The President of Gabon, Ali Bongo Ondimba (photo) has confirmed that Shell is planning to farm out its onshore assets worth $700 million.

The company’s onshore assets which includes the Rabi Kounga and Gamba fields is expected to be bid for next month.

Shell has been active in the country since the 1960s and has enjoyed its position as one of the biggest investors in the energy sector. Although for over a decade now, the company’s production has been on a downward trend.

Apart from progressing its African assets, Shell is also working towards selling off about $30 billion in assets in the next three years.

In sub-Saharan Africa, Gabon is the fifth-largest producer of oil.

Over the past 10 years, oil output in the country dropped by 30%, but the government is making efforts to keep production for now at approximately 250,000 bpd compared to the 240,000 bpd in 2014.

The president has said that Gabon’s economy, which has been affected by the decline in world oil prices, will rise by 3% in 2016 and increase further in 2017.

According to him, growth had been running at an average of 6% a year since 2009.

Petroleum exports account for about three-quarters of the country’s exports. Gabon had slashed its expenses by 14% in 2015 due to falling oil prices and reduced output.

Formerly a member of the Organization of Petroleum Exporting Countries (OPEC), Gabon is now in negotiations to rejoin the group, Oil Price news reports.

Anita Fatunji