Shell has agreed to acquire Hess Corporation’s entire upstream portfolio in Gabon and its interest in the Clair Field, which lies in British waters west of the Shetland Islands. In return, Hess would acquire Shell’s interest in a pair of Norwegian offshore fields, Valhall and Hod. This transaction is a strategic trade and no cash payment is involved.
“We are very pleased to increase our equity stake in Gabon-a country in which we have operated with great success for nearly 50 years”, said Malcolm Brinded, Executive Director of Shell’s Upstream International Business. The swap, which is still subject to government approval and other requisite consents, would rearrange the companies’ ownership interests in Gabon, the UK and Norway. Shell’s interest in its Gabonese production licenses would increase from 42.5% to 52.5% in Rabi-Kounga, from 44.3% to 94.3% in Toucan and from 20% to 60% in Atora. Its interest in the Ozigo exploration license would increase from 44.3% to 94.3%