pipeline-2019a.svg

Search

Categories

Shell sells onshore Gabon assets

Shell sells onshore Gabon assets

Mar 26, 2017
2 min read
Print this page

Shell has reached an agreement with Assala Energy Holdings, part of the Carlyle Group, to sell 100 percent of its Gabon onshore interests for US$587 million. 

The transaction consists of all of Shell’s onshore oil and gas operations and related infrastructure in Gabon: five operated fields (Rabi, Toucan/Robin, Gamba/Ivinga, Koula/Damier, and Bende/M’Bassou/Totou), participation interest in four non-operated fields (Atora, Avocette/M’Boukou, Coucal, and Tsiengui West), as well as the associated infrastructure of the onshore pipeline system from Rabi to Gamba and the Gamba Southern export terminal.

The Sale & Purchase Agreement (SPA) is subject to certain approvals and is expected to close in mid-2017.

Shell onshore in Gabon produced approximately forty-one thousand barrels of oil equivalent per day in 2016 and Shell Trading (STASCO) will continue to have lifting rights from the assets for the coming 5 years.

Andy Brown, Shell’s Upstream director, said: “decision to divest was not taken lightly, but it is consistent with Shell’s strategy to concentrate our Upstream footprint where we can be most competitive. Shell will continue to pursue opportunities in Sub Saharan Africa.”

He then added, “Together with recent divestments in the UK, Gulf of Mexico and Canada, this transaction shows the clear momentum behind Shell’s $30 billion divestment programme, and it helps us to high-grade and simplify our upstream portfolio following the acquisition of BG.”

Assala Energy Holdings will acquire these assets with equity from two Carlyle funds: Carlyle International Energy Partners (CIEP) and Carlyle Sub-Sahara Africa Partners (SSA). As a result of the sale some 430 local Shell employees will become part of Assala Energy at completion.

RELATED POSTS

dmg events Global Energy Exhibitions & Conferences