Shell is planning to farm-out its onshore assets in Gabon to refocus its presence in Africa, according to sources.

Some sources have said that the company will launch bids worth $700 million in June for the fields, while others say that price indications are lower than Shell's expectations, so no sale may take place.

“Shell continuously evaluates opportunities for our global portfolio in line with our business strategy,” the company’s spokesman said.

Shell has been present in Gabon for over 50 years with assets including the Rabi Kounga and Gamba fields. The company is looking to sell no less than $30 billion worth of assets in the next three years and concentrate on deep water oil production and the fast growing liquefied natural gas (LNG) market.

The declining crude prices in the global market in the past two years as well as the doubts over price stability has crumpled the market for oil production assets, restricted procurements in the sector as well as affected the economies of many African countries that relies on oil.

Gabon has been planning to diversify its economy away from oil and concentrate on drawing tourists and investors in other sectors like mining, Reuters report.

Anita Fatunji