Shell Cedes Its Stake in Gabon to China's CNOOC
November 29 2019 - 07:02AM
Dow Jones News
By Emmanuel Tumanjong
Special to Dow Jones Newswires
Anglo-Dutch oil-giant Royal Dutch Shell PLC (RDSA.LN) has sold
its shares in its Gabonese oil holding to CNOOC Africa Holding, a
local affiliate of China's CNOOC Ltd. (0883.HK), according to a
government statement issued Thursday.
Shell sold its 75% stake in two oil blocks, marking its
departure from the oil business in Gabon while granting CNOOC
Africa Holding a 100% stake in the blocks.
Describing the deal as a "win-win", Gabon's Minister of Mines,
Hydrocarbons and Gas Noel Mboumba said the transactions were
carried out under the country's new oil code, which became
operational a few months ago in an attempt to open up the nation's
oil business.
Write to Barcelona Editors at barcelonaeditors@dowjones.com
(END) Dow Jones Newswires
November 29, 2019 06:47 ET (11:47 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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