Shell Offshore, a subsidiary of Shell plc, announced it 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%-owned Coulomb tieback.
The assets will be acquired by subsidiaries of Talos Energy and Ridgewood Energy for total consideration of $1.7 billion, subject to customary adjustments and certain contingent payments.
The transaction has an effective date of July 1, 2025, and is expected to close by the end of 2026, subject to regulatory approvals.
Under the agreement, Shell will receive uncapped upside-linked payments through 2027 and overriding royalty interests on production from new Na Kika tiebacks, subject to certain conditions. The buyers will also assume certain decommissioning obligations and provide security related to those obligations.
Shell Trading US Company will retain offtake rights from Na Kika and Coulomb through negotiated agreements with the buyers.
For 2025, Shell’s entitlement share of production from the assets was 37,000 barrels of oil equivalent per day. Based on Shell’s modeling, Na Kika and Coulomb are not expected to be meaningful contributors to production by 2030.
The Na Kika semi-submersible platform began producing in 2003 and is Shell’s only non-operated platform in the Gulf of America. Production from the Coulomb tieback began in 2005. BP, which operates Na Kika, owns the remaining 50% working interest in the platform.
The closing of any divestment of Shell’s interest in the Na Kika host and associated fields is subject to BP’s preferential right to purchase within 30 days from notification for the price allocated under the purchase and sale agreement.
Shell said its proved reserves were 4.3 million barrels of oil equivalent at the end of 2025 for Na Kika and 7.2 million barrels of oil equivalent at the end of 2025 for Coulomb.
The deal reflects Shell’s ongoing efforts to shape its Upstream portfolio around resilient and competitive assets while maintaining focus on sustaining material liquids production into the next decade.
KEY QUOTE:
“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. We remain focused on sustaining our material liquids production into the next decade.”
Peter Costello, Upstream President at Shell
