Shell to Sell Gulf of America Interests in Na Kika and Coulomb

Houston − Shell Offshore Inc., a subsidiary of Shell plc, has agreed 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 tieback. The assets will be acquired by subsidiaries of Talos Energy and Ridgewood Energy for a total consideration of $1.7 billion, subject to customary adjustments and certain contingent payments.

“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’s deep-water business is differentiated by its scale, efficiency, and infrastructure. Shell is the only international oil company with a leading portfolio position in both the Gulf of America and Brazil, two of the highest-margin and lowest-carbon production basins in the world.

The transaction has an effective date of July 1, 2025, and is expected to close by the end of 2026, subject to regulatory approvals.

Notes to Editors

• Under the agreement, Shell will receive uncapped upside-linked payments through 2027 and overriding royalty interests on production from new Na Kika tiebacks, subject to conditions.
• For 2025, Shell 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 deal includes buyers assuming certain decommissioning obligations and providing security with respect to such obligations.
• Shell Trading US Company will retain rights to offtake from Na Kika and Coulomb through negotiated agreements with the buyers.
• The Na Kika semi-submersible platform, Shell’s only non-operated platform in the Gulf of America, began producing in 2003. Production from the Coulomb tieback began in 2005.
• BP, as operator of Na Kika, holds the remaining 50% working interest in Na Kika.
• Closing of any divestment of Shell’s interest in the Na Kika host and associated fields to the buyers is subject to BP’s preferential right to purchase within 30 days from notification for the price allocated under the purchase and sale agreement.
• Shell proved reserves were 4.3 million barrels of oil equivalent at end of 2025 for Na Kika and 7.2 million barrels of oil equivalent at end of 2025 for Coulomb.

About Shell in the United States

The U.S. is a key market and a leading destination for Shell investment, with operations and interests in all 50 states. Shell is the leading deep-water operator and largest producer of oil and gas in the U.S. Gulf of America and one of the largest buyers of U.S. LNG.

Through its Trading & Supply network, Shell moves U.S. energy reliably—from power and low-carbon fuels to LNG and refined products—to customers nationwide and globally. Shell operates the largest branded fuel network in the United States, with about 12,000 Shell-branded gas stations serving more than 7 million customers daily. With more than 100 years in the U.S. and over 11,000 employees, Shell is delivering secure energy supplies and meeting the evolving needs of customers today and into the future.

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