Norwegian energy giant Equinor has sold its stake in the Eagle Ford asset to Repsol for more than £250 million.
The firm signed an agreement today to divest its 63% interest in the onshore shale asset, which was a joint venture with Repsol.
The total amount of the deal is over £253m.
Eagle Ford is located in southwest Texas.
Torgrim Reitan, executive vice president for Development and Production International in Equinor, said: “This transaction supports Equinor’s strategy to optimise our onshore US portfolio, enhancing our financial flexibility and focusing our capital on our core activities in the country.
“The US is a core area for Equinor, demonstrated by recent acquisitions including assets in the Gulf of Mexico, onshore acreage in the Austin Chalk and the Empire Wind project offshore New York.”
Equinor entered the Eagle Ford asset in 2010 through a joint acquisition with Talisman Energy – now owned by Repsol – from Enduring Resources.
In 2015, Equinor increased its interest in the joint asset from 50% to 63% and assumed full operatorship.
The effective date of the transaction is 1 October 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.