HomeBusinessInternationalSavannah Energy Seemingly to Acquire Petronas Stake

Savannah Energy Seemingly to Acquire Petronas Stake

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Paloch Oil Fields In Upper Nile State, South Sudan.

 Savannah Energy apparently inked an agreement With giant Malaysian Oil firm Petronas, to acquire the entire oil assets of Petronas in South Sudan for a comprehensive gross certainly above a Billion US dollars. 

This came yesterday after the announcement from relevant Ministry disclosed that Petronas has resolved to withdraw from South Sudan after 24 years of operation in the country’s energy sector. As stated by Offshore Technology, Savannah will purchase Petronas Carigali – a subsidiary of the Malaysian oil massive firm.

The UK firm Savannah shall as well obtain dividends in three joint operating companies that operate Block 3/7, Block 1/2/4, and Block 5A.

Offshore Energy outlined that Petronas’ assets in South Sudan reported had a gross production rate of 153,000 barrels of crude oil equivalent per day in 2021. The offset assets under the incorporated business deal include interests in 64 active producing fields

Savavha Energy stated that the business agreement remuneration is anticipated to be funded via a merger of the enlarged group’s available cash resources and debt.

The deal is contingent on the gratification of fixed circumstances precedent, including inter alia, approval of the Government of the Republic of South Sudan. The approval of Savannah’s shareholders, and re-admission to trading on AIM taking effect. The government has not made any remarks in regards to Savannah securing the deal from Petronas yet.

Last Sunday, December 18, on the state-owned television – SSBC Dr. Barnaba Marial Benjamin the Minister of Presidential Affairs stated he has led a delegation to the Petronas headquarters in Malaysia – to understand the reason for their exit. 


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