Petronas exits South Sudan, Savannah energy deal collapses ...Sudan

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Petronas exits South Sudan, Savannah energy deal collapses
August 9, 2024 (JUBA) – Malaysian oil company Petronas has announced its withdrawal from South Sudan after 14 years, citing a changing industry environment. The exit of Petronas Carigali Nile Ltd (PNCL), confirmed in a statement, comes as UK-based Savannah Energy terminated its planned $1.25 billion acquisition of Petronas’ oil and gas assets in the country. A senior Petronas official, speaking anonymously, attributed the withdrawal to multiple factors, including the ongoing conflict in Sudan, the inability to ensure staff safety, and mounting operational costs. The official highlighted the company’s losses and lack of return on investment. Petronas held significant interests in three joint

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