Doba’s production has been in decline for years
ExxonMobil considers Chad divestment
Savannah is the latest independent to see opportunity in mature African assets, as another major seeks an out
AIM-listed independent Savannah Energy is in "advanced exclusive discussions" with ExxonMobil about acquiring the US major's entire upstream and midstream portfolio in Chad and Cameroon. The portfolio includes a 40pc stake in the Doba oil project and an effective 40pc share in the Chad-Cameroon oil pipeline. The deal will be classed as a reverse takeover if it goes through, so Savannah has requested that AIM suspends trading in its shares until it is able to release more details of the proposals, or the talks end. The other stakeholders in the Doba consortium are Malaysia's Petronas (35pc) and Chad's state oil company SHT (25pc). Output has slowed recently, with Doba producing an average
Also in this section
22 November 2024
The Energy Transition Advancement Index highlights how the Kingdom can ease its oil dependency and catch up with peers Norway and UAE
21 November 2024
E&P company is charting its own course through the transition, with a highly focused natural gas portfolio, early action on its own emissions and the development of a major carbon storage project
21 November 2024
Maintaining a competitive edge means the transformation must maximise oil resources as well as make strategic moves with critical minerals
20 November 2024
The oil behemoth recognises the need to broaden its energy mix to reduce both environmental and economic risks
