Shell has signed an agreement to sell its 22.45 per cent non-operated interest in the Caesar-Tonga asset in the US Gulf of Mexico to Delek Group for US$965 million.
The Sales and Purchase Agreement is subject to certain conditions, including regulatory approvals. The transaction is likely to close by the end of the third quarter 2019.
Caesar-Tonga is located approximately 300 kilometers south-southwest from New Orleans, Louisiana in the Green Canyon area of the US Gulf of Mexico.
“This transaction represents our continued focus on strategically positioning our deep-water business for growth and is consistent with our Upstream strategy of pursuing competitive projects that deliver value in the 2020s and beyond,” said Andy Brown, Upstream Director, Royal Dutch Shell. “
The field is operated by Anadarko Petroleum Corporation, holder of the 33.75 per cent interest. The remaining interest is distributed between Equinor (23.55 per cent), Shell (22.45 per cent) and Chevron (20.25 per cent). The asset is tied back to Anadarko’s Constitution SPAR through subsea equipment.