Shell increases stake in Ursa platform in Gulf of Mexico, part of strategy to invest in profitable projects

From Yahoo Finance: 2025-05-02 11:12:00

Shell Offshore and Shell Pipeline Company Limited have increased their stake in the Ursa platform in the Gulf of Mexico from 45.39% to 61.35%. This move is part of Shell’s strategy to invest in profitable and carbon-competitive oil and gas projects. The Ursa TLP has produced over 800 million barrels of oil equivalent in the past 25 years.

The two subsidiaries signed an agreement in February to purchase a 15.96% working interest from ConocoPhillips Company. This transaction also includes a membership interest in the Ursa Oil Pipeline Company and working interest in the Europa prospect. Shell aims to support stable liquids production from its existing assets.

The Ursa tension-leg platform, operated by Shell, is located in the Mars Basin and has been producing since 1999. The recent deal with ConocoPhillips Company includes a 3.5% overriding royalty interest in Ursa. Shell continues to expand its interest in oil and gas projects to enhance its upstream business.

Shell Eastern Trading recently acquired Pavilion Energy, including its LNG portfolio with a contracted supply volume of around 6.5 million tonnes per annum. This acquisition follows Shell subsidiaries’ increase in working interest in the Ursa platform. Shell is focused on investing in profitable energy projects globally.

Shell is set to conduct a marine survey at Venezuela’s Dragon offshore gas field, as reported by Reuters in April. This survey aligns with Shell’s commitment to exploring and developing energy resources worldwide. The company’s recent acquisitions and investments demonstrate its dedication to sustainable energy production.

Read more: Shell subsidiaries increase working interest in Ursa platform in Gulf of Mexico