HOUSTON, Dec 9 (Reuters) – Exxon Mobil Corp (XOM.N) on Friday closed a $407 million sale of its operations in Central Africa’s Chad and Cameroon to London-listed agency Savannah Vitality PLC (SAVES.L).
Exxon has been exiting African operations with declining crude oil manufacturing to concentrate on its huge liquefied pure fuel (LNG) undertaking in Mozambique and on extra profitable operations within the Americas. It lately retired a platform in Equatorial Guinea and is getting ready to go away that nation.
Savannah acquired Exxon’s 40% stake within the Doba oil undertaking, which includes seven producing oilfields with a mixed output of 28,000 barrels per day (bpd), it mentioned in a company submitting.
The fields have been producing 33,700 bpd when negotiations have been disclosed final yr. Exxon’s stake was beforehand estimated to be value $360 million.
Savannah has operated in Nigeria and Niger. The British agency additionally will take over Exxon’s 40% oblique curiosity within the Chad-Cameroon export transportation system – a 1,081-km (672-mile) pipeline and floating storage and offloading facility offshore in Cameroon.
Native vitality firms in Africa have been shopping for mature fields from oil producers shifting to extra profitable tasks elsewhere. TotalEnergies SE (TTEF.PA) exited Angola earlier this yr. Chevron Corp (CVX.N), Shell Plc and Exxon have retreated from Nigeria.
Reporting by Sabrina Valle; modifying by Jonathan Oatis
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