PETRONAS Inks Agreement With Savannah Energy To Sell Business Interests In Chad

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Kuala Lumpur, 14 December 2021 – 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.