PETRONAS (E&P) Overseas Venture Sdn Bhd has signed a Share Sale and Purchase Agreement (SPA) with Savannah Energy Chad Limited to sell its entire shareholding in PETRONAS Carigali Chad Exploration & Production Inc. (PCCEPI), its subsidiary in the Republic of Chad.

The SPA includes the transfer of PCCEPI’s shares and interests in PETRONAS Carigali Chad (EP) Inc., DOBA Pipeline Investment Inc. (a shareholder in both Tchad Oil Transportation Company and Cameroon Oil Transportation Company), and PETRONAS Chad Marketing Inc, to Savannah Energy Chad Limited.

For the proposed transaction, PETRONAS was advised by Jefferies International Limited. The transaction is currently pending regulatory approvals and fulfillment of conditions precedent, including the approval from Chad’s Ministry of Petroleum and Energy.

This proposed sale is aligned with PETRONAS’ asset rationalisation strategy shaped by a regular review of its investments to ensure a better fit with its growth ambitions in the changing industry environment and accelerated energy transition landscape.

PETRONAS remains focused on maintaining a robust portfolio with a healthy and sustainable risk and return profile as it expands into non-traditional businesses, including new energy and renewables, to improve its carbon profile and advance its sustainability agenda.

About Petronas

Established in 1974, Petroliam Nasional Berhad (PETRONAS) is a global energy and solutions company, ranked amongst the largest corporations on Fortune Global 500®️. As an integrated global LNG producer with over 37 years of experience, PETRONAS provides an uninterrupted supply of LNG to more than 25 countries around the world. PETRONAS has safely delivered more than 11,000 cargoes globally, sourced from its portfolio of facilities located in Malaysia, Australia and Egypt. PETRONAS is also the first global energy player to introduce the floating LNG concept in 2016, the PFLNG SATU, and introduced its deep-water FLNG, the PFLNG DUA, in 2021.

About Savannah Energy

Savannah Energy PLC is an AIM market listed African-focused British independent energy company sustainably developing high quality, high potential energy projects in Nigeria and Niger, with a focus on delivering material long term returns for stakeholders. In Nigeria, the Company has controlling interests in the cash flow generative Uquo and Stubb Creek oil and gas fields, and the Accugas midstream business in South East Nigeria, which provides gas enabling over 10% of Nigeria's thermal power generation. In Niger, the Company has licence interests covering approximately 50% of the highly oil prolific Agadem Rift Basin of South East Niger, where the Company has made five oil discoveries and seismically identified a large exploration prospect inventory consisting of 146 exploration targets to be considered for potential future drilling activity.