Shell to sell U.S. Gulf assets to Talos, Ridgewood in $1.7 billion deal
(WO) — Shell has agreed to sell its interests in the Na Kika platform and Coulomb field in the Gulf of America/Mexico to subsidiaries of Talos Energy and Ridgewood Energy in a transaction valued at $1.7 billion.
The deal includes Shell's 50% non-operated working interest in the Na Kika platform and associated fields, along with its 100%-owned Coulomb subsea tieback. The transaction is expected to close by the end of 2026, subject to regulatory approvals and customary closing conditions.
"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 said the sale is part of its ongoing portfolio optimization strategy, while maintaining its position as a leading deepwater operator in the Gulf of America.
Under the agreement, Shell will receive contingent upside-linked payments through 2027 and retain overriding royalty interests on future Na Kika tieback developments, subject to certain conditions. Shell Trading US Co. will also retain offtake rights from the Na Kika and Coulomb assets under separate commercial agreements.
Shell's net production from the assets averaged approximately 37,000 boed in 2025. The company said Na Kika and Coulomb are not expected to be significant contributors to its production by 2030.
The agreement also provides for the buyers to assume certain decommissioning obligations associated with the assets.
Na Kika, Shell's only non-operated production platform in the Gulf of America, began producing in 2003. The nearby Coulomb subsea tieback entered production in 2005. BP operates the Na Kika platform and holds the remaining 50% working interest. Under the joint operating agreement, BP has a 30-day preferential right to purchase Shell's interest under the terms of the transaction.
