(Reuters) - ConocoPhillips ( COP ) said on Friday it would sell its interests in the Ursa and Europa Fields to Shell for $735 million.

The transaction is expected to close by the end of the second quarter of 2025.

"This transaction reflects our ongoing commitment to further strengthen our portfolio by divesting non-core assets and shows significant progress toward our $2 billion disposition target," the company said.

The assets being sold currently produce about 8,000 barrels of oil equivalent per day.