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.
Shell (LSE:SHEL)
Historical Stock Chart
From Feb 2024 to Mar 2024 Click Here for more Shell Charts.
Shell (LSE:SHEL)
Historical Stock Chart
From Mar 2023 to Mar 2024 Click Here for more Shell Charts.