Asset A&D

China’s CNOOC Acquires Shell’s Interests in Offshore Gabonese Blocks

By Shriya Bhargava
November 27, 2019
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CNOOC Offshore Rig

Royal Dutch Shell Plc has transferred its 75% operated interest in exploration blocks BC9 and BCD10 located off the coast of Gabon to CNOOC Africa Holdings Ltd., a wholly-owned subsidiary of Chinese state-owned oil company CNOOC Ltd. Previously, in March 2017, Shell had entered into a transaction with Assala Energy Holdings Ltd., a portfolio company of The Carlyle Group, for the sale of all of its onshore oil & gas assets in Gabon, for a total consideration of US$587.0 million. Shell’s withdrawal from the two offshore blocks completes its exit from Gabon.

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