Shell Offshore, a subsidiary of the UK-headquartered energy giant Shell, has brought to a close the divestment of non-operated working interests in certain oil assets in the Gulf of America (U.S. Gulf of Mexico).
Shell 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 tie-back to a subsidiary of Talos Energy and an affiliate of Ridgewood Energy.
As a result, the company received approximately $840 million in cash proceeds, reflecting adjustments between the effective date of July 1, 2025, and closing. 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 tie-backs, subject to conditions. BP, as operator of Na Kika, holds the remaining 50% working interest.
The deal includes buyers assuming certain decommissioning obligations and providing security with respect to such obligations, but Shell Trading will retain rights to offtake from Na Kika and Coulomb through negotiated agreements with the buyers.
The transaction supports the company’s efforts to actively shape its portfolio to ensure a resilient and increasingly competitive upstream business. For 2025, the firm’s 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 company’s 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.
While the Na Kika semi-submersible platform began producing in 2003, production from the Coulomb tie-back started in 2005. The U.S. is a key market and a leading destination for Shell investment, with operations and interests in all 50 states.
Talos Energy also confirmed the closing of its acquisition, highlighting that it includes a 50% working interest and operatorship in the Coulomb field and a 25% non-operated working interest in the BP-operated Na Kika platform and four associated fields.
Paul Goodfellow, Talos’ President and Chief Executive Officer, commented: “The closing of this transaction marks another important step in executing our strategy to build a long-lived, scaled portfolio and become the leading pure-play offshore E&P.
“These high-quality, oil-weighted assets immediately enhance our scale, increase free cash flow generation, improve our margins, and provide infrastructure-led growth opportunities that leverage our core strengths in the Gulf of America.”
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