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Shell completes onshore sell-off

Shell today completed its sale of Gabon onshore interests for $628million.

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The deal is the latest in a string of divestments as the oil major zeroes in on its target of $30billion worth of divestments. The deal with Assala Energy will see the new owner assume debt of $285million. The transaction will result in a total post-tax impairment for Shell of $151million. Of this impairment, $53million was taken in Q1 2017, $98million will be taken in Q3 2017 with a final reconciliation to be reflected in Q4 2017. FULL ARTICLE

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