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    ConocoPhillips considers exit from US Gulf of Mexico

    July 23, 2022
    Company reportedly mulling sale of minority stake in the Ursa platform and the Princess well.
    Courtesy Shell
    The Ursa TLP.
    The Ursa TLP.

    Offshore staff

    HOUSTON – ConocoPhillips is considering a potential sale of its minority stake in a Shell-operated oil and gas platform in the US Gulf of Mexico.

    The potential sale would mark the exit of ConocoPhillips from US offshore operations, according to a recent Reuters report.

    ConocoPhillips has reportedly already hired a financial advisory for the potential sale of its 15.96% stake in the Ursa platform. A deal for ConocoPhillips’s stake in Ursa and the Princess well is expected to be valued “in the high hundreds of millions of dollars,” sources told Reuters. 

    Still, ConocoPhillips could keep the asset if it fails to attract a suitable offer, the sources added.  

    The Ursa platform is operated by Shell, which has 45.4% in the development. The other shareholders, apart from ConocoPhillips, are BP with 22.69% and ExxonMobil with a 15.96% interest.

    In recent years, ConocoPhillips has focused on expanding its footprint in the US shale basins, especially in the Permian.

    07.23.2022