A leading energy player in Africa
In Cameroon, Savannah owns an effective 41.06%1 indirect interest in the Cameroon Export Transportation System (“ETS”) which comprises a 903 km export pipeline and the Kome Kribi 1 floating storage and offloading facility (“FSO”), offshore Cameroon. In addition Savannah is progressing the Bini a Warak hydroelectric project which involves the construction of a hydroelectric dam on the River Bini. The project is expected to produce up to 75 MW of clean, stable and affordable power to Cameroon’s northern region.
In Nigeria, Savannah has a significant controlling interest in a large scale integrated gas production and distribution business which is currently supplying gas to c. 20% of Nigeria’s thermal power generation capacity and is significantly cash flow generative.
In Niger, we have licence interests covering 13,655 km2, approximately 50% of the country’s main petroleum basin, the Agadem Rift Basin in the South East of the country. To date we have delivered a highly successful exploration campaign in Niger with five discoveries from five wells across five oil fields. Significant further potential on the Savannah PSC areas remains, with 146 further potential exploration targets having been identified for future drilling consideration. Combined 2P and 2C Reserves and Resources of 272 MMBoe2. To date, we have up to 450 MW of renewable energy projects in Niger, comprising the up to 250 MW Parc Eolien de la Tarka wind farm project, Niger’s first wind farm, and up to 200 MW of solar projects.
Cameroon
Assets
Cameroon ETS
The ETS is comprised of:
- A 903km export pipeline
- The offshore moored Kome Kribi 1 FSO vessel
- A terminal infrastructure
The ETS is used to export all crude from the Doba Oil Project as well as crude from other operators including Perenco, China National Petroleum Corporation (“CNPC”), the Overseas Petroleum and Investment Corporation (“OPIC”), a wholly owned subsidiary of CPC Corporation, Taiwan.
Nigeria
Supplying gas to c. 20% of Nigeria’s thermal power generation capacity
Assets
Upstream assets
- Two large-scale onshore oil and gas fields located in South East Nigeria
- Uquo non-associated gas field (80% interest)
- Stubb Creek oil and gas field (51% interest)
Midstream gas assets
- Accugas’ 200 MMscfpd processing facility and an approximate 260km gas pipeline network (80% ownership)
Customers
- Calabar Generation Company Limited (owner of the Calabar power station);
- Ibom Power Company Limited (owner of the Ibom power station);
- Lafarge Africa PLC (owner of the Lafarge Mfamosing cement plant);
- Central Horizon Gas Company Limited;
- First Independent Power Limited (owner of the FIPL Afam, Eleme and Trans Amadi power plants);
- Notore Chemical Industries PLC;
- Shell Petroleum Development Company of Nigeria Limited; and
- Shell Nigeria Gas Limited
Niger
Assets
Reserves and resources
- 35 MMstb of gross 2C resources certified
- Additional 90 MMstb of gross unrisked prospective resources (Best case) certified from five prospects and leads within tie-in distance to the planned R3 East facilities
- A further 270 MMstb of gross unrisked prospective resources (Best case) certified within our licence interests
Production
- Planned Early Production Scheme to deliver up to 5 Kbopd
Exploration
- A total of 146 exploration targets to be considered for potential future drilling activity
Reserves and Resources
Niger
An updated Competent Person’s Report for the Niger assets was compiled by CGG Services (UK) Ltd in December 2021. This certified 35 MMstb of gross 2C resources for the R3 East discoveries drilled by Savannah in 2018, with an additional 90 MMstb of gross unrisked prospective resources (best case) within tie-in distance to the planned R3 East facilities.
Savannah has identified an additional 146 potential exploration targets to consider drilling in the future. CGG has stated that estimated average play geological chance of success for the Alternances exploration prospects and leads, such as those drilled to date by Savannah in the R3 East area, is high, at more than 75%.
Nigeria
As at 31st December 2022, Savannah had Nigerian net 2P reserves of 71.7 MMboe and net 2C resources of 60 MMboe, with a reserve and resource life of 20 years.
1On 20 April 2023, Savannah announced that its wholly owned subsidiary, Savannah Midstream Investment Limited (“SMIL”), had signed a Share Purchase Agreement with the national oil company of Cameroon, Société Nationale Des Hydrocarbures (“SNH”) for the sale of 10% of the issued share capital in Cameroon Oil Transportation Company (“COTCo”). The cash consideration for the shares was US$44.9 million and SMIL also retained the right to the dividend attaching to the shares up to the payment date of the consideration. Formal completion of the sale shall occur upon satisfaction of certain conditions precedent related to amendments to the bylaws of COTCo.
2 Nigeria and Niger reserves and resources as at 31 December 2022.