Exxon Mobil Corp. on Dec. 9 closed a $407 million sale of its operations in Central Africa's Chad and Cameroon to London-listed firm Savannah Energy Plc.
Exxon has been exiting African operations with declining crude oil production to focus on its massive LNG project in Mozambique and on more lucrative operations in the Americas. It recently retired a platform in Equatorial Guinea and is preparing to leave that country.
Savannah acquired Exxon's 40% stake in the Doba oil project, which comprises seven producing oilfields with a combined output of 28,000 bbl/d, it said in a corporate filing.
The fields were producing 33,700 bbl/d when negotiations were disclosed last year. Exxon's stake was previously estimated to be worth $360 million.
Savannah has operated in Nigeria and Niger. The British firm also will take over Exxon's 40% indirect interest in the Chad-Cameroon export transportation system - a 1,081-km (672-mile) pipeline and floating storage and offloading facility offshore in Cameroon.
Local energy companies in Africa have been buying mature fields from oil producers shifting to more lucrative projects elsewhere. TotalEnergies SE exited Angola earlier this year. Chevron Corp., Shell Plc and Exxon have retreated from Nigeria.
Recommended Reading
Tech Trends: Halliburton’s Carbon Capturing Cement Solution
2024-02-20 - Halliburton’s new CorrosaLock cement solution provides chemical resistance to CO2 and minimizes the impact of cyclic loading on the cement barrier.
Exxon Versus Chevron: The Fight for Hess’ 30% Guyana Interest
2024-03-04 - Chevron's plan to buy Hess Corp. and assume a 30% foothold in Guyana has been complicated by Exxon Mobil and CNOOC's claims that they have the right of first refusal for the interest.
Petrobras to Step Up Exploration with $7.5B in Capex, CEO Says
2024-03-26 - Petrobras CEO Jean Paul Prates said the company is considering exploration opportunities from the Equatorial margin of South America to West Africa.
The OGInterview: How do Woodside's Growth Projects Fit into its Portfolio?
2024-04-01 - Woodside Energy CEO Meg O'Neill discusses the company's current growth projects across the globe and the impact they will have on the company's future with Hart Energy's Pietro Pitts.
Petrobras Sending Nearly Half of Oil Exports to China
2024-04-30 - Conflict in the Middle East has enabled Brazil’s state-owned Petrobras to change the flow of its oil exports, with China being the primary beneficiary, followed by Europe.