Shell to sell assets to Talos and Ridgewood for USD1.7 billion
Shell PLC on Tuesday said it has agreed to sell its interest in the Na Kika platform and associated fields in the Gulf of America, along with the Coulomb tieback, to subsidiaries of Talos Energy Inc and Ridgewood Energy Corp.
The London-based oil and gas company said the total consideration for the deal with Houston, Texas-based Talos and Montvale, New Jersey-based Ridgewood is USD1.7 billion, subject to customary adjustments and contingent payments.
Under the terms of agreement, Shell will sell its 50% non-operated working interest in the Na Kika semi-submersible platform and its 100% owned Coulomb tieback.
The remaining 50% interest in Na Kika is held London-based BP PLC as operator.
Na Kika is Shell's only non-operated platform in the Gulf of America and started producing in 2003.
Coulomb began producing in 2005.
The transaction is expected to closed before the end of 2026 and Shell said it will receive uncapped upside-linked payments through 2027 and overriding royalty interests on production from new Na Kika tiebacks.
"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."
Shell shares closed 1.1% higher at 2,933.00 pence each in London on Tuesday.
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