Shell to sell Gulf of America assets to Talos Energy, Ridgewood for $1.7B

• Talos Energy will acquire 50% working interest and operatorship in Coulomb and a 25% non-operated stake in the BP-operated Na Kika platform and four associated fields
• The assets produced approximately 16,000 barrels of oil equivalent per day in Q1 2026 (77% oil) and add roughly 23 million barrels of oil equivalent in proved reserves
• Shell retains upside-linked payments, royalty interests on new Na Kika tiebacks, and offtake rights, while BP maintains its 50% stake and 30-day preferential purchase right

Summary

Shell Divests Gulf of America Assets for $1.7 Billion

Shell has agreed to sell its interests in the Na Kika platform and associated fields, along with the Coulomb tieback, to subsidiaries of Talos Energy and Ridgewood Energy for $1.7 billion. The transaction, effective July 1, 2025, is expected to close by end of 2026.

Key Asset Details:

• The assets produced approximately 37,000 barrels of oil equivalent per day (boe/d) net to Shell in 2025
• Shell stated these fields will not be meaningful production contributors by 2030
• Na Kika platform, Shell's only non-operated Gulf of America platform, began production in 2003
• Coulomb started production in 2005

Transaction Structure:

Talos Energy will acquire a 50% working interest and operatorship in Coulomb, plus a 25% non-operated stake in the BP-operated Na Kika platform and four associated fields: Kepler, Ariel, Fourier, and Herschel. The assets produced about 16,000 boe/d in Q1 2026 (77% oil) and add roughly 23 million boe of proved reserves.

Reserves Data:

Shell's proved reserves at end of 2025 were 4.3 million boe for Na Kika and 7.2 million boe for Coulomb.

Additional Terms:

Shell retains upside-linked payments, royalty interests on new Na Kika tiebacks, and offtake rights. BP, the Na Kika operator, maintains its 50% stake and has a 30-day preferential purchase right.

Market Implications:

This divestiture aligns with Shell's portfolio optimization strategy, shedding mature, declining assets to focus on higher-growth production areas. The transaction strengthens Talos Energy's Gulf of Mexico position while providing Shell with capital for redeployment.