In return, Hess will 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.
Malcolm Brinded, executive director of upstream international business at Shell, said: “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.
“At the same time, by increasing our interest in the Clair field, we are also demonstrating our continued interest in investing in long-term assets of the UK – one of our heartlands.”
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 will 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%. Also, as part of the transaction, Shell’s stake in the Clair field of the UK will increase from 18.7% to 28%.
In turn, Hess’ stake in Valhall and Hod fields will double to 56.2% and 50%, respectively. BP is the operator of Clair as well as of Valhall and Hod.
Hess is an integrated energy company engaged in exploration, production, purchase, transportation and sale of crude oil and natural gas, as well as production and sale of refined petroleum products.
