BAKU, Azerbaijan, February 22. Shell Offshore Inc. and Shell Pipeline Company, subsidiaries of Shell plc, have signed an agreement to increase their ownership in the Ursa platform in the Gulf of America, Trend reports.
Under the agreement, Shell will acquire a 15.96% working interest from ConocoPhillips Company, raising its total stake in the platform, pipeline, and associated fields from 45.39% to a maximum of 61.35%.
Zoë Yujnovich, Shell’s Integrated Gas & Upstream Director, stated that the acquisition aligns with the company’s strategy to optimize its upstream assets. "This targeted investment is the latest example of how we are unlocking more value from our existing advantaged Upstream assets and infrastructure," she said. "The acquisition expands our ownership in an established long-producing asset that generates robust free cash flow, while also providing more options for growth."
Shell highlighted that oil and gas production in the Gulf of America has one of the lowest greenhouse gas intensities globally. The company emphasized that increasing its working interest in Ursa supports its focus on secure domestic energy supplies and high-margin, energy-efficient upstream investments.
The transaction is subject to regulatory approvals, preferential rights elections, and closing conditions. Completion is expected by the end of the second quarter of 2025.
