Exxon’s assets include a 40% stake in Chad’s Doba oil project, which has seven active fields.
The Chadian Ministry of Energy announced the nationalization of all assets and rights, including permits for the exploitation and production of hydrocarbons, owned by a subsidiary of the US oil company ExxonMobil, Reuters reported on Friday.
Exxon’s assets include a 40% stake in Chad’s Douba oil project, which consists of seven active fields with a total production of 28,000 barrels per day.
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Likewise, Exxon’s participation in the Chad-Cameroon oil pipeline, which stretches over 1,000 kilometers in length and is essential for the export of crude oil, is also included, as it connects this landlocked country to the coast. Atlantic Gulf of Guinea.
The ministry’s statement comes after the US company announced last December that it had closed the sale of its operations in Chad and Cameroon to the London-listed British company Savannah Energy.
The African country’s authorities challenged the $407 million acquisition agreement, claiming that the final terms differed from those offered by ExxonMobil.
In a statement, Savannah Energy protested what it considered a “direct violation of international agreements” and the recent arbitration in its favor by the International Chamber of Commerce in Paris. In addition, the company announced its intention to sue the Chadian state.