Breaking News: PETRONAS Withdraws from Sudan Operations, Savannah Energy Termination

PETRONAS Divests from South Sudan Assets

August 7, 2024, Kuala Lumpur - PETRONAS Carigali Nile Limited (PCNL), a subsidiary of Malaysia's national oil and gas company PETRONAS, has announced its decision to withdraw from its operations in South Sudan.

This move follows the termination of a planned $1.25 billion sale of PCNL's assets in South Sudan to London-listed Savannah Energy SAVESL. The termination was announced by Savannah Energy on Wednesday, August 8, 2024.

Savannah Energy Acquisition Terminated

Savannah Energy had initially planned to acquire all of PCNL's oil and gas assets in South Sudan, including its operating interests in Blocks 3A and 3B. The deal, which was valued at $1.25 billion, was intended to expand Savannah Energy's presence in the country.

However, the agreement between the two companies was terminated for undisclosed reasons. Savannah Energy stated in its announcement that it "will continue to focus on its core assets in Nigeria and Niger, where it has a proven track record of operational excellence."

PETRONAS to Seek New Partners

With its withdrawal from Sudan, PETRONAS is now seeking new partners to develop its South Sudan assets. The company remains committed to its long-term strategy of exploring and developing energy resources globally.

The withdrawal of PETRONAS from South Sudan is a significant development in the country's oil and gas sector. It remains to be seen how the termination of the deal with Savannah Energy will impact future investments and developments in the industry.