Shell has agreed to sell its 50% non-operated working interest in the Na Kika platform and associated fields in the US Gulf of Mexico as well as its 100%- owned Coulomb tieback.

The assets will be acquired by subsidiaries of Talos Energy and Ridgewood Energy for a total consideration of $1.7 billion, subject to customary adjustments and certain contingent payments.

The transaction has an effective date of July 1, 2025, and is expected to close by the end of 2026, subject to regulatory approvals.

The Na Kika semisubmersible platform, located in the Mississippi Canyon area, has served as a major production hub since first oil in November 2003. Developed originally as a 50/50 joint venture between bp and Shell, it was one of the earliest and most technically ambitious deepwater projects of its era—often described for its “octopus-like” layout of subsea tiebacks feeding a central floating production host.

The platform processes production from multiple fields, including the original Na Kika satellites (Kepler, Ariel, Fourier, and Herschel) plus later tiebacks such as Coulomb (which began producing in 2005). bp has operated the Na Kika host and associated fields throughout, while Shell held the 50% non-operated interest now being divested.

The Coulomb tieback was 100% Shell-owned. At its peak design capacity, Na Kika was capable of handling around 130,000 barrels of oil per day and 500–550 million cubic feet of gas per day.

For Talos Energy, the transaction represents a classic “bolt-on” acquisition aligned with its core strategy in the US Gulf of Mexico. Talos has grown significantly through targeted M&A, including the 2019–2020 acquisition of the ILX Holdings portfolio, followed by EnVen Energy (2023) and QuarterNorth Energy (2024). The company positions itself as a scaled, pure-play offshore operator with deep expertise in mature deepwater and shelf assets.

Talos Energy President and CEO Paul Goodfellow highlighted the deal’s alignment with the company’s priorities: accretive cash flow, free cash flow enhancement, and Infrastructure-Led Exploration (ILX) upside. Talos gains a 50% working interest and operatorship in the Coulomb field plus a 25% non-operated interest in the bp-operated Na Kika platform and the four associated fields.

This structure provides immediate production and reserves (approximately 23 MMboe proved and 10 MMboe probable) while opening operated ILX opportunities around existing infrastructure—precisely the type of near-field exploration and tieback development where Talos has a proven track record of extending field life and unlocking additional value.

Ridgewood Energy is acquiring the complementary interests (the remaining 25% in Na Kika and 50% in Coulomb). Ridgewood has a history of partnering with operators such as Talos on projects including Big Bend and Dantzler (subsea tiebacks). Its strategy centers on low-cost barrels with a relatively low carbon footprint, making it a natural co-investor in mature, infrastructure-heavy assets like these.

The deal reflects a broader industry trend of majors (Shell, and previously others) rationalizing mature or non-core positions in the Gulf of Mexico while independents like Talos consolidate scale and optimize infrastructure-heavy assets.