Royal Dutch Shell has inked a deal with Assala Energy Holdings (belonging to Carlyle Group) regarding the sale of its Gabon onshore assets for US$587m.
Assala Energy will assume a debt of US$285m under the framework of the Agreement and make additional payments up to a maximum of US$150m, depending on production performance and oil prices. 100% of Shell's onshore assets are concerned and the deal closure is expected in mid-2017.
Shell's onshore oil and gas operations in Gabon consist of 5 operated fields (Rabi, Toucan/Robin, Gamba/Ivinga, Koula/Damier and Bende/M'Bassou/Totou) and participation interests in 4 non-operated fields (Atora, Avocette/M'Boukou, Coucal and Tsiengui West). Shell has also a stake in the onshore pipeline system stretching from Rabi to Gamba and in the Gamba Southern export terminal. In 2016, Shell Gabon produced approximatively 41,000 boe/d.
This divestment fits into the frame of Shell's global strategy elaborated in the wake of BG acquisition, which aims to sell US$30bn so that its upstream portfolio is simplified.