Savannah Energy buys out partners' 49% stake in Nigeria oilfield
19/03/2024 11:45
By Isaac Anyaogu
LAGOS, March 19 (Reuters) - London-listed Savannah
Energy has agreed to buyout its partners' 49% stake in an
oilfield in southern Nigeria for a total of $61.5 million, the
company said on Tuesday.
Savannah, which has operations in Nigeria, Cameroon and
Niger, said the deal would be financed through debt arranged by
Standard Bank of South Africa.
The firm agreed to pay $52 million in cash for a stake in
the Stubb Creek oil and gas field held by China's Sinopec
International Petroleum Exploration and Production Corporation
and $9.5 million for the shares held by Jagal Energy.
Savannah's subsidiary Universal Energy Resources Limited, is
already the 51% owner and operator of the field.
The deal will secure more gas available for sale to
Savannah's Nigerian gas processing and distribution subsidiary,
Accugas Limited, which supplies around a fifth of the gas used
by Nigeria's power plants.
(Reporting by Isaac Anyaogu, Editing by Louise Heavens)
((Isaac.Anyaogu@thomsonreuters.com;))