Shell has agreed to sell its 50% non-operated working interest in the Na Kika platform and associated fields in the Gulf of America, along with its 100% interest in the Coulomb tieback, to subsidiaries of Talos Energy and Ridgewood Energy. The transaction has a total consideration of $1.7 billion, subject to customary closing adjustments and certain contingent payments.

“The Gulf of America is one of our highest-value basins, and we are actively shaping our portfolio to ensure our Upstream business continues to be resilient and increasingly competitive,” said Peter Costello, Shell’s Upstream President. “We remain focused on sustaining our material liquids production into the next decade.”

The transaction has an effective date of July 1, 2025, and is expected to close by the end of 2026, subject to regulatory approvals and customary closing conditions.

Under the agreement, Shell will receive uncapped upside-linked payments through 2027, as well as overriding royalty interests (ORRI) on production from future Na Kika tieback developments, subject to certain conditions. The buyers will also assume certain decommissioning obligations and provide security in respect of those obligations. In addition, Shell Trading US Company will retain rights to offtake production from Na Kika and Coulomb through negotiated agreements with the buyers.

For 2025, Shell’s entitlement share of production from the assets was approximately 37,000 barrels of oil equivalent per day. Based on the company’s current outlook, Na Kika and Coulomb are not expected to be meaningful contributors to Shell’s production by 2030. At the end of 2025, Shell’s proved reserves associated with Na Kika were 4.3 million barrels of oil equivalent, while Coulomb accounted for 7.2 million barrels of oil equivalent.

The Na Kika semi-submersible platform, Shell’s only non-operated platform in the Gulf of America, began production in 2003. The Coulomb tieback commenced production in 2005. BP, as operator of Na Kika, holds the remaining 50% working interest in the asset. Completion of the sale of Shell’s interest in the Na Kika host and associated fields remains subject to BP’s preferential right to purchase within 30 days of notification at the price allocated under the purchase and sale agreement.

Shell is the leading deep-water operator and largest producer of oil and gas in the U.S. Gulf of America, as well as one of the largest purchasers of U.S. LNG. Through its Trading & Supply network, the company delivers power, low-carbon fuels, LNG and refined products to customers across the United States and around the world. Shell also operates the nation’s largest branded fuel retail network, with approximately 12,000 Shell-branded service stations serving more than seven million customers each day. With more than a century of operations in the United States and a workforce of more than 11,000 employees, Shell continues to provide secure energy supplies while meeting the evolving needs of its customers.

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