KEY POINTS
- Shell completed the sale of its Gulf of Mexico interests for about $840 million in cash.
- Talos Energy and Ridgewood Energy acquired the assets.
- Shell will retain offtake rights and potential future payments through 2027.
Shell has completed the sale of its interests in the Na Kika platform and related fields, as well as its full ownership of the Coulomb tieback in the Gulf of Mexico, in a transaction that gives the oil major about $840 million in cash.
The assets were acquired by a subsidiary of Talos Energy and an affiliate of Ridgewood Energy as Shell continues to reshape its portfolio of Gulf of Mexico interests.
Shell Offshore, a subsidiary of Shell, sold its 50% non-operated working interest in the Na Kika platform and associated fields, alongside its 100% interest in the Coulomb tieback.
Shell announced the transaction in June 2026, with the original deal carrying a total consideration of $1.7 billion before customary adjustments and potential contingent payments.
Following adjustments covering the period from July 1, 2025, to completion, Shell received approximately $840 million in cash.
The buyers have also assumed certain decommissioning obligations connected to the assets and must provide security for those commitments.
Shell keeps production rights
Despite completing the sale, Shell will retain offtake rights from both Na Kika and Coulomb under separate agreements with the new owners.
The company will also remain eligible for additional payments linked to future performance through 2027. The agreement provides for upside-linked payments without a fixed cap, alongside overriding royalty interests on production from additional Na Kika tiebacks if specified conditions are met.
The structure allows Shell to continue benefiting from some future production upside even after transferring ownership interests in the assets. The Na Kika semi-submersible platform has been producing since 2003, while the Coulomb tieback began production in 2005.
Shell’s share of production from the assets averaged 37,000 barrels of oil equivalent per day in 2025. BP retains the remaining 50% operated interest in Na Kika.
At the end of 2025, Shell reported approximately 4.3 million barrels of oil equivalent in proved reserves for Na Kika and 7.2 million barrels of oil equivalent for Coulomb. Shell’s internal projections indicated that neither Na Kika nor Coulomb was expected to make a significant contribution to the company’s production portfolio by 2030.
The sale therefore transfers the assets to new owners while allowing Shell to retain certain offtake and potential upside arrangements.
Shell continues to maintain a significant presence in the United States. The company operates across the country and describes itself as the largest deepwater operator and oil and gas producer in the Gulf of Mexico.
Shell also ranks among the major buyers of U.S. liquefied natural gas and had more than 11,000 employees in the United States as of January 2026.
