Equinor Transfers Operatorship of Gulf of Mexico Field to Shell
Strategic Research Institute
Published on :
06 Jul, 2022, 6:30 am
Equinor has agreed to sell to Shell 51% of its interest in the North Platte deep water development project in the US Gulf of Mexico. 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 kilometers off the coast of Louisiana in approximately 1,300 meters of water depth. Front-end engineering and design has been matured for the project. Equinor and Shell will now 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 Gulf of Mexico, which offers some of the highest value, lowest carbon intensity oil and gas production in the company’s portfolio.
The transaction is subject to customary conditions and authority approval.
Sparta Key Facts
Discovered in 2012 by Cobalt International Energy
Located in Garden Banks area of US GOM GB blocks 915, 916, 958 and 959
Subsalt Paleogene reservoir at depth of ~30,000 feet
Equinor accessed 40% equity in 2018
TotalEnergies became operator at that time with 60% equity
TotalEnergies withdrew from the project in February 2022 releasing all its equity to Equinor