Chad deals come unstuck for Savannah Energy
It took only days for Savannah Energyโs plans for Chad to come unstuck, as the government threw up objections to its ExxonMobil acquisition.
It took only days for Savannah Energyโs plans for Chad to come unstuck, as the government threw up objections to its ExxonMobil acquisition.
Savannah Energy (LON:SAVE) has completed its acquisition of ExxonMobilโs (XOM) assets in Chad and Cameroon, while launching a new deal this morning to acquire Petronasโ (KLSE:PETGAS) interests in South Sudan.
Malaysian state oil company Petroliam Nasional has started inviting bids for its upstream assets in Africa, which could fetch as much as $3 billion, people with knowledge of the matter said.
Perenco has exported its first barrel of oil from its recently acquired Chadian assets via the Chad-Cameroon pipeline.
A light aircraft chartered by Cameroon Oil Transportation Co. (Cotco) crashed in a forest close to Nsem, in Cameroon on May 11 with no survivors.
Glencore has reported strong earnings for 2021, although in terms of energy it was largely driven by coal, rather than oil.
Savannah Energy has formalised its purchase plans in Chad, striking a $626 million deal with ExxonMobil and Petronas.
Exxon workers in Chad have gone on strike, amid concerns about employment following the proposed sale of local assets to UK-listed Savannah Energy.
Savannah Energy is in talks to buy ExxonMobilโs entire up- and midstream portfolio in Chad and Cameroon.
The US has charged two former Chadian diplomats with international bribery and money laundering.
Chadian President Idriss Deby has died while visiting fighting according to reports, coinciding with his re-election.
Chad has no plans to sell a stake in its export pipeline to Cameroon, Sociรฉtรฉ des Hydrocarbures du Tchad (SHT) has said in a statement.
Glencore has taken an impairment of $6.39 billion for 2020, including $1.15bn in African oil operations.
Glencoreโs wells in Chad remain offline although the Alen field, in Equatorial Guinea, is expected to start up on schedule in the first quarter.
The UKโs National Contact Point (NCP) has accepted a complaint against Glencore UK for an oil spill in Chad.
Taiwanโs CPC Corp. has celebrated the arrival of Chadian crude in its home market.
Chad asked Glencore to suspend payments on its oil-for-cash loan this year, a move that could prove a precedent for private creditors worried about being dragged into a global debt-relief push for poor countries.
Glencore produced more oil in the first half of the year, despite shutting down its Chadian assets.
Amidst the oil price crash crisis and the pressure on companies, opportunities are emerging for those with resources.
Nigeria and Angola face particular pressures as a result of the oil price crash, a new report from Verisk Maplecroft has warned.
Tullow Oil has appointed Rahul Dhir to serve as its new CEO and an executive director, with Dorothy Thompson returning to her role as non-executive chair.
Petronas is considering selling its stake in a joint project in Chad with ExxonMobil, according to people familiar with the matter.
Glencoreโs core business of marketing held up well in 2019 but the trader took a $2.8 billion impairment charge, driven in part by the loss of its oil exploration licences in Chad.
Glencoreโs oil production has risen 8% during the first three quarters of the year over the same period in 2018.
Exxon Mobil Corp. is negotiating with Chadโs government about a record $74 billion fine the oil company was told to pay last month by a court in the central African nation because of a dispute over royalties.