Shell has sold 22.45 % of its interest in the Caesar-Tonga asset to Equinor for 965 million dollars. The move is in line with Shell’s strategy to pursue competitive projects that deliver value in the 2020s and beyond.
The Netherlands – Shell Offshore (Shell), a subsidiary of Royal Dutch Shell, has recently completed the sale of 22.45 % non-operated interest in the Caesar-Tonga asset located in the US Gulf of Mexico. The deal has been signed with Equinor Gulf of Mexico (Equinor), a subsidiary of Equinor, and is subject to approval of the lease assignments by the regulator. The total cash consideration was 965 million dollars.
The transaction represents Shell’s focus on strategically positioning the deep-water business for growth and is consistent with its strategy to pursue competitive projects that deliver value in the 2020s and beyond. The sale contributes to Shell’s ongoing divestment programme.
Shell currently is the largest leaseholder and one of the leading offshore producers of oil and natural gas in the US Gulf of Mexico.