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Wednesday, December 14, 2022
Savannah Energy announced the completion of its acquisition of ExxonMobil’s entire upstream and midstream asset portfolio in Chad and Cameroon, including operatorship of the upstream assets (through the acquisition of the former operator, Esso Exploration and Production Chad, Inc.). Savannah has also announced the publication of a Supplemental Admission Document in relation to the ExxonMobil Transaction.
Transaction Highlights
Following the completion of the ExxonMobil Transaction, Savannah 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 company’s proposed acquisition of PETRONAS (E&P) Overseas Ventures interests in the same assets in Chad and Cameroon was not a condition of the ExxonMobil Transaction. That said, on December 13, Savannah announced that the PETRONAS deal had been terminated.
Andrew Knott, CEO of Savannah Energy, said: “We are delighted to announce the completion of our $407 million acquisition of ExxonMobil’s upstream and midstream businesses in Chad and Cameroon. I would like to warmly welcome our new employees to the Savannah family and look forward to building our in-country businesses with them as we embrace the multiple growth opportunities available to us.
“In Chad, our focus will immediately turn towards making the investments we believe the Doba Oil Project needs to significantly increase production volumes from current levels and the advancement of our up to $500m/500 MW of renewable power projects. We expect our investments in these projects to provide significantly increased tax revenues and electricity access for the people of Chad. In Cameroon, we hope to see the COTCo and TOTCo businesses grow further over the course of the coming years through additional third-party customer throughput volumes. We are also actively considering investments in other opportunities to pursue Projects that Matter in the country.
“Outside of Chad and Cameroon, we expect that, in the coming months, we will further augment our corporate growth profile through the announcement of additional hydrocarbon asset acquisitions and the initiation of new utility-scale renewable energy projects (in addition to our existing up to 750MW project pipeline).
“Lastly, I would like to have the opportunity to express my gratitude to all those who contributed to the successful completion of this transaction and, in particular, our host country stakeholders, my incredibly dedicated and passionate colleagues, and the ExxonMobil deal and in-country teams.
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