Exit: Petronas strikes $1.25 billion deal to sell South Sudan assets to Savannah

Malaysia’s Petronas has struck a $1.25 billion deal to sell its assets in South Sudan to fast-growing London-listed independent Savannah Energy.

News of the proposed sales emerged just days after Savannah concluded its acquisition of ExxonMobil’ controlling stakes in oilfields and a pipeline in Chad.

Savannah said it has entered into a share purchase agreement to acquire Petronas’ entire oil and gas business in South Sudan through the acquisition of Petronas Carigali Nile Limited (PCNL) for a total cash consideration of up to $1.25