Shell Offshore completed the sale of its interests in the Na Kika platform and Coulomb tieback in the U.S. Gulf on 22 September 2026, with Shell receiving approximately $840 million in cash proceeds at closing.
The assets were acquired by Talos Ocho Energy, an indirect wholly owned subsidiary of Talos Energy, and RE Fund V Holdco II Infrastructure, an affiliate of Ridgewood Energy Corporation. The transaction had an unadjusted aggregate cash purchase price of $1.7 billion and an economic effective date of 1 July 2025.
The sale covered Shell Offshore’s 50% non-operated working interest in the BP-operated Na Kika platform and associated fields, together with its 100% interest in the Coulomb tieback. BP retains the remaining 50% working interest in Na Kika.
Under the acquisition structure, Talos Ocho Energy took a 50% working interest and operatorship in Coulomb and a 25% working interest in Na Kika and the related Kepler, Ariel, Fourier and Herschel fields. The Ridgewood affiliate acquired the other half of the interests sold by Shell Offshore.
Talos Ocho Energy paid $420 million in cash at closing for its share of the acquisition. This amount included the $42.5 million deposit previously placed in escrow and remains subject to customary post-closing adjustments.
When the transaction was announced on 30 June 2026, Talos Energy reported that its acquired interests had averaged approximately 16,000 boe/d in the first quarter of 2026, with oil representing about 77% of production. The company also reported approximately 23 million boe of proved reserves and 10 million boe of probable reserves attributable to those interests, based on a year-end 2025 reserves report.
Shell reported an entitlement share of production of 37,000 boe/d from Na Kika and Coulomb in 2025. At the end of 2025, Shell held proved reserves of 4.3 million boe at Na Kika and 7.2 million boe at Coulomb.
The transaction terms also provide Shell with upside-linked payments through 2027 and overriding royalty interests on production from new Na Kika tiebacks, subject to specified conditions. The buyers have assumed certain decommissioning obligations associated with the acquired assets and are required to provide security for those obligations.
Shell Trading US Company will retain offtake rights for production from Na Kika and Coulomb under agreements with the buyers. Na Kika began production in 2003, while production from the Coulomb tieback started in 2005.
