Norway’s state oil and gas corporation, Equinor said it has received an approval to acquire Caesar Tonga oil field from Shell Offshore Inc.
The company said in a statement that the Bureau of Ocean Energy Management has approved the transaction where Equinor exercised its preferential right to acquire 22.45% interest in the field.
The acquisition will go for a total consideration of USD 965 million in cash. The company said its interest in the field is now 46%.
Anadarko Petroleum Corporation is the operator with a 33.75% interest, and Chevron holds 20.25% interest.
Equinor said it has the ambition to grow and strengthens the portfolio in the US Gulf of Mexico, now producing a total of more than 130,000 boe/day.