Who against cooperation of Savannah Energy and Exxon Mobil
2022.12.13 10:43
Who against cooperation of Savannah Energy and Exxon Mobil
Budrigannews.com – Savannah Energy’s acquisition of Exxon Mobil Corp (NYSE:) may be stopped by Chad’s courts. assets in the country, claiming that the deal’s final terms were significantly different from what it had been presented with a year earlier.
On Friday, Exxon Mobil sold its operations in Cameroon and Chad, both in Central Africa, for $407 million to Savannah, a London-listed company.
In a statement, the Hydrocarbon and Energy Ministry of Chad said that Savannah’s claim that it had given “tacit consent” to the transaction was not true.
According to the statement, “The Republic will ask the competent courts to suspend the effects of an operation violating its rights over the resources of Chad” pending a final decision on the irregularity of this operation.
Savannah and Exxon Mobil did not respond to requests for comments right away.
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Friday, Exxon said that the deal included its 40% stake in Chad’s Doba oil project, which has seven producing oilfields that produce 28,000 bpd each.
Additionally, it includes Exxon’s stake in the Chad/Cameroon pipeline, which transports crude from the landlocked nation to the Atlantic Gulf of Guinea coast.
“The Chad-Cameroon pipeline and Doba’s oil operations are vital and sovereign assets; “An illegal operation cannot put them in danger,” the ministry stated. As a result, the Republic of Chad officially opposes the Exxon Savannah operation.”
In a statement that was released on December 12, the hydrocarbons ministry stated, page on Tuesday, that a consortium agreement that binds Exxon also “flagrantly violates” SHT’s rights to information and pre-emption in the sale of Exxon’s assets to Savannah.
