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This Major Political Shift Could Rock Copper Markets

This Major Political Shift Could Rock Copper Markets

Chile’s upcoming Presidential elections could…

Total, Shell Sell Oil Assets In Gabon

Gabon Oil

Oil majors Shell and Total SA are divesting some of their assets in Gabon, which signals a shift in the oil players’ line-up in the country that rejoined OPEC last year after more than two decades.

France’s Total said on Monday that it had agreed to sell stakes and transfer the operatorship of a number of mature assets in Gabon to Perenco, subject to regulatory approval. The total value of the transactions is estimated at around US$350 million and Total would be divesting some 13,000 bpd of its oil production in the country. Total is selling its wholly owned subsidiary Total Participations Petrolières Gabon that has interests in 10 fields. In addition, Total Gabon - in which Total holds 58 percent – is selling its interests in five fields and the Rabi-Coucal-Cap Lopez pipeline network.

However, “Total remains committed to Gabon and will focus on maximizing value from its principle strategic operated assets,” Arnaud Breuillac, President of Total Exploration & Production, noted.

Apart from Total, Royal Dutch Shell is also looking to sell assets in Gabon as part of its US$30 billion global divestment plan. In November 2016, a Shell spokesman told Reuters that the company had informed its staff that it was in advanced talks to sell its onshore operations in Gabon.

Related: Have The Majors Given Up On Canada’s Oil Sands?

According to S&P Global Platts, Shell’s output in Gabon is some…

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