Savannah takes ExxonMobil, Petronas assets in Chad and Cameroon
YAOUNDE, December 15, 2021 – Savannah Energy will acquire the Chad and Cameroon assets of ExxonMobil and Petronas for a combined USD 626 million, the UK upstream player said on Monday.
The Africa-focused player signed SPAs with both companies as part of efforts to expand operations on the continent.
ExxonMobil’s joint development project in Chad and Cameroon includes several Doba Basin oilfields in southern Chad and a pipeline system to bring oil to a marine terminal in Cameroon for export.
The transactions will together result in Savannah holding a 75% controlling interest in the Doba Oil Project and a 70% indirect controlling interest in the Chad-Cameroon export system. Chadian NOC SHT Petroleum Chad Company holds the remaining 25% in the Doba Oil Project.