EQNR - Shell acquires Equinor's operating stake in deepwater Gulf of Mexico project
- Equinor ( NYSE: EQNR ) said Wednesday it agreed to sell 51% of its interest in the North Platte deepwater development project in the U.S. Gulf of Mexico to Shell ( NYSE: SHEL ), which will become the new operator of the field; financial terms were not disclosed.
- Equinor ( EQNR ) will keep a 49% stake in the project - which will be renamed Sparta - and said it should add "significant value with lower carbon emissions intensity."
- Sparta straddles four blocks of the Garden Banks area off the coast of Louisiana in 4,265 ft. of water depth; front-end engineering and design has been matured for the project.
- TotalEnergies pulled out of the development in February, leaving Equinor to go it alone.
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Shell acquires Equinor's operating stake in deepwater Gulf of Mexico project