Shell Offshore Inc., a subsidiary of Shell plc, has agreed to sell its stake in the Na Kika platform and several associated assets in the Gulf of America for US$1.7 billion. The transaction includes its 50% interest in Na Kika, the fields linked to this infrastructure, and the Coulomb subsea tieback, wholly owned by Shell.
The buyers will be subsidiaries of Talos Energy and Ridgewood Energy. The transaction is effective as of July 1, 2025, and its closing is expected by the end of 2026, subject to receipt of the corresponding regulatory approvals.
Shell Adjusts Its Deepwater Offshore Portfolio
The sale is part of Shell’s strategy to optimize its exploration and production portfolio. The company seeks to concentrate capital on higher-value assets within its priority basins, including the Gulf of America and Brazil.
Peter Costello, Shell’s President of Exploration and Production, indicated that the Gulf of America remains one of the company’s highest-value basins. He also stated that the company maintains its focus on sustaining liquids production over the next decade.
Na Kika Offshore Assets Included in the Transaction
The agreement includes Shell’s non-operated interest in the Na Kika semisubmersible platform, operated by BP, as well as the associated fields Kepler, Ariel, Fourier, and Herschel. It also includes Coulomb, a subsea tieback that began production in 2005.
Na Kika began operations in 2003 and is the only platform in the Gulf of America where Shell maintains a non-operated position. BP retains the remaining 50% and has a 30-day preferential right to purchase the assets related to Na Kika.
Production, Reserves, and Performance-Linked Payments
Shell’s interest in these assets produced approximately 37,000 barrels of oil equivalent per day in 2025. At the end of that year, the proved reserves attributed to Shell were 4.3 million barrels of oil equivalent in Na Kika and 7.2 million in Coulomb.
Additionally, Shell will receive earnings-linked payments through 2027 and preferential royalty interests on new production connected to Na Kika, provided certain conditions are met. The company will also retain production purchase rights through agreements with the buyers.
Talos and Ridgewood Strengthen Their Offshore Position
For Talos Energy, the acquisition represents a significant expansion of its deepwater portfolio. The company will acquire interests in Coulomb and Na Kika, with associated production estimated at 16,000 barrels of oil equivalent per day during the first quarter of 2026.
The transaction will also transfer certain decommissioning obligations to the buyers, who will be required to provide guarantees related to those commitments. With this, Shell reduces exposure in mature assets and maintains presence in areas considered strategic for its long-term production.
Source: Shell
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