Exxon Completes the $407 million Sale of its Operations in Chad and Cameroon.
Exxon Mobil Corp. (XOM. N) completed the sale of its operations in Central Africa’s Chad and Cameroon to London-listed company Savannah Energy PLC for $407 million (SAVES. L).
Exxon has been pulling out of declining crude oil-producing operations in Africa in order to concentrate on its enormous liquefied natural gas (LNG) project in Mozambique and on more profitable operations in America. It is getting ready to leave Equatorial Guinea after recently retiring a platform there.
The Doba oil project, which consists of seven producing oilfields with a combined output of 28,000 barrels per day (bpd), was acquired by Savannah, according to a corporate filing. In Nigeria and Niger, Savannah has been active.
African local energy firms have been purchasing mature fields from oil producers transitioning to more lucrative projects.