Repsol Acquires Equinor's Stake in Eagle Ford JV in U.S.

Updated 1 year 9 months ago

On November 7, 2019, Equinor has signed an agreement to divest to Repsol its 63% interest in, and operatorship of, its onshore business in the Eagle Ford shale in Texas. The transaction covers all of Equinor’s interests in the Eagle Ford joint venture with Repsol, covering 69,000 net acres. Following this transaction Repsol will have a 100% interest in the asset. The total consideration is USD 325 million, and effective date is October 1, 2019. This transaction closed on December 6, 2019.

In a separate agreement, Repsol will acquire a 20% non-operated interest in the Monument prospect that Equinor is drilling in the Northwest Walker Ridge area in the Gulf of Mexico. Equinor plans to commence drilling this well before the end of the year.