{"id":29244,"date":"2022-12-19T17:12:34","date_gmt":"2022-12-19T17:12:34","guid":{"rendered":"https:\/\/www.africa-press.net\/south-sudan\/all-news\/savannah-energy-reportedly-inks-deal-to-buy-petronas-shares"},"modified":"2022-12-19T17:48:11","modified_gmt":"2022-12-19T17:48:11","slug":"savannah-energy-reportedly-inks-deal-to-buy-petronas-shares","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-sudan\/all-news\/savannah-energy-reportedly-inks-deal-to-buy-petronas-shares","title":{"rendered":"Savannah Energy reportedly inks deal to buy Petronas shares"},"content":{"rendered":"

Africa-Press – South-Sudan. <\/strong><\/span>UK company \u2013 Savannah Energy reportedly signed an agreement to acquire the entire oil assets of Malaysian company Petronas in South Sudan for a total sum of $1.25bn US dollars.<\/p>\n

This comes after the government revealed last evening that Petronas has decided to pull out of South Sudan after 24 years of service to the country\u2019s oil sector.<\/p>\n

According to Offshore Technology, Savannah will buy Petronas Carigali \u2013 a subsidiary of the Malaysian oil giant company.<\/p>\n

Savannah will also acquire interests in three joint operating companies that operate Block 3\/7, Block 1\/2\/4, and Block 5A.<\/p>\n

The assets covered under the transaction include interests in 64 producing fields.<\/p>\n

Offshore Energy reports that Petronas\u2019 assets in South Sudan reported had a gross production rate of 153,000 barrels of oil equivalent per day in 2021.<\/p>\n

\u201cThe transaction consideration is expected to be financed through a combination of the enlarged group\u2019s available cash resources and debt,\u201d Savannah Energy said in a statement.<\/p>\n

\u201cThe transaction is conditional upon the satisfaction of certain conditions precedent, including inter alia, approval of the Government of the Republic of South Sudan, the approval of Savannah\u2019s shareholders, and re-admission to trading on AIM taking effect.\u201d<\/p>\n

The government has not yet commented to confirm the reports of Savannah takeover.<\/p>\n

But on Sunday, December 18, the Minister of Presidential Affairs Dr. Barnaba Marial Benjamin said he has led a delegation to the Petronas headquarters in Malaysia \u2013 to understand the reason for their exit.<\/p>\n

Speaking to the state-owned television \u2013 SSBC, the minister said he will brief the president and the cabinet on the outcome of their meeting and the company\u2019s decision.<\/p>\n

\u201cSo this delegation had to go the Petronas headquarters so that we discuss and understand the reason that makes Petronas ask the government of South Sudan to exit from the oil responsibilities that they have been carrying out for the last 24 years,\u201d said Marial.<\/p>\n

\u201cWe have had a wonderful discussion and indeed we shall brief the president and the Council of Ministers on how the talks went ahead. We believe this is an issue that involves the mutual interest of both parties.\u201d<\/p>\n

However, Marial did not disclose either the reason for the departure of the Petronas or the outcome of the talks.<\/p>\n

It is also not clear if the abrupt pull-out will have a significant impact on South Sudan\u2019s oil export which accounts for almost all the revenue generated by the country.<\/p>\n

Petronas started investing in Block 5A oilfields of Unity State in 1996, before buying oil assets from Lundin Petroleum at 142.5 million dollars.<\/p>\n

Savannah Energy PLC calls itself an independent energy company, and it is active in Africa \u2013 especially in Cameroon, Chad, Niger and Nigeria.<\/p>\n

For More News And Analysis About South-Sudan<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Sudan. UK company \u2013 Savannah Energy reportedly signed an agreement to acquire the entire oil assets of Malaysian company Petronas in South Sudan for a total sum of $1.25bn US dollars. This comes after the government revealed last evening that Petronas has decided to pull out of South Sudan after 24 years of […]<\/p>\n","protected":false},"author":84,"featured_media":29243,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,265,233],"class_list":["post-29244","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-south-sudan","tag-south-sudan"],"yoast_head":"\nSavannah Energy reportedly inks deal to buy Petronas shares - South Sudan<\/title>\n<meta name=\"description\" content=\"UK company \u2013 Savannah Energy reportedly signed an agreement to acquire the entire oil assets of Malaysian company Petron ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/savannah-energy-reportedly-inks-deal-to-buy-petronas-shares\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Savannah Energy reportedly inks deal to buy Petronas shares\" \/>\n<meta property=\"og:description\" content=\"UK company \u2013 Savannah Energy reportedly signed an agreement to acquire the entire oil assets of Malaysian company Petron ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/savannah-energy-reportedly-inks-deal-to-buy-petronas-shares\" \/>\n<meta property=\"og:site_name\" content=\"South Sudan\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-12-19T17:12:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-19T17:48:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-sudan\/sites\/32\/2022\/12\/postQueueImg_1671457362.34.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"960\" \/>\n\t<meta property=\"og:image:height\" content=\"540\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/savannah-energy-reportedly-inks-deal-to-buy-petronas-shares#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/savannah-energy-reportedly-inks-deal-to-buy-petronas-shares\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-sudan\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Savannah Energy reportedly inks deal to buy Petronas shares\",\"datePublished\":\"2022-12-19T17:12:34+00:00\",\"dateModified\":\"2022-12-19T17:48:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/savannah-energy-reportedly-inks-deal-to-buy-petronas-shares\"},\"wordCount\":460,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/savannah-energy-reportedly-inks-deal-to-buy-petronas-shares#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-sudan\/sites\/32\/2022\/12\/postQueueImg_1671457362.34.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Sudan\",\"South-Sudan\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/savannah-energy-reportedly-inks-deal-to-buy-petronas-shares#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/savannah-energy-reportedly-inks-deal-to-buy-petronas-shares\",\"url\":\"https:\/\/www.africa-press.net\/south-sudan\/all-news\/savannah-energy-reportedly-inks-deal-to-buy-petronas-shares\",\"name\":\"Savannah Energy reportedly inks deal to buy Petronas shares - 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