Norway's Equinor acquired an additional 22.45% interest in the Caesar Tonga oil field, one of the largest deepwater resources in the U.S. Gulf of Mexico, from Shell Offshore for $965 million, Equinor said on Monday.
This will see the company's share interest increase from 23.55% to 46% while Anadarko will continue as operator with a 33.75% interest, and Chevron will retain its 20.25% interest.
The Caesar Tonga field is located 180 miles (290 kilometers) south-southwest of New Orleans in the Green Canyon area.
Equinor’s current share of production from Caesar Tonga is 18,600 barrels of oil equivalent per day.
"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," said Christopher Golden, Equinor’s senior vice president for development and international production.
By Murat Temizer