ConocoPhillips announced it has entered into an agreement to sell its interests in the Ursa and Europa Fields and Ursa Oil Pipeline Company LLC to Shell Offshore Inc. and Shell Pipeline Company LP, subsidiaries of Shell plc, for $735 million subject to customary closing adjustments. The transaction also includes an overriding royalty interest in the Ursa Field. Proceeds from this transaction will be used for general corporate purposes. Full-year production associated with the company’s 15.96% interest in the Ursa Field and 1% interest in the Europa Field was approximately 8 thousand barrels of oil equivalent per day (MBOED).
Courtesy of ConocoPhillips.