Transactions - MARCH 24, 2017

Carlyle-backed Assala Energy acquires African assets

by Andrea Waitrovich

Assala Energy, backed by global alternative asset manager The Carlyle Group, has acquired Shell’s onshore assets in Gabon for $587 million. Assala Energy also will assume associated liabilities, including a loan of $285 million.

Production from the assets in Gabon is approximately 60,000 barrels of oil per day operated and 40,000 barrels of oil per day net, the latter reflecting production volumes both from Shell’s own as well as third party-operated fields. Upon completion of the transaction, all Shell Gabon local employees will transfer to Assala Energy. The company’s initial focus will be to continue safe and responsible management of the assets acquired from Shell.

Capital for this investment will come from two Carlyle funds: Carlyle International Energy Partners — a $2.5 billion fund that invests in global oil and gas exploration and production, mid- and downstream, oil field services and refining and marketing in Europe, Africa, Latin America and Asia — and Carlyle Sub-Saharan Africa Fund, a $698 million fund that invests in buyout and growth opportunities across Africa.

Assala Energy is a portfolio company created by Carlyle as a new oil and gas exploration and production company to focus on energy opportunities in Sub-Saharan Africa.

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