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
![](/images/white-fade.png)
Also in this section
26 July 2024
Oil majors play it safe amid unfavourable terms in latest oil and gas licensing bid rounds allowing Chinese low-ball moves
25 July 2024
Despite huge efforts by India’s government to accelerate crude production, India’s dependency shows no sign of easing
24 July 2024
Diesel and jet fuel supplies face a timebomb in just four years, and even gasoline may not be immune
23 July 2024
Rosneft’s Arctic megaproject is happening despite sanctions, a lack of foreign investment and OPEC+ restrictions. But it will take a long time for its colossal potential to be realised