Equinor and Shell Offshore Inc. completed their May transaction in which Equinor acquired a 22.45% interest in the Caesar Tonga oil field in the U.S. Gulf of Mexico from Shell for $965 million in cash, according to Equinor's statement on Monday.
"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 barrel oil per day," the statement read.
Equinor's interest in the field now totals 46%. Anadarko Petroleum Corporation is the operator with a 33.75% interest, and Chevron holds a 20.25% share.
Equinor has a broad portfolio in the Gulf of Mexico, with active exploration activity, equity and operated production.
In addition, Equinor has extensive U.S. onshore operations with a total equity production of nearly 300,000 barrels of oil equivalent per day. The company recently won a bid to deliver offshore wind energy to New York.
By Gulsen Cagatay