British-Dutch giant Shell has been pursuing exploration and development opportunities south of the equator as it begins a gradual withdrawal of its assets from West Africa.
Shell’s 2022 programme will be engaged in southern Africa, notably Namibia, South Africa and Tanzania.
Like many oil operators and most majors, ExxonMobil has frozen, slowed or abandoned a large proportion of its exploration projects in sub-Saharan Africa, with the exception of its exploration assets in offshore Angola and Mozambique.
Shell has taken this opportunity to capture its exploration assets in South Africa and, more generally, the British-Dutch major has been able to ride on a wave of private companies pulling out of the region and, to this end, for $200 million has acquired Kosmos Energy’s assets in South Africa, Namibia and São Tomé and Príncipe and Principe (except Block 5).
Shell is investing heavily in new regions in Africa. After several delays caused by the Covid-19 pandemic.
At the company’s annual general meeting in May 2021, CEO Ben van Beurden announced plans to exit its Nigerian onshore projects, operated by local subsidiary Shell Petroleum Development Co. For the group, the “balance of risks and rewards” no longer matches its “strategic ambitions”, he said
