Shell Offshore and Shell Pipeline Company (SPLC), subsidiaries of oil and gas major Shell, have signed an agreement with ConocoPhillips to increase the stake in the Ursa platform in the Gulf of America.
Under the agreement, Shell will increase the stake in its operated Ursa platform, pipeline, and associated fields from 45.3884% to a maximum of 61.35%, following the deal to acquire 15.96% working interested 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. The acquisition expands our ownership in an established long-producing asset that generates robust free cash flow, while also providing more options for growth,” said Zoë Yujnovich, Shell’s Integrated Gas & Upstream Director.
Aside from Shell as the operator of Ursa Tension-Leg Platform (TLP), the current ownership of the asset include BP Exploration & Production (22.6916%), ECP GOM III (15.96%) and ConocoPhillips (15.96% WI).
The Ursa TLP, which began production in 1999, is located approximately 130 miles (209 kilometers) southeast of New Orleans within the Mars Basin, one of the most prolific hydrocarbon basins in the world.
The Ursa/Princess field is well established, having produced more than 800 million barrels of oil equivalent total gross over approximately 25 years, providing Shell with reliable production and growth opportunities.
This deal is subject to regulatory clearance, preferential rights election and closing conditions, and is expected to be completed by end the second quarter in 2025.
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