Friday 29 Mar 2024
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KUALA LUMPUR (Dec 14): Petronas (E&P) Overseas Venture Sdn Bhd is disposing its entire stake in Petronas Carigali Chad Exploration & Production Inc. (PCCEPI), its subsidiary in Chad.

In a statement Tuesday (Dec 14), the national oil company (NOC) said it had signed a Share Sale and Purchase Agreement (SPA) with Savannah Energy Chad Limited for the deal.

The NOC said the sale was aligned the 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.

It said 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.   

For the proposed transaction, Petronas was advised by Jefferies International Limited.

Petronas said the transaction is currently pending regulatory approvals and fulfillment of conditions precedent, including the approval from Chad’s Ministry of Petroleum and Energy.  

Petronas said it 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. 

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