Savannah Energy has agreed to acquire the entire upstream and midstream asset portfolio of ExxonMobil and Petronas in Chad and Cameroon for a total value of US$626m.
The company has inked a share purchase agreement (SPA) with Exxon Mobil and Petronas (E&P) overseas ventures to secure the assets. The Exxon transaction has a value of US$360m, while the deal with Petronas is worth approximately US$266m.
The two accords will provide Savannah with a 75% controlling interest in the Doba oil project, as well as an approximately 70% indirect controlling interest in the Chad-Cameroon export transportation system.
Last year, the Doba Oil Project produced an average of 33,700 barrels (bbl/d) of oil per day. The Chad-Cameroon pipeline system transported a total of 129,200 barrels/day of oil in 2020.
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