Shell Offshore and Shell Pipeline Company (SPLC), subsidiaries of Shell plc, have signed a strategic agreement to increase their participation in the Ursa platform, located in the Gulf of America. This transaction will allow Shell to increase its operating interest in the asset from 45.39% to a maximum of 61.35%, acquiring an additional 15.96% from ConocoPhillips.
Strategic expansion on the Ursa platform
This move is part of Shell’s strategy to maximise the value of its existing assets and infrastructure in the Upstream sector , seeking new growth opportunities. According to Zoë Yujnovich, Shell’s Director of Integrated Gas and Upstream, ” the acquisition expands our ownership in an asset with a long production track record, providing us with robust free cash flow and more options for future growth. ”
The Ursa platform has been an important pillar in the production of hydrocarbons in the Gulf of America, one of the regions with the lowest greenhouse gas intensities globally. This agreement reaffirms Shell’s commitment to the security of national energy supply, while pursuing Upstream investments that offer high margin and energy efficiency.
This deal is still subject to regulatory approval and the election of preferential rights by other partners in the asset, but is expected to close by the end of the second quarter of 2025.
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Source and photo: Shell
