% interest in the Caesar Tonga oil field from Shell Offshore Inc for a total consideration of USD 965 million in cash. Equinor’s interest in the field is now 46%. Anadarko Petroleum Corporation 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  has a broad portfolio in the Gulf of Mexico, with active exploration activity, equity- and operated production. In addition, Equinor has extensive US onshore operations with a total equity production of nearly 300,000 boe/d, and recently won a bid to deliver offshore wind energy to New York.  

About Equinor

Equinor, is an international energy company with a proud history. Formerly Statoil, They are 20,000 committed colleagues developing oil, gas, wind and solar energy in more than 30 countries worldwide. They are the largest operator in Norway, among the world’s largest offshore operators, and a growing force in renewables. Driven by their Nordic urge to explore beyond the horizon, and dedication to safety, equality and sustainability, Equinor is building a global business on their values and the energy needs of the future