Exxon sells off Chad, Cameroon assets to Savannah Energy

Must Read

OilNOW is an online-based Information and Resource Centre

ExxonMobil sold its assets in Cameroon and Chad to British energy company, Savannah Energy.

Savannah’s acquisition includes ExxonMobil’s entire upstream and midstream asset portfolio in Chad and Cameroon, including operatorship of the upstream assets through the acquisition of Esso Exploration and Production Chad, Inc. The acquisition includes Exxon’s employees attached to the company, Chief Executive Officer of Savannah Energy, Andrew Knott indicated.

Following the completion of the ExxonMobil Transaction, Savannah said it now owns a 40% interest in the Doba Oil Project and an effective c. 40% indirect interest in the Chad-Cameroon export transportation system.

The Doba Oil Project comprises interests in seven producing fields – Kome, Miandoum, Bolobo, Moundouli, Maikeri, Nya and Timbre. The Chad-Cameroon export transportation system comprises a 1,081 km pipeline and the Kome Kribi 1 floating storage and offloading facility, offshore Cameroon (along with all associated facilities).

In addition to ExxonMobil’s divestment of Chad and Cameroon assets, it plans to wind down oil production in Equatorial Guinea and close shop when its license expires there in 2026, according to a Reuters report.

Meanwhile, the major is ramping up production offshore Guyana. With its Guyana output at  360,000 barrels per day (bpd),  Exxon expects to add another 800,000 bpd by 2027. This positions the American basin as increasingly important to Exxon’s portfolio.


Partnered Events

Latest News

Hess facing three lawsuits over disclosures in Chevron deal

(Reuters) - Oil producer Hess (HES.N) on Tuesday said it is currently facing three lawsuits alleging inadequate disclosures over...

More Articles Like This