Shell and Amerada accept Gabon-Norway-UK strategic asset exchange

Shell Group has agreed to acquire the entire portfolio of activities upstream of Amerada Hess in Gabon, and their interest in the Clair field located in British waters, east of Shetland, revealed Shell Gabon based in Gamba, south-west of Gabon.
This acquisition is to strengthen the Portfolio Exploration Production in the North Sea and West Africa for the Shell Group.

"Amerada Hess acquired Shell's interests in two fields offshore Norway, Valhall and Hod. This transaction is a strategic exchange and no payment is made. We are pleased to expand our interests in Gabon, a country in which we work successfully for almost 50 years," said Malcolm Brinded, Executive Director of the branch Upstream, Upstream Shell International.
"Similarly, increasing our holdings in the field clearly demonstrates our continuing interest to invest in long-term assets in the United Kingdom, one of our strongholds," Mr Brinded said.

Adrian Drewett, President and CEO of Shell Gabon said: "It's a happy outcome, shows our commitment to continue our activities in Gabon."
"This exchange is still subject to government approval and other approvals and will redevelop the interests of these enterprises in Gabon, the United Kingdom and Norway. Shell's interests in its operating permit in Gabon will increase by 42.50 % to 52.5 % for Rabi-Kounga, from 44.3 % to 94.3 % for Toucan and 20 % to 60 % for Atora. The interests in the exploration permit Ozigo will increase from 44.3 % to 94.3 %", Mr Drewett added.

Similarly, in the context of this transaction, Shell's interests in the Clair field, the United Kingdom will increase from 18.7 % to 28 %. In return, Hess will retrieve the shareholdings of Shell in the Valhall and Hod fields. Consequently, Hess's participation in these fields will double to 56.2 % and 50 % respectively. BP is the operator of Clear and Valhall and Hod.
Shell Gabon is the second largest oil operator in Gabon, whose economy and development are dependent on oil. The company is headquartered in Gamba. Shell Gabon is a limited company established in 1960 with a capital of 15 bn CFA francs, divided between the Royal Dutch Shell Group (75 %) and the Gabonese government (25 %).