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Repsol buys Equinor's Eagle Ford shale stake for $325 million

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Repsol buys Equinor's Eagle Ford shale stake for $325 million

London — Spain's Repsol has agreed to buy Equinor's equity position in US Eagle Ford shale basin for $325 million in a deal giving it 100% control and operatorship of the shale assets, the companies said late Thursday.

Under the deal, Repsol said it will acquire 69,000 net acres and 34,000 b/d of oil equivalent production taking its total output at Eagle Ford to 54,000 boe/d.

"The added stake in this asset will allow improvements in operations and synergies, and progress in the achievement of strategic goals associated to portfolio upgrading, profitable growth and increased returns," Repsol said in a statement.

Equinor entered the Eagle Ford asset in 2010 through a joint acquisition with Talisman Energy, which is now owned by Repsol. In 2015, Equinor increased its interest in the joint asset from 50% to 63% and assumed full operatorship.

In a separate agreement, Equinor said that 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 said it plans to commence drilling the well before the end of the year.

-- Robert Perkins, robert.perkins@spglobal.com

-- Edited by Norazlina Jumaat, norazlina.jumaat@spglobal.com