UK's Savannah Energy clinches US$626mil Africa deals with Malaysia's Petronas, Exxon Mobil

The deal with Malaysia's Petronas is worth US$266 million, with a 35% stake buy in the Doba project and an about 30% indirect holding in the Chad-Cameroon transportation network.

Africa-focused Savannah Energy said on Monday it would buy the upstream and midstream assets in Chad and Cameroon of Exxon Mobil Corp and Petronas for a combined US$626 million as it expands operations in the continent.

Dealmaking in the energy sector has gathered steam as oil and gas firms trim their portfolios to focus on more profitable assets and transition towards cleaner energy amid uncertainty over future demand for fossil fuels.