Shell Offshore and Shell Pipeline Company, subsidiaries of the UK oil and gas group Shell, have signed an agreement to increase their stake in the Ursa oil platform, located off the US in the Gulf of Mexico, from 45.3884% to 61.35%, following the acquisition of a 15.96% stake from the US’ ConocoPhillips.
The transaction, which totals US$735m, also includes ConocoPhillips’ 1% working interest in the Europa prospect (also operated by Shell), as well as Conoco’s 3.5% Overriding Royalty Interest (ORRI) in the Ursa development. The deal is subject to regulatory clearance, preferential rights election and closing conditions. It is expected to be completed by the end of the second quarter of 2025.
The Ursa field, which began production in 1999, is located 209 km south-east of New Orleans, Louisiana, and has produced more than 800 mboe over its 25 years of activity. The UK’s BP holds the remaining 22.6916% working interest in the project.