Exxon completes sale of Chad, Cameroon operations for $407 million

Exxon Mobil Corp XOM on Friday closed a $407 million sale of its operations in Central Africa's Chad and Cameroon to London-listed firm Savannah Energy PLC SAVEL.

Exxon has been exiting African operations with declining crude oil production to focus on its massive liquefied natural gas (LNG) project in Mozambique and on more lucrative operations in the Americas. It recently retired a platform in Equatorial Guinea and is preparing to leave that country.

Savannah acquired Exxon's 40% stake in the Doba oil project, which comprises seven producing oilfields with a combined output of 28,000 barrels per day (bpd), it said in a corporate filing.

The fields were producing 33,700 bpd when negotiations were disclosed last year. Exxon's stake was previously estimated to be worth $360 million.

Savannah has operated in Nigeria and Niger. The British firm also will take over Exxon's 40% indirect interest in the Chad-Cameroon export transportation system - a 1,081-km (672-mile) pipeline and floating storage and offloading facility offshore in Cameroon.

Local energy companies in Africa have been buying mature fields from oil producers shifting to more lucrative projects elsewhere. TotalEnergies SE TTE exited Angola earlier this year. Chevron Corp CVX, Shell Plc SHEL and Exxon have retreated from Nigeria.