Shell to sell Na Kika 50% stake and Coulomb tieback to Talos and Ridgewood for $1.7bn
- Shell will sell its 50% non‑operated working interest in the Na Kika platform and associated fields plus its 100% owned Coulomb tieback to subsidiaries of Talos Energy and Ridgewood Energy for $1.7 billion, subject to adjustments and contingent payments.
- The transaction has an effective date of July 1, 2025, and is expected to close by end‑2026, subject to regulatory approvals; BP holds the remaining 50% and has a 30‑day preferential purchase right.
- Shell’s entitlement from these assets was 37,000 barrels of oil equivalent per day in 2025; proved reserves were 4.3 million boe for Na Kika and 7.2 million boe for Coulomb at end‑2025, and Shell’s modelling indicates they will not be meaningful contributors by 2030.
- Shell will receive uncapped upside‑linked payments through 2027 and overriding royalty interests on new Na Kika tiebacks; buyers assume certain decommissioning obligations and must provide security, while Shell Trading US retains offtake rights.
Deal overview
Shell agreed to sell its 50% non‑operated working interest in the Na Kika platform and associated fields in the Gulf of America, plus its 100% owned Coulomb tieback, to subsidiaries of Talos Energy and Ridgewood Energy for total consideration of $1.7 billion, subject to customary adjustments and certain contingent payments.
Timeline and approvals
The transaction has an effective date of July 1, 2025, and is expected to close by the end of 2026, subject to regulatory approvals. 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.
Production and reserves
For 2025, Shell’s entitlement share of production from these assets was 37,000 barrels of oil equivalent per day. Shell reported proved reserves of 4.3 million boe at end‑2025 for Na Kika and 7.2 million boe for Coulomb, and its modelling indicates Na Kika and Coulomb will not be meaningful contributors to production by 2030. The Na Kika semi‑submersible began producing in 2003 and Coulomb production began in 2005; BP is the operator and holds the other 50% working interest in Na Kika.
Commercial terms and obligations
Under the agreement, Shell will receive uncapped upside‑linked payments through 2027 and overriding royalty interests on production from new Na Kika tiebacks, subject to conditions. The buyers will assume certain decommissioning obligations and provide security with respect to those obligations. Shell Trading US Company will retain rights to offtake from Na Kika and Coulomb through negotiated agreements with the buyers.
Source: Shell