Deal Insight
Equinor pre-empts Delek's acquisition of non-op interest in Caesar-Tonga from Shell for US$965 million
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
The Delek Group made a splash in the deepwater Gulf of Mexico, acquiring Shell's non-operated interest in the Anadarko operated Cesar-Tonga field. Delek furthers its evolution as a pure play E&P company, and increases its production by over 25%. Shell decides to monetize and move on, and with the field only representing 3% of its GoM portfolio, it can redeploy the capital without rocking the boat. But what lies below the surface of this seemingly straight forward transaction hints at deeper changes for the entire region.
Table of contents
- Executive summary
- Transaction details
- Upstream assets
- Deal analysis
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Upsides and risks
- Upside
- Downside Risk
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Strategic rationale
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Shell
- Delek
- Equinor
- US GoM implications
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Shell
- Oil & gas pricing and assumptions
Tables and charts
This report includes the following images and tables:
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Executive summary: Table 1Delek Group GoMUpstream assets: Table 1
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Deal analysis: Table 1Deal analysis: Table 2Deal analysis: Table 3Oil & gas pricing and assumptions: Table 1Oil & gas pricing and assumptions: Table 2Delek Group global portfolioCaesar/Tongo net production, capex and cash flow
What's included
This report contains:
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