Norway's Equinor ASA may sell all or some of its Eagle Ford Shale operations in south Texas, as the major turns its focus to its other assets in the U.S., according to a March 15 article from Bloomberg News, citing several unnamed sources.
Equinor has reportedly been engaged in discussions with several interested parties for the business, which it owns through a joint venture with Spain's Repsol SA Because finding a buyer for its entire interest may prove difficult, Equinor is willing to seek partners for the unit, according to the article.
At the end of 2018, Equinor's net acreage position in the Eagle Ford was about 71,000 net acres, the company said in its annual report released March 15.
Equinor first entered the Eagle Ford in 2010 after inking a deal with Talisman Energy Inc., which was later purchased by Repsol in 2015. Through various deals, Equinor obtained full operatorship in the joint venture and increased its working interest to 63%.
According to the Bloomberg article, this is not the first time that Equinor has looked to exit the region. When crude oil prices began to slide in 2014, Equinor and Talisman both considered selling the Eagle Ford joint venture.