Savannah Energy Plc
Savannah Energy PLC is an AIM quoted British independent energy company focused around the delivery of "Projects that Matter", and is active in Cameroon, Niger and Nigeria.
Savannah owns an effective 31.06% 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 Nigeria, Savannah has a significant controlling interest in a large scale integrated gas production and distribution business, which is currently supplying gas to enable more than approximately 24% of Nigeria’s thermal power generation and is significantly cash flow generative. In Niger, Savannah has license interests covering 13,655 km2, approximately 50% of the country’s main petroleum basin, in the Agadem Rift Basin in the South East of the country. To date, they have delivered a successful exploration campaign in Niger with five discoveries from five wells across five oil fields. Savannah plans to deliver its first oil production and revenues following the commencement of installation of an EPS. Significant potential on the Savannah PSC areas remains, with 146 further potential exploration targets having been identified for future drilling consideration.
In addition to hydrocarbon operations, Savannah’s Renewable Energy division aims to deliver utility-scale renewable energy projects across Africa, and generate clean, competitively priced electricity for millions of households. Savannah is involved across the entire project life cycle, taking projects from greenfield development through to long-term ownership and operations. The company currently has up to 325 megawatts of wind and hydroelectric projects in motion.
We welcome further engagement with EITI, as it offers additional support to us in demonstrating our transparency and accountability practices.
Engagement with the EITI
Savannah seeks to partner with government and regulators to build and sustain collaborative efforts towards driving and improving transparency, governance and anti-corruption efforts in the countries in which it operates. Savannah discloses information on its governance and related policies on its website. Savannah’s operating subsidiaries in Nigeria have aligned with the EITI Principles since 2015 and submit to an annual audit. Its Universal Energy Resources Limited (“UERL”) subsidiary was commended by the Nigeria Extractive Industries Transparency Initiative (“NEITI”) for its compliance and provision of requested industry data for NEITI’s 2019 oil and gas audit.
As a UK publicly-listed company, Savannah is subject to the Disclosure and Transparency Rules of the UK Financial Conduct Authority and the Industry Guidance issued for the UK’s Report on Payments to Governments Regulations 2014. Savannah strives to provide and maintain transparency in all activities; operationally, financially and fiscally.
Savannah fosters strong ethical behaviour as part of its governance structure across the Group. For example, its Anti-Corruption and Bribery Policy and Group Code of Ethics set out the responsibilities shared between the company and its employees to uphold the highest standards of behaviour in everything that they do.
Strengthening transparency
Savannah complies with the Disclosure and Transparency Rules of the UK Financial Conduct Authority (“the DTRs”) and the draft industry guidance issued for the UK’s report on payments to Governments Regulations 2014, as amended in December 2015 requiring UK companies operating in the extractive sector to publicly disclose payments made to governments in the country where they undertake exploration, prospecting, development and extraction of oil and natural gas deposits or other materials.
The Group's current extractive operations in Cameroon, Chad, Niger and Nigeria give rise to a number of payments to government, including royalties, taxes and levies made by the group on its own behalf and on behalf of suppliers and employees through the deduction of VAT, PAYE and other withholding tax.
Savannah reports under the EY Accountancy & Transparency Directive. Additional information on this can be found in the company's annual report.