BOEM OKs Equinor – Shell Caesar Tonga Deal
- Business & Finance
The Bureau of Ocean Energy Management has approved Equinor and Shell’s transaction, whereby Equinor exercised its preferential right to acquire 22.45% interest in the Caesar Tonga oil field from Shell.
The deal is for a total consideration of USD 965 million in cash and it raises Equinor’s interest in the field at 46%.
Caesar-Tonga is located approximately 300 kilometers south-southwest from New Orleans, Louisiana in the Green Canyon area of the US Gulf of Mexico.
The development area covers blocks GC683, GC726, GC727 and GC770 at water depths of about 4,900 feet (1,500 meters).
The field is operated by Anadarko Petroleum Corporation, holder of the 33.75% interest. The remaining interest is distributed between Equinor (46%.) and Chevron (20.25%). The asset is tied back to Anadarko’s Constitution SPAR through subsea equipment.