Norway’s Equinor is selling its shale assets at the Eagle Ford shale formation in southwest Texas to Repsol for US$325m (£253.57m). Eagle Ford accounted for about 15% of its total shale oil and gas production in the US in 2018.
The company holds 69,000 acres net (27,923 hectares) in the formation via a joint venture with Spanish Repsol, and its equity production from the Eagle Ford averaged 43,000 barrels of oil equivalents per day (boepd) or 2% of its total global output in 2018. In addition, Equinor holds stakes in some midstream assets in the area.
Equinor entered the Eagle Ford through a 50-50 joint venture with Talisman Energy in 2010, increasing its stake to 63% in 2015 and taking operatorship of the whole asset in 2016.
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.