Savannah Energy signs deals to acquire key African assets

Savannah Energy signs deals to acquire key African assets

15 Dec 2021

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.

For more information, please visit EICDataStream.

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