The transaction involved Exxon’s 40% stake in the Doba Oil Project in southern Chad, and a 40% indirect controlling stake in the Chad-Cameroon export transportation system.
The Doba Oil Project comprises seven producing oilfields including Miandoum, Bolobo, Kome, Moundouli, Maikeri, Nya, and Timbre.
As of 1 October 2022, the project’s combined probable reserve base is 142.3 million barrels of oil.
In this year, the gross production of the Doba Oil Project is expected to reach 28,000 barrels per day (bpd).
The Chad-Cameroon export transportation system comprises a 1,081km pipeline and the Kome Kribi 1 floating storage and offloading facility, offshore Cameroon.
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With a nameplate capacity of 250,000bpd, the pipeline has an estimated throughput of 124,000bpd in 2022 from over 15 fields.
Savannah Energy CEO Andrew Knott said: “In Chad, our focus will immediately turn towards making the investments we believe the Doba Oil Project needs to significantly increase production volumes from current levels and the advancement of our up to US$500m/500 MW of renewable power projects.
“We expect our investments in these projects to provide significant increased tax revenues and electricity access for the people of Chad.”
The sale forms part of Exxon’s plans to exit Africa due to declining crude oil production and to shift its focus to more profitable operations in the Americas and its liquefied natural gas (LNG) project in Mozambique, reported Reuters.