African Country Nationalizes ExxonMobil’s Assets

A recent report announced that the African country of Chad has nationalized ExxonMobil’s assets.

Chad’s energy ministry has announced the nationalization of all the assets and rights that belonged to a subsidiary of US oil major ExxonMobil, including hydrocarbon permits as well as exploration and production permits, according to a Reuters report on Friday.

Exxon’s assets reportedly included a 40% stake in Chad’s Doba oil project, which comprises seven producing oilfields with a combined output of 28,000 barrels per day (bpd).

The report also mentions Exxon’s interest in the Chad-Cameroon export transportation system, which extends for over a thousand kilometers.

The ministry’s statement comes as the American company declared in December that it had closed the sale of its operations in Chad and Cameroon to British firm Savannah Energy.

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2 COMMENTS

  1. Wanna bet Chad will be on the receiving end of a “friendly” visit from the CIA/US military? The situation looks likely to be a repeat of the 1953 overthrow of the democratically elected Prime Minister of Iran.

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