Offshore staff
STAVANGER, Norway — Equinor has agreed to sell 51% of its interest in the North Platte deepwater development project in the U.S. Gulf of Mexico (GoM) to Shell, according to a June 29 Equinor news release.
Equinor will retain 49% interest in the project, and Shell will become the new operator of the field.
To reflect this change, Equinor and Shell have agreed to rename the North Platte development to the Sparta development.
Sparta straddles four blocks of the Garden Banks area, 275 km (171 miles) off the coast of Louisiana in approximately 1,300 m (4265 ft) of water depth. FEED has been matured for the project. Equinor and Shell will work closely to review the work that has been completed and to update the development plan.
Since 2005 Equinor has built up a sizable position in the GoM, which offers some of the highest value, lowest carbon intensity oil and gas production in the company’s portfolio.
“Equinor has long-term view of Sparta as a high-quality project with a clear strategic fit for the company. Sparta will strengthen our position in the Gulf of Mexico as well as our overall role as a reliable energy supplier to the US,” said Chris Golden, senior vice president, U.S. Upstream, E&P International. “This is a development opportunity that is expected to add significant value with lower carbon emissions intensity."
The transaction is subject to customary conditions and authority approval.
06.29.2022
