Shell Offshore Inc., a subsidiary of Shell plc, has completed the previously announced agreement to sell its 50% non-operated working interest in the Na Kika platform and associated fields in the Gulf of America as well as its 100% owned Coulomb tieback.
Shell received approximately $840 million in cash proceeds, reflecting adjustments between the effective date of July 1, 2025, and closing. The assets were acquired by a subsidiary of Talos Energy and an affiliate of Ridgewood Energy.
The transaction supports Shell’s efforts to actively shape its portfolio to ensure a resilient and increasingly competitive Upstream business.
Background
- The total consideration announced at signing was $1.7 billion, before customary adjustments and certain contingent payments.
- Shell will receive uncapped upside-linked payments through 2027 and overriding royalty interests (ORRI) on production from new Na Kika tiebacks, subject to conditions.
- For 2025, Shell entitlement share of production from these assets was 37,000 barrels of oil equivalent per day. According to Shell’s modeling, Na Kika and Coulomb will not be meaningful contributors to production by 2030.
- The deal includes buyers assuming certain decommissioning obligations and providing security with respect to such obligations.
- Shell Trading US Company will retain rights to offtake from Na Kika and Coulomb through negotiated agreements with the buyers.
- The Na Kika semi-submersible platform began producing in 2003. Production from the Coulomb tieback began in 2005.
- BP, as operator of Na Kika, holds the remaining 50% working interest in Na Kika.
- Shell proved reserves were 4.3 million barrels of oil equivalent (boe) at the end of 2025 for Na Kika and 7.2 million boe at the end of 2025 for Coulomb.
- Shell’s Deep Water business is differentiated by its scale, efficiency, and infrastructure. Shell is the only international oil company with a leading portfolio position in both the Gulf of America and Brazil, two of the highest-margin and lowest-carbon production basins in the world.
- The US is a key market and a leading destination for Shell investment, with operations and interests in all 50 states. Shell is the leading deep-water operator and largest producer of oil and gas in the Gulf of America and one of the largest buyers of US LNG. Through our Trading & Supply network, we move US energy reliably—from power and low-carbon fuels to LNG and refined products—to customers nationwide and globally. Shell operates the largest branded fuel network in the United States, with about 12,000 Shell branded gas stations serving more than seven million customers daily. With more than 100 years in the US and more than 11,000 employees (as of January 23, 2026), Shell is delivering secure energy supplies and meeting the evolving needs of our customers today and into the future.
Source: Shell
