Shell Offshore Inc. and Shell Pipeline Company (SPLC), subsidiaries of Shell plc (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 (WI) in its operated Ursa platform, pipeline, and associated fields from 45.3884% to a maximum of 61.35%, following an agreement to acquire 15.96% WI 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 & 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. 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.

This deal is subject to regulatory clearance, preferential rights election and closing conditions. The deal is expected to be completed by end Q2 2025.
Source: Shell