21st Feb 2025 19:29
(Alliance News) - Shell PLC on Friday said it has signed an agreement to increase their stake in the Ursa platform.
The London-based oil major said this will increase Shell’s working interest in its operated Ursa platform, pipeline, and associated fields to a maximum 61.4% from 45.4%, following an agreement to acquire 16% from ConocoPhillips Co.
"This targeted investment is the latest example of how we are unlocking more value from our existing advantaged upstream assets and infrastructure," said Zoe Yujnovich, Shell’s Integrated Gas & Upstream director. "The acquisition expands our ownership in an established long-producing asset that generates robust free cash flow, while also providing more options for growth."
The Ursa platform is located in the Gulf of America, Shell noted.
Production in the region has among the lowest greenhouse gas intensity in the world. Shell said increasing its working interest in Ursa demonstrates a continued focus on providing secure supplies of domestic energy and pursuing the highest margin and most energy-efficient upstream investments.
This deal is subject to regulatory clearance, preferential rights election and closing conditions. The deal is expected to be completed by the end of the second quarter of 2025.
Shares in Shell closed 1.7% lower at 2,637.50 pence each in London on Friday.
By Jeremy Cutler, Alliance News reporter
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