Through its affiliates, Royal Dutch Shell plc (Shell) has completed the sale of its entire Gabon onshore oil and gas portfolio to Assala Energy Holdings Ltd. The deal is worth a total of US$628 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, Coucal, and Tsiengui West).
- Onshore pipeline system from Rabi to Gamba.
- The Gamba Southern export terminal.
Assala Energy will operate Shell’s onshore Gabon assets, and some 430 local employees transfer from Shell to Assala Energy.
With this transaction, Assala Energy will assume debt of US$285 million. The transaction will result in a total post-tax impairment for Shell of US$151 million. Assala Energy will make additional payments of up to US$150 million, depending on production performance and commodity prices.
Read the article online at: https://www.hydrocarbonengineering.com/tanks-terminals/01112017/shell-sells-gabon-assets-for-us628-million/