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The move comes after crude oil prices reached their lowest in nine months.
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The start-up is contingent upon securing regulatory consent for wells designed for underground carbon dioxide (CO₂) storage.
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The sale, which could fetch close to $1bn (£75.9bn), includes a network of 600 service stations and is part of Shell's downstream unit in the country.
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Oil and gas majors Shell, Eni and bp participated in Mantel Capture’s $30m Series A funding round.
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US-based company has found up to 25 million barrels of oil equivalent (mboe) in resources in an underwater well.
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The Baytown facility will have a production capacity of up to one billion cubic feet per day (bcf/d) of low-carbon or blue hydrogen.
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The North Sea Transition Authority (NSTA) is calling on operators to increase their well intervention activity and will host a supply chain and operator workshop later this year.
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