Chad’s Doba oil changes hands

UK independent Savannah Energy expands into Chad and Cameroon, as ExxonMobil and Petronas divest

AIM-listed independent Savannah Energy is purchasing the entire upstream and midstream portfolios of both ExxonMobil and Malaysia’s Petronas in Chad and Cameroon. The two simultaneous deals mean Savannah will own 75pc of the Doba oil project and an indirect share of around 70pc in the Chad-Cameroon export pipeline system—which also includes the Kome Kribi 1 floating storage and offloading facility—effective from 1 January 2021. The remaining 25pc stake in Doba is still held by Chad’s state oil company, SHT, while the rest of the transportation system is owned by affiliates of SHT and Chad’s government, and Cameroonian NOC SNH. ExxonMobil’s and Petronas’ shares had comprised 40pc and 35pc of