popular articles

Shell increases its stake in the Ursa platform in the Gulf of Mexico

Shell Offshore Inc. and Shell Pipeline Company, subsidiaries of Shell plc, have reached an agreement to acquire ConocoPhillips' stake in the Ursa and Europa fields, further strengthening their position in the Gulf of Mexico.

Please share:

Shell Offshore Inc. and Shell Pipeline Company, subsidiaries of Shell plc, have signed an agreement to increase their stake in the Ursa platform, located in the Gulf of Mexico. This transaction will allow Shell to increase its interest in this asset from 45.3884% to a maximum of 61.35%, following the acquisition of ConocoPhillips Company’s 15.96% stake.

A strategic investment for Shell

Zoë Yujnovich, Shell’s Integrated Gas & Upstream Director, stated that this targeted investment aims to further leverage the company’s existing upstream assets, generating strong cash flows while providing new growth opportunities.

The Ursa platform, commissioned in 1999, is located approximately 209 kilometres southeast of New Orleans in the Mars Basin, one of the world’s most prolific hydrocarbon basins. Since its launch, the Ursa/Princess field has produced over 800 million barrels of oil equivalent, ensuring stable production and offering new development prospects.

Details of the transaction

This acquisition also includes ConocoPhillips’ 15.96% stake in Ursa Oil Pipeline Company LLC, operated by Shell, as well as a 1% stake in the Europa prospect and a 3.5% royalty interest in the Ursa field. These interests were acquired by ConocoPhillips during its merger with Marathon Oil Corporation in November 2024.

ConocoPhillips adjusts its portfolio

For ConocoPhillips, this divestment aligns with its strategy of refocusing its portfolio, aiming to offload non-core assets to optimise its financial structure following the acquisition of Marathon Oil. Andy O’Brien, Senior Vice President of Strategy, Commercial, Sustainability, and Technology at ConocoPhillips, specified that this transaction contributes to the company’s goal of generating $2 billion in targeted divestitures.

The completion of this transaction remains subject to regulatory approvals, the exercise of preferential rights by other partners, and standard closing conditions. The deal is expected to be finalised by the end of the second quarter of 2025.

Register free of charge for uninterrupted access.

Publicite

Recently published in

Savannah Energy recorded a 19% rise in revenues in the first quarter of 2025, driven by the integration of a new asset in Nigeria and improved cash flows.
Petrobras reaches a crucial milestone for exploring the Foz do Amazonas basin, yet stringent conditions for upcoming permits raise questions about future operations in this strategic region.
Petrobras reaches a crucial milestone for exploring the Foz do Amazonas basin, yet stringent conditions for upcoming permits raise questions about future operations in this strategic region.
PermRock Royalty Trust will pay a monthly distribution of USD371,192.79 on June 13, based on oil and gas production from March 2025 and calculated at USD0.030511 per trust unit.
PermRock Royalty Trust will pay a monthly distribution of USD371,192.79 on June 13, based on oil and gas production from March 2025 and calculated at USD0.030511 per trust unit.
Mazoon Mining, a subsidiary of Minerals Development Oman (MDO), has secured USD 270 million in financing and signed key contracts for Oman’s largest copper concentrate project, aimed at supporting the country’s mining sector.
Mazoon Mining, a subsidiary of Minerals Development Oman (MDO), has secured USD 270 million in financing and signed key contracts for Oman’s largest copper concentrate project, aimed at supporting the country’s mining sector.
Côte d'Ivoire signed an agreement with Yaatra Ventures to build a 170,000 barrels/day oil refinery, a $5.1 billion investment aimed at boosting national refining capacity.
The International Court of Justice ruled on the validity of treaties between Gabon and Equatorial Guinea over three strategic offshore islets potentially rich in oil.
The International Court of Justice ruled on the validity of treaties between Gabon and Equatorial Guinea over three strategic offshore islets potentially rich in oil.
Guyana’s Parliament passed a new law requiring oil operators to provide mandatory financial coverage for damages caused by hydrocarbon spills.
Guyana’s Parliament passed a new law requiring oil operators to provide mandatory financial coverage for damages caused by hydrocarbon spills.
Under pressure from investor Elliott, Phillips 66 sells a majority stake in its European fuel station subsidiary for $2.8bn in a move to streamline its portfolio.
Under pressure from investor Elliott, Phillips 66 sells a majority stake in its European fuel station subsidiary for $2.8bn in a move to streamline its portfolio.
The International Energy Agency forecasts a significant rise in global oil stocks due to slowing demand in developed economies and OPEC+'s gradual production increases starting in 2025.
Africa Oil completed the integration of Prime, doubling its production and reserves, while declaring a second quarterly dividend of $25mn supported by strong cash generation.
Africa Oil completed the integration of Prime, doubling its production and reserves, while declaring a second quarterly dividend of $25mn supported by strong cash generation.
Brazilian oil major Petrobras reported a $6bn net profit in Q1 2025, driven by higher production volumes and a stronger real against the US dollar.
Brazilian oil major Petrobras reported a $6bn net profit in Q1 2025, driven by higher production volumes and a stronger real against the US dollar.
Namibia plans to finalise agreements with TotalEnergies for the Venus oil field and with BWEnergy for the Kudu gas field by the end of 2026, according to the country’s petroleum commissioner.
Namibia plans to finalise agreements with TotalEnergies for the Venus oil field and with BWEnergy for the Kudu gas field by the end of 2026, according to the country’s petroleum commissioner.
The Trump administration has announced new sanctions targeting Iran's oil export network to China amid ongoing nuclear talks between Washington and Tehran.
Japanese refiners, dependent on Gulf crude for 96.6% of imports, are struggling to diversify supply sources as increased OPEC+ output makes Persian Gulf barrels more competitive compared to US crude.
Japanese refiners, dependent on Gulf crude for 96.6% of imports, are struggling to diversify supply sources as increased OPEC+ output makes Persian Gulf barrels more competitive compared to US crude.
Esso’s Gravenchon site restarts operations following a planned shutdown involving 1,000 workers and over 750,000 labour hours.
Esso’s Gravenchon site restarts operations following a planned shutdown involving 1,000 workers and over 750,000 labour hours.
Deputy Prime Minister Alexander Novak says Russian oil production could reach a sustained level of 10.8 million barrels per day, supported by rising global demand and internal fiscal adjustments.
Deputy Prime Minister Alexander Novak says Russian oil production could reach a sustained level of 10.8 million barrels per day, supported by rising global demand and internal fiscal adjustments.
Oil prices climbed following a joint decision by Washington and Beijing to temporarily suspend tariffs, easing pressure on global demand.
Shell announced a delay in bringing two new wells online at the Perdido offshore field, temporarily lowering production targets in the Gulf of Mexico.
Shell announced a delay in bringing two new wells online at the Perdido offshore field, temporarily lowering production targets in the Gulf of Mexico.
Lower sales revenues and rising operational costs impacted Aramco’s results, while the company remains central to Saudi Arabia’s economic strategy.
Lower sales revenues and rising operational costs impacted Aramco’s results, while the company remains central to Saudi Arabia’s economic strategy.
Oil prices climbed on Friday, supported by the signing of a trade agreement between the United States and the United Kingdom, reviving expectations of easing global tensions.
Oil prices climbed on Friday, supported by the signing of a trade agreement between the United States and the United Kingdom, reviving expectations of easing global tensions.
US oil operators will face moderate drilling cost increases in 2025, driven by tariffs, despite price drops in several key service segments.
BluEnergies Ltd. has announced the immediate appointment of Craig Steinke as Chief Executive Officer, succeeding James Deckelman, who is stepping down for personal reasons.
BluEnergies Ltd. has announced the immediate appointment of Craig Steinke as Chief Executive Officer, succeeding James Deckelman, who is stepping down for personal reasons.
The increase in tariffs between the United States and China is radically reshaping China's petrochemical supply flows, threatening to raise costs and intensify supply challenges in an already strained strategic sector.
The increase in tariffs between the United States and China is radically reshaping China's petrochemical supply flows, threatening to raise costs and intensify supply challenges in an already strained strategic sector.
The United States imposes sanctions on several Chinese entities involved in purchasing and transporting Iranian oil, disrupting a petroleum supply chain worth several hundred million dollars.
The United States imposes sanctions on several Chinese entities involved in purchasing and transporting Iranian oil, disrupting a petroleum supply chain worth several hundred million dollars.

Advertising