Shell Plc and ConocoPhillips Co. are both reportedly exploring the divestiture of assets in the U.S. Gulf of Mexico, according to separate media reports on July 20.

Shell is said to have begun soliciting buyer interest for its stakes in two U.S. Gulf of Mexico oil and gas developments, the Auger hub and the Conger Field. Meanwhile, ConocoPhillips is considering a full exit from its Gulf of Mexico deepwater portfolio through the sale of the Ursa platform and Princess subsea well.

Both companies have been offloading assets—Shell, due to investor pressure to focus on cleaner forms of energy and, ConocoPhillips, to become a major operator in the Permian Basin. Despite the pressure, Shell recently acquired an operating stake in a deepwater development project in the U.S. Gulf of Mexico that France’s TotalEnergies SE had previously abandoned.

Still, Reuters reported on July 20, citing three unnamed sources, that Shell hired an investment bank to run an auction process, which kicked off in recent weeks, of the Auger hub and its 37.5% stake in the Hess Corp.-operated Conger Field.

The London-based company is targeting a valuation of around $1.5 billion from the sale. The assets have a combined output of around 50,000 bbl/d, the Reuters report said two of the sources added.

Reuters also reported that ConocoPhillips retained a financial adviser to sell its 15.9% holding in the Ursa/Princess development, which is likely to be valued in the high hundreds of millions of dollars, according to the report citing two unnamed sources.

ConocoPhillips’ net production from the Ursa/Princess development averaged 13,700 boe/d per day in 2021, according to its website. Shell is the operator, with BP Plc and Exxon Mobil Corp. holding minority stakes.

In both reports, Reuters noted that the sources cautioned that no deal was guaranteed. They spoke on condition of anonymity to discuss confidential information.

Reuters contributed to this article.