Petronas Mulls Divestment of African Upstream Assets for $3 Billion

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Malaysian state oil company Petronas has started inviting bids for its upstream assets in Africa, which could sell for as much as $3 billion.

With upstream projects in Chad, Egypt, Gabon, The Gambia, Senegal, and South Sudan, the assets are expected to attract interest from international energy companies and financial investors, with Petronas expected to divest its oil and gas assets to various buyers.

Despite the company’s position currently within the early stages of deliberation – with no certainty that its consideration would result in transaction – Petronas has also considered options for its downstream assets in Africa.

Additionally, with the company having stated that it undertakes regular reviews of its global portfolio, it was reported in February that Petronas has been planning to offload its assets in Myanmar and Azerbaijan as part of a global operational reorganization strategy to ensure resilience amidst an evolving energy landscape in the wake of the global energy transition.

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Matthew Goosen

Matthew Goosen

Matthew Goosen is a Video Editor and Content Writer at Energy Capital & Power. He holds an Honours Degree in Film and Media Studies at the University of Cape Town and is currently undergoing his Masters Degree. Born in Pretoria and raised internationally, he has been living in Cape Town since 2013.

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