Chad

Chad considers handing over $1.4billion oil deal to Exxon

November 02, 2017 | Chad, Government & Regulations, Legal

London, UK | – A disputed debt restructuring plan is leading Chad to reconsider its oil supply deal with Swiss trader Glencore, according to a new report by Reuters. Government documents show Chad is keen on handing over the $1.4 billion oil marketing contract to ExxonMobil, which produces the most oil in the country. Sources close to the matter on behalf of Glencore believe the contract cannot be handed over as planned. Heavy pressure from the International Monetary Fund (IMF) has caused the African nation to …

Chad settles tax dispute with foreign oil firms

June 12, 2017 | Budget & Investment, Chad, Government & Regulations

N’Djamena, Chad | – The Republic of Chad one of the African economies hit hardest by the drop in oil prices, announced that it had reached an accord with a group of foreign energy companies ending a tax dispute. The deal, signed by the government and a consortium of energy companies led by Esso, a unit of US energy giant ExxonMobil, extends the group’s operating licence in the Doba basin until 2050. It also calls for the development of polymer injection technology to increase oil …

Exxon Mobil negotiating $74 billion fine with Chadian government

December 01, 2016 | Chad, Government & Regulations

London, UK | – World’s biggest oil producer by market value Exxon Mobil Corporation 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 for a dispute over royalties. While the company has appealed the October 5 ruling by the high court, the appeals court hearing has been delayed because of the talks, Thomas Dingamgoto, a lawyer for the company, said. The penalty exceeds the $61,6 billion …

Exxon Mobil fined $74 billion by Chad court over royalties

October 11, 2016 | Chad, Government & Regulations, Legal

Irving, Texas, US | – Exxon Mobil Corporation 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. The fine is about five times more than Chad’s gross domestic product, which the World Bank estimates at $13 billion. The High Court in the capital, N’Djamena, announced its ruling Oct. 5 in response to a complaint from the Finance Ministry that a consortium led …