Shell Offshore and Shell Pipeline Company (SPLC), subsidiaries of Shell, have signed an agreement to increase their stake in the Ursa platform in the Gulf of Mexico.
This will increase Shell’s working interest in its operated Ursa platform, pipeline, and associated fields from 45.3884 per cent to a maximum of 61.35 per cent, following an agreement to acquire 15.96 per cent working interest from ConocoPhillips Company (COP).
“This targeted investment is the latest example of how we are unlocking more value from our existing advantaged Upstream assets and infrastructure,” said Zoë Yujnovich, Shell’s Integrated Gas and Upstream Director.
“The acquisition expands our ownership in an established long-producing asset that generates robust free cash flow, while also providing more options for growth.”
The Gulf of Mexico production has among the lowest greenhouse gas intensity in the world, according to Shell.
"Increasing our working interest in Ursa demonstrates our continued focus on providing secure supplies of domestic energy and pursuing the highest margin and most energy-efficient upstream investments," added Shell.
This deal is subject to regulatory clearance, preferential rights election and closing conditions. The deal is expected to be completed by end Q2 2025.