ExxonMobil has completed the sale of its entire upstream and midstream asset portfolio in Chad and Cameroon to the British independent energy company Savannah Energy for US$407m. The transaction includes a 40% stake in the Doba Oil project in Chad, which holds a combined 2P reserve base of 142 mbl (as of October 2022) and is expected to produce 28 kb/d of oil in 2022 from seven fields (Kome, Miandoum, Bolobo, Moundouli, Maikeri, Nya and Timbre). It also includes a 40% indirect stake in the Chad-Cameroon export transportation system, which includes a 1,081 km-long pipeline with a capacity of 250,000 bbl/d and the Kribi 1 floating storage and offloading (FPSO) facility offshore Cameroon.
Savannah Energy plans to invest up to US$500m to develop 500 MW of renewable projects at the Doba oil project and the group is considering further investments in Cameroon. The group also plans to acquire additional hydrocarbon assets outside of these two countries and to initiate new utility-scale renewable projects.