Shell completes sale of Gulf of Mexico assets

Shell Offshore Inc. has finalized the sale of its 50% non-operated working interest in the Na Kika platform and associated fields in the Gulf of Mexico, along with its 100% owned Coulomb tieback. The assets were acquired by a subsidiary of Talos Energy and an affiliate of Ridgewood Energy.

Shell received approximately $840 million in cash proceeds from the closing, following an initial announced total consideration of $1.7 billion before adjustments and contingent payments. As part of the agreement, Shell will receive uncapped upside-linked payments through 2027 and overriding royalty interests on production from new Na Kika tiebacks.

Under the terms of the deal, the buyers will assume certain decommissioning obligations. Shell Trading US Company will maintain rights to offtake from the assets through negotiated agreements. BP remains the operator of the Na Kika platform, holding the remaining 50% working interest.