Equinor increases its stake in Caesar Tonga

|About: Equinor ASA (EQNR)|By:, SA News Editor

Equinor (NYSE:EQNR) acquired an additional 22.45% stake in the deepwater Caesar Tonga oilfield in the U.S. Gulf of Mexico from Shell Offshore for $965M.

Delek announced last month that it had entered into a long-term purchase and sales agreement with Shell for the oil produced, but Equinor said that it had pre-emption rights in the licence, and chose to exercise those rights.

The acquisition will increase Equinor's interest in the field to 46%, giving it an additional 15,000 boe/day, current net production from the field is 18,600 boe/day.

Anadarko has a 33.7% interest in Caesar Tonga, while Chevron holds the remaining 20.25%.

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