Shell announced Dec. 13 it now holds 100% interest in its operated Kaikias Field in the Gulf of Mexico after acquiring 20% interest from Mitsui & Co., Ltd. subsidiary MOEX North America LLC. Financial terms of the transaction were not disclosed.
The deepwater Kaikias Field produces to the Ursa production hub via a subsea tieback. Shell discovered the field in 2014, and production began in 2018.
“Since its discovery, the Kaikias Field has been a productive investment,” Rich Howe, Shell’s executive vice president for deep water, said in a press release. “By increasing Shell’s working interest in the field, we are creating options for our future as the leading producer in the U.S. Gulf of Mexico.”
Shell and MOEX will submit the deal for federal regulatory approval.
Recommended Reading
Pembina Pipeline Enters Ethane-Supply Agreement, Slow Walks LNG Project
2024-02-26 - Canadian midstream company Pembina Pipeline also said it would hold off on new LNG terminal decision in a fourth quarter earnings call.
Enbridge Sells Off NGL Pipeline, Assets to Pembina for $2.9B
2024-04-01 - With its deal to buy Enbridge’s NGL assets closed, Canada's Pembina Pipeline raised EBITDA guidance for 2024.
Enbridge Announces $500MM Investment in Gulf Coast Facilities
2024-03-06 - Enbridge’s 2024 budget will go primarily towards crude export and storage, advancing plans that see continued growth in power generated by natural gas.
TC Energy's Keystone Oil Pipeline Offline Due to Operational Issues, Sources Say
2024-03-07 - TC Energy's Keystone oil pipeline is offline due to operational issues, cutting off a major conduit of Canadian oil to the U.S.
TC Energy’s Keystone Back Online After Temporary Service Halt
2024-03-10 - As Canada’s pipeline network runs full, producers are anxious for the Trans Mountain Expansion to come online.