Equinor sells its holdings in Texas for nearly $3 billion

Equinor's headquartersEquinor's headquarters at Fornebu in Bærum.Photo: Tor Erik Schrøder / NTB scanpix

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Equinor has sold 63 percent of its stake in the Eagle Ford operating company to Repsol for $ 325 million – close to NOK 3 billion.

The Eagle Ford field, located on land in the state of Texas, USA, will be 100 percent owned by Repsol after the transfer.

“This transaction supports Equinor’s strategy to optimize our onshore portfolio in the US, strengthen our financial situation and focus investments around our core business in the country,” says Torgrim Reitan, Executive Vice President, International Development and Production at Equinor.

“The United States is a core area for Equinor, where we recently purchased shares in the Gulf of Mexico, land areas with Austin Chalk and the Empire Wind project outside New York,” Reitan said.

Equinor entered the Eagle Ford field in 2010. In 2015, Equinor increased its stake in the field from 50 percent to 63 percent and assumed full operator ownership.

© NTB Scanpix / #Norway Today

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