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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12 April 2019

Equinor pre-empts Delek's acquisition of non-op interest in Caesar-Tonga from Shell for US$965 million

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
    • Upside
    • Downside Risk
    • Shell
      • Delek
      • Equinor
      • US GoM implications
  • Oil & gas pricing and assumptions

Tables and charts

This report includes 10 images and tables including:

  • Executive summary: Table 1
  • Delek Group GoM
  • Upstream assets: Table 1
  • Deal analysis: Table 1
  • Deal analysis: Table 2
  • Deal analysis: Table 3
  • Oil & gas pricing and assumptions: Table 1
  • Oil & gas pricing and assumptions: Table 2
  • Delek Group global portfolio
  • Caesar/Tongo net production, capex and cash flow

What's included

This report contains:

  • Document

    Equinor pre-empts Delek's acquisition of non-op interest in Caesar-Tonga from Shell for US$965 million

    PDF 1.91 MB

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