Shell To Start Drilling In Benin, Gabon For First Time
LONDON – Oil and gas giant, Royal Dutch Shell (Shell), is set to prepare a newly-repaired oilrig to start drilling for the first time off the coast of Benin and Gabon, Biztellers reported late on Monday.
According to Biztellers report, the company has also targeted South Africa’s northwestern coast to start drilling in 2014.
It is understood this is part of Shell’s plan to reappear in West Africa and other parts of Africa after its initial plan to establish a base in the East African coast was botched.
The energy company gave the asking price as the reason for its withdrawal from these talks, saying the price had skyrocketed suddenly.
In recent years, western oil majors have come under cumulative pressure to look for other oil and gas sources to stock up waning reserves.
Oil and gas companies have in the past more often than not made up for dwindling stocks by buying oil and gas minors that had new findings.
However, according to Fox Business News, this choice is fast-vanishing as attention from cash-flush Asian countries makes assets that original oil and gas companies want to acquire more expensive.