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Doba’s production has been in decline for years
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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 averag

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