Savannah struck a deal to acquire Petronas’ South Sudan assets in December 2022. It had hoped to publish its AIM admission documents on the deal by September 30. Today, it has pushed that back to the fourth quarter of the year.
A statement from Chad’s hydrocarbons ministry said the event symbolised the “deep friendship” between the two countries.
Chad should transfer a 20% stake in COTCO to SNH, the chairman said. This would reduce Chad’s share from 53% to 33.77%, while Cameroon would have 35.17%. Cameroon President Paul Biya backed such a redistribution, he said.
Chad has said it is holding talks with Cameroon on increasing stakes in COTCO and how to share management.
A letter, signed by the Chadian president’s secretary general, Gali Ngothe Gatta, said a number of “Cameroonian personalities” had flocked to Savannah. The company and its backers were interfering with Chadian officials, he said.
The country attributed increased production to “local Chadian managers who were no longer restrained by ExxonMobil’s pre-exit policies”.
The Niger-Benin export pipeline will serve to unlock developments in Niger. The line is 75% complete, Savannah reported, and should be fully operational in the fourth quarter of this year.
At the same time that Savannah was announcing the cancellation of its deal to buy the Petronas assets in Chad, it set out an even more ambitious plan with the Malaysian company.
The move by Chad came despite the fact that Savannah had reversed production decline, the company said. Production reached 29,349 barrels per day since December 9, it said, up by 9%.
It took only days for Savannah Energy’s plans for Chad to come unstuck, as the government threw up objections to its ExxonMobil acquisition.
Savannah Energy (LON:SAVE) has completed its acquisition of ExxonMobil’s (XOM) assets in Chad and Cameroon, while launching a new deal this morning to acquire Petronas’ (KLSE:PETGAS) interests in South Sudan.
Malaysian state oil company Petroliam Nasional has started inviting bids for its upstream assets in Africa, which could fetch as much as $3 billion, people with knowledge of the matter said.
Perenco has exported its first barrel of oil from its recently acquired Chadian assets via the Chad-Cameroon pipeline.
A light aircraft chartered by Cameroon Oil Transportation Co. (Cotco) crashed in a forest close to Nsem, in Cameroon on May 11 with no survivors.
Glencore has reported strong earnings for 2021, although in terms of energy it was largely driven by coal, rather than oil.
Savannah Energy has formalised its purchase plans in Chad, striking a $626 million deal with ExxonMobil and Petronas.
Exxon workers in Chad have gone on strike, amid concerns about employment following the proposed sale of local assets to UK-listed Savannah Energy.
Savannah Energy is in talks to buy ExxonMobil’s entire up- and midstream portfolio in Chad and Cameroon.
The US has charged two former Chadian diplomats with international bribery and money laundering.
Chadian President Idriss Deby has died while visiting fighting according to reports, coinciding with his re-election.
Chad has no plans to sell a stake in its export pipeline to Cameroon, Société des Hydrocarbures du Tchad (SHT) has said in a statement.
Glencore has taken an impairment of $6.39 billion for 2020, including $1.15bn in African oil operations.
Glencore’s wells in Chad remain offline although the Alen field, in Equatorial Guinea, is expected to start up on schedule in the first quarter.
The UK’s National Contact Point (NCP) has accepted a complaint against Glencore UK for an oil spill in Chad.
Taiwan’s CPC Corp. has celebrated the arrival of Chadian crude in its home market.