Mitsui to divest 20% stake in Kaikias field in Gulf of Mexico to Shell

Japanese conglomerate Mitsui & Co. on December 14 disclosed its decision to divest its 20% interest in the Kaikias field in the US Gulf of Mexico to Shell Offshore Inc., a wholly owned subsidiary of Shell, the operator of the project. The financial details of the deal were not disclosed.

Mitsui acquired the stake in the Kaikias field in December 2016 and has been actively participating in production activities in collaboration with Shell since May 2018.

“This divestment is to be carried out as part of Mitsui's strategy to reconfigure its business portfolio,” the company said.

The Kaikias field is situated approximately 100 km south-southeast of New Orleans and boasts net reserves of around 12.7mn barrels of oil equivalent. Shell reports an average peak production of 40,000 barrels of oil equivalent/day from the field.