Global energy giant Shell has struck a deal to sell its minority stake in the Na Kika production platform and the Coulomb subsea tieback in the Gulf of Mexico for US$1.7 billion (AU$2.6 billion).
The assets will be acquired by subsidiaries of US-based independent oil and gas operators Talos Energy and Ridgewood Energy. The deal is expected to close by the end of 2026, subject to regulatory approvals.
Under the terms of the agreement, Shell Offshore Inc. will offload its 50 per cent non-operated working interest in the Na Kika platform and its associated fields, alongside its 100 per cent owned Coulomb subsea tieback.
British multinational BP operates the Na Kika platform and holds the remaining 50 per cent stake. BP retains a 30-day preferential right to purchase Shell’s share at the allocated deal price.
The divested assets accounted for an entitlement share of roughly 37,000 barrels of oil equivalent per day for Shell in 2025.
However, the company’s internal modelling indicates that production from both Na Kika and Coulomb will decline sharply and cease to be meaningful contributors to its upstream portfolio by 2030.
“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.”
Despite the exit, Shell maintains a major footprint in the region as its leading deep-water operator.
Shell operates the largest branded fuel network in the United States, with about 12,000 Shell-branded gas stations serving more than seven million customers daily.
The deal is structured so that Shell retains future financial upside through uncapped performance-linked payments until 2027, royalty interests on future asset tiebacks, and ongoing offtake marketing rights.
