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.
Glencore’s 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.
Glencore’s 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 Chad’s 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.
Exxon Mobil Corp. was ordered to pay a record $74 billion fine in Chad for underpaying royalties in the central African nation where the company has been drilling for 15 years, according to a court document.
Glencore Plc, the mining and commodities company led by billionaire Ivan Glasenberg, expects to impair the value of its oil business in Chad by about $790 million in its interim accounts.