Exclusive: China’s Sinopec looking to sell Nigeria business – sources

7 Dec 2017   China, Gabon, Nigeria

China’s Sinopec Group has hired BNP Paribas ( BNPP.PA ) to sell its oil business in Nigeria and Gabon, three people with knowledge of the matter said, as the state-owned oil giant pares back its presence in Africa. Sinopec and other oil groups including China National Petroleum Corporation and CNOOC ( 0883.HK ) made large acquisitions between 2009 and 2013 with the help of low-cost loans from Chinese state-owned banks. Sponsored The hunt for overseas assets was intended to bulk up their energy reserves and meet future demand from China, the world’s second-largest economy. But oil prices fell to about $27 a barrel in 2016 from more than $100 in 2014, making some of these investments unprofitable. Benchmark Brent Crude oil LCOc1 is […]

Shell dumps assets onshore Gabon

25 Mar 2017   Gabon

Shell is leaving parts of Africa behind as part of a divestment streak that followed its merger with BG Group. File photo by Mohammad Kheirkhah/UPI. March 24 (UPI) — As part of an effort to streamline its portfolio after acquiring BG Group, Royal Dutch Shell said Friday it was leaving parts of Africa behind after 55 years. Shell announced it would sell its entire onshore interests in Gabon to Assala Energy Holdings, part of The Carlyle Group, for $587 million. Andy Brown, a director for Shell exploration and production programs, said the company has a legacy extending back to the early 1960s. “The decision to divest was not taken lightly, but it is consistent with Shell’s strategy to concentrate our upstream [exploration and production] footprint where we can be most competitive,” he said in a statement . “This transaction shows the clear momentum behind Shell’s $30 billion divestment program, […]

Shell finds gas off the coast of Gabon

23 Oct 2014   Gabon

Shell announced Wednesday it made a substantial discovery of natural gas in the deep waters off the coast of the West African nation of Gabon. The company said it ran into a 656-net foot column of natural gas in its Leapord-1 frontier exploration well off the Gabonese coast. The well was drilled in water more than a mile deep into a basin trapped beneath a deep layer of submarine salt. “Shell and partners [at China National Offshore Oil Corp.] are planning to undertake an appraisal program to further determine the resource volumes,” the company said in a statement. Gabon’s geological similarities to Brazil raised hopes for oil production among energy explorers, but so far the region has turned up mostly natural gas. Italian energy company Eni and Australian […]