Africa-focused Savannah Energy said on June 2 it was in exclusive talks to buy U.S. oil producer Exxon Mobil Corp.’s interest in two energy assets in Chad and Cameroon.
The British oil and gas producer is proposing to buy a 40% operated interest in the Doba oil project in Chad and a 40% interest in the Chad-Cameroon oil transportation pipeline.
The company’s London-listed shares were last up nearly 7% at 19.25 pence.
Exxon did not immediately respond to a Reuters request for comment. Savannah Energy, which currently only operates in Nigeria and Niger, did not disclose the financial terms in discussion.
Savannah Energy on June 2 asked for trading in its shares to be suspended until it publishes details of the proposed deal or confirms that the talks have ended.
The Doba oil project produced gross 33,700 barrels of oil per day (bbl/d) on average, while the Chad-Cameroon pipeline transported gross 129,200 bbl/d last year, the British company said.
Recommended Reading
Exclusive: Arjun Murti Talks Energy Transition, the Role of Oil, Gas in Meeting Energy Needs
2024-02-16 - Partner at Veriten Arjun Murti gives his perspective on global energy needs and addresses EV adoption in the U.S. in this Hart Energy LIVE Exclusive interview.
Exclusive: TES CEO Sees Electric Natural Gas as a Trillion Dollar Market
2024-03-26 - Marco Alverà, the co-founder and CEO of TES, details how electric natural gas from green hydrogen is a cheaper and easier to produce fuel and shares insight on its e-NG partnership with TotalEnergies, in this Hart Energy Exclusive.
Schneider Electric’s Heather Cykoski: Infused AI is Everywhere
2024-04-09 - Schneider Electric puts sensors in the technology it provides customers, creating the ability to gather data, predict operations and drive efficiency.
Amid Climate Scaremongering, Energy Execs Urge Engagement, Realism
2024-02-06 - From shale boom to net zero goals, industry experts grappled with the contradictions facing the energy industry during SPE’s Hydraulic Fracturing Technology Conference.
‘Growth Story’ for Oil: Rice's Kenneth Medlock on Demand Trends
2024-03-05 - Economics drive oil demand, not politics, Rice University’s Kenneth Medlock said during the International Drilling Conference and Exhibition in Galveston.