Equinor has agreed to sell its 51% interest in the North Platte deepwater development project in the US Gulf of Mexico to Shell.
It will retain 49% of its stake in the project but Shell will take over as the new operator of the field.
The two companies are renaming the field, with the development now called Sparta, located in approximately 1,300 meters of water depth.
Chris Golden, Senior Vice President, US Upstream, Exploration and Production International said: “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.
“This is a development opportunity that is expected to add significant value with lower carbon emissions intensity. We are pleased to welcome Shell and look forward to sharing our experience and technology to move this valuable project forward.”
The transaction is subject to customary conditions and authority approvals.