Shell Buys Operating Stake in Equinor’s North Platte in US Gulf of Mexico

To reflect the change, Equinor and Shell have agreed to rename the North Platte development, located in the Garden Banks area of the U.S. Gulf of Mexico, to Sparta.

Hart Energy Staff
Shell Buys Operating Stake in Equinor’s North Platte in US Gulf of Mexico

France’s TotalEnergies SE, previously the operator of North Platte with a 60% stake, withdrew from the project in February, releasing all its equity to Norwegian oil major, Equinor. (Source: Shutterstock.com)

Shell Plc agreed on June 29 to acquire a 51% interest and operatorship in Equinor ASA’s North Platte deepwater development project in the U.S. Gulf of Mexico.

North Platte, discovered in 2012 by Cobalt International Energy, is located in the Garden Banks area in the subsalt Paleogene reservoir at depths of roughly 30,000 ft (9,100 m). France’s TotalEnergies SE, previously the operator of North Platte with a 60% stake, withdrew from the project in February, releasing all its equity to Norwegian oil major, Equinor.

Following the sale to U.K.-based Shell for undisclosed terms, Equinor will retain 49% interest in the project and transfer operatorship. To reflect the change, Equinor said the companies have agreed to rename the North Platte development to Sparta.

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