- The nationalisation of Exxon Mobil’s assets in Chad comes after the oil giants divested from them in December 2022.
N’Djamena (News Agencies): Chad has nationalised all the assets and rights, including hydrocarbon permits and exploration and production authorisations, that belonged to a subsidiary of Exxon Mobil, the West African nation’s energy and hydrocarbons ministry said in a statement on Thursday.
Exxon Mobil said in December 2022 that it had closed the sale of its operations in Chad and Cameroon to London-listed Savannah Energy in a $407m deal, but the Chadian government contested the agreement, saying the final terms were different from what had been presented to it.
The government warned then that it may ask courts to block Savannah’s purchase of Exxon’s assets in the country and take further steps to protect its interests.
Exxon’s assets included a 40 percent stake in Chad’s Doba oil project, which comprises seven producing oilfields with a combined output of 28,000 barrels per day (bpd).
It also included Exxon’s interest in the more than 1,000km (621-mile) Chad-Cameroon pipeline from the landlocked nation to the Atlantic Gulf of Guinea coast through which its crude is exported.