The Chadian authorities decided to nationalize all the assets of the American oil and gas company Exxon Mobile located in the country. Exxon Mobile’s subsidiary in Chad has now been taken over by local authorities.
The decision to nationalize the assets of the American company was made by the interim President of Chad, Mahamat Idriss Deby.
“All assets and all rights of any kind arising from conventions, exploration permits, operating permits and hydrocarbon transportation permits of ESSO Exploration and Production Chad Inc. have been nationalized,” the publication reports. Chad Info.
In December 2022, Exxon Mobil announced that it had closed a deal to sell its assets in Chad and Cameroon for $407 million to British Savannah Energy, but the Chadian government challenged it, citing disagreements over the terms of the deal. As a result of the conflict, the leadership of the African country actually blocked the opportunity for Savannah Energy to work in Chad, several employees of the company were deported.
Against this background, Russian companies began to show interest in oil projects in Africa.