SHELL TURNS A PAGE OF HISTORY IN GABON
Royal Dutch Shell through its affiliates, has reached an agreement with Assala Energy Holdings a portfolio company of The Carlyle Group, to sell 100 percent of its Gabon onshore interests for $587 million. The Sale & Purchase Agreement is subject to certain conditions which include various approvals. Closing is expected in mid-2017. The purchaser will also assume debt of US$285 million as part of the transaction. The purchaser will make additional payments up to a maximum of US$150 million depending on production performance and commodity prices. The transaction will result in an impairment charge of $53 million post tax which will be taken in Q1 2017. This 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. Shell onshore in Gabon produced approximately forty-one thousand barrels of oil equivalent per day in 2016 and Shell Trading will continue to have lifting rights from the assets for the coming 5 years.
Shell has operated in Gabon since the early 1960’s when it discovered oil in the Gamba area. (Source: Shell)
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