Shell Offshore Inc. (Shell), a subsidiary of Royal Dutch Shell plc, has completed the sale of 22.45% non-operated interest in the Caesar-Tonga asset in the US Gulf of Mexico to Equinor Gulf of Mexico LLC (Equinor), a subsidiary of Equinor ASA, subject to approval of the lease assignments by the regulator. The total cash consideration was US$965 million.
The transaction represents Shell’s focus on strategically positioning the deepwater 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.