Shell Offshore has agreed to sell its 50% non-operated working interest in the

platform and associated fields in the Gulf of America as well as its 100% owned

tie-back to subsidiaries of

and

for a total consideration of $1.7 billion, subject to customary adjustments and certain contingent payments.

Shell’s Upstream President, commented: “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. We remain focused on sustaining our material liquids production into the next decade.”

BP, as the operator of Na Kika, holds the remaining 50% working interest. The transaction has an effective date of July 1, 2025, and is expected to close by the end of 2026, subject to regulatory approvals. 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 company’s entitlement share of production from these assets was 37,000 barrels of oil equivalent per day in 2025. According to the firm’s modeling, Na Kika and Coulomb will not be meaningful contributors to production by 2030. The deal emphasizes that buyers will assume certain decommissioning obligations and provide security for 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, the European oil major’s only non-operated platform in the Gulf of America, began producing in 2003.

Production from the Coulomb tie-back began in 2005. Shell’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.

The 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 describes the U.S. as a key market and a leading destination for its investment, with operations and interests in all 50 states. The firm sees itself as the leading deepwater operator and biggest producer of oil and gas in the Gulf of America and one of the largest buyers of U.S. LNG.