Shell Offshore and Shell Pipeline Company (SPLC), subsidiaries of oil and gas major Shell, have signed an agreement with ConocoPhillips to increase the stake in…
Shell Offshore and Shell Pipeline Company (SPLC), subsidiaries of oil and gas major Shell, have signed an agreement with ConocoPhillips to increase the stake in the Ursa platform in the Gulf of America.
This will increase Shell’s stake in its operated Ursa platform, pipeline, and associated fields from 45.3884% to a maximum of 61.35%, following an agreement to acquire 15.96% working interested from ConocoPhillips Company (COP).
“This targeted investment is the latest example of how we are unlocking more value from our existing advantaged Upstream assets and infrastructure. The acquisition expands our ownership in an established long-producing asset that generates robust free cash flow, while also providing more options for growth,” said Zoë Yujnovich, Shell’s Integrated Gas & Upstream Director.
Aside from Shell as the operator of Ursa Tension-Leg Platform (TLP), the current ownership of the asset include BP Exploration & Production (22.6916%), ECP GOM III (15.96%) and ConocoPhillips (15.96% WI).
The Ursa TLP, which began production in 1999, is located approximately 130 miles (209 kilometres) southeast of New Orleans within the Mars Basin, one of the most prolific hydrocarbon basins in the
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