Shell mulls Gabon exit

LIBREVILLE, April 22, 2016 – Shell is reportedly seeking to shed its onshore Gabon assets, sources said on Friday. The move would mark an end to a continuous presence of more than five decades in the West African country.

Shell’s onshore presence in Gabon centres on the Gamba/Ivinga, Rabi, Toucan and Koula fields. It also holds two offshore exploration licences for deepwater blocks BC-9 and BC-10.

A source familiar with the matter said bids for the onshore fields are expected in June, and valued at some USD 700 million, which, according to the same source, falls short of Shell’s target. While the company has yet to comment directly, a spokesperson told Reuters on Friday that Shell “continuously evaluates opportunities for our global portfolio in line with our business strategy.”

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