Equinor ASA agreed on Nov. 7 to exit its Eagle Ford Shale asset in a $325 million sale to its joint venture (JV) partner, Spanish energy giant Repsol SA.
The transaction covers all of Equinor’s interests in the Eagle Ford JV, covering 69,000 net acres in South Texas. The sale is a part of Equinor’s strategy to optimize its onshore U.S. portfolio, which still remains a core area to the Norwegian oil major, said Torgrim Reitan, executive vice president for development and production international in Equinor.
Equinor entered the Eagle Ford asset at the height of the U.S. shale boom in 2010 through a 50/50 JV acquisition with Talisman Energy Inc. (now owned by Repsol) from Enduring Resources LLC. Concurrently with the transaction, Equinor, at the time doing business as Statoil, also agreed to acquire 50% of Talisman’s existing Eagle Ford acreage.