Savannah struck a deal to acquire Petronas’ South Sudan assets in December 2022. It had hoped to publish its AIM admission documents on the deal by September 30. Today, it has pushed that back to the fourth quarter of the year.
The statement from the South Sudanese presidency valued the agreement at $3bn. According to Kiir, Caltech will partner with the government to buy Petronas’ entire portfolio in the country for $1.25bn.
The executive said he had been involved in driving changes at Nilepet since his arrival at the start of the year. This included increasing salaries for workers, changing the governance structure and passing the company's first budget.
“It has not been as easy as it used to be. We need to reach out to other countries like Kenya,” he said.
OilX had expected loadings to rise to 135,000 bpd in May, but “this is now at risk”, he said. “If the fighting continues and damages oil infrastructure then these are the volumes that would be at risk”.
At the same time that Savannah was announcing the cancellation of its deal to buy the Petronas assets in Chad, it set out an even more ambitious plan with the Malaysian company.
The statement said countries in need “will not prosper without domestic players who are willing to solve their unique challenges”.
Savannah Energy (LON:SAVE) has completed its acquisition of ExxonMobil’s (XOM) assets in Chad and Cameroon, while launching a new deal this morning to acquire Petronas’ (KLSE:PETGAS) interests in South Sudan.
A London court has ordered commodity trader Glencore to pay £280.97 million in penalties as a result of its bribe paying.
Glencore has agreed to pay penalties of $1.06 billion to US and Brazilian authorities. More is to come in a UK settlement with the Serious Fraud Office (SFO).
Swedish prosecutors have charged high-ranking executives at the Lundin Group over complicity in war crimes committed in Sudan.
The head of South Sudan’s Nilepet has stepped down after mounting criticism of his work.
South Sudan has largely squandered its oil revenues, with International Crisis Group (ICG) suggesting the state be paid to not produce.
South Sudanese production has dropped to 154,000 barrels per day but the government is eager to secure investments, both in new exploration and in increasing its recovery rate.
The East African Court of Justice has backed mediation as a first step in a legal fight between South Sudan and oil-producing communities.
South Sudan’s Ministry of Petroleum (MoP) has launched its first oil licensing round, offering five blocks.
South Sudan is running short of foreign-cash reserves and is struggling to pay public-servants’ wages as Africa’s newest country battles weak oil prices and violence that’s straining a peace agreement.
The price crash has put producers around the world under pressure – but few are facing a court challenge in a bid to stop the oil flowing.
South Sudan has postponed its licence round as a result of the coronavirus, officials have said.
Without additional investment, South Sudan’s oil production will fall and become heavier, dominated by its Nile Blend crude.
Gunfire broke out in Khartoum today as former intelligence officers took to the streets to protest the loss of their jobs.
South Sudan has announced a tender for an environmental review of its producing oilfields.
Pressure is mounting on the US to reconsider sanctions on Sudan, where the former president was driven from office in April.
Trafigura’s work in South Sudan involved connections with an Israeli middleman who went on to be sanctioned by the US for aiding the conflict, a Swiss NGO has claimed in a new report.