Shell Completes US Gulf Oil Asset Sale, Realizing $1.7 Billion Deal Value

Shell Offshore has finalized its asset sale in the US Gulf of Mexico, completing a deal worth $1.7 billion total value. The company sold its 50% non-operated working interest in the Na Kika platform and associated fields to Talos Energy and an affiliate of Ridgewood Energy for approximately $840 million in cash proceeds. This amount reflects adjustments between July 1, 2025, and closing.

As part of the agreement, Shell will receive uncapped upside-linked payments through 2027 and overriding royalty interests (ORRI) on production from new Na Kika tie-backs, subject to conditions. The deal includes buyers assuming certain decommissioning obligations and providing security with respect to such obligations, but Shell Trading will retain rights to offtake from Na Kika and Coulomb through negotiated agreements with the buyers.

Shell's 2025 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 company's proved reserves were 4.3 million barrels of oil equivalent (boe) at the end of 2025 for Na Kika and 7.2 million boe at the end of 2025 for Coulomb.