Shell Offshore and Shell Pipeline Company (SPLC), subsidiaries of Shell, have completed the previously announced agreement to increase their stake in the Ursa platform in the Gulf of America through the acquisition of working interest from ConocoPhillips.
Shell increased its stake in the Ursa platform from 45.3884% to 61.3484%, as part of the agreement first announced in February 2025.
The acquisition is part of Shell’s strategy to invest in profitable and carbon-competitive oil and gas projects with a strong integrated value chain.
Deepening Shell’s interest in existing assets also contributes to maintaining stable liquids production from its advantaged upstream business.
Shell is the operator of Ursa Tension-Leg Platform (TLP) and holds a now holds 61.3484% working interest ownership in the asset with BP Exploration & Production (22.6916%) and ECP GOM III (15.96%).
The transaction also includes the following from ConocoPhillips - 11.81% membership interest in the Shell-operated Ursa Oil Pipeline Company, which will be held by SPLC.
The agreement has been adjusted following preferential rights election by partners, bringing Shell’s working interest in the Ursa pipeline from 45.39% to 57.20%.
It also includes 1% working interest in the Europa prospect, also operated by Shell, and 3.5% Overriding Royalty Interest (ORRI) in Ursa.