Shell Completes $840 Million Gulf Oil Asset Sale

Shell has completed the sale of its interests in two U.S. Gulf of Mexico assets to Talos Energy and Ridgewood Energy, collecting approximately $840 million in cash at closing.

The transaction includes Shell’s former 50% non-operated interest in BP-operated Na Kika and its 100% interest in the Coulomb tieback. Talos acquired a 25% stake in Na Kika and a 50% interest and operatorship in Coulomb, while Ridgewood acquired the remaining interests divested by Shell.

The deal was originally announced in June with total consideration of $1.7 billion before adjustments and contingent payments. Talos ultimately paid $420 million for its share, including a previously paid $42.5-million deposit.

The acquired Talos interests produced around 16,000 barrels of oil equivalent per day in the first quarter of 2026, approximately 77% of which was oil. Talos estimates the interests contain roughly 23 million boe of proved reserves and another 10 million boe of probable reserves.

For Shell, the disposal is part of a broader effort to concentrate its upstream portfolio on more competitive assets. Shell’s share of production from Na Kika and Coulomb averaged around 37,000 boed in 2025, but the company expects neither asset to make a meaningful contribution to its production by 2030.

Shell nevertheless retains some exposure to future upside, including contingent payments through 2027, royalties from new Na Kika tiebacks and offtake rights for production from the assets

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