Chad nationalized all assets and rights of Esso Chad

PThe President of the Transition of Chad, Mahamat Idriss Déby Itno, by decree N°0465/PT/PM/MHE/2023 of March 23, 2023, nationalized all the assets and all the rights of any kind arising from the Conventions, Exploration permits, Exploitation Authorizations and Hydrocarbon Transport Authorizations of ESSO Exploration and Production Chad Inc, informs Le Tchad Info.

The company held concessions in a number of productive fields, as well as rights over oil extracted there and a share in a pipeline transporting crude to neighbouring Cameroon for export via the port of Kribi.

Oil Minister Djerassem Le Bemadjiel did not immediately respond to AFP questions as to the reasons for the nationalisation.

In December, his ministry said the government was concerned about the "vital and sovereign assets" of the Doba oil fields and the pipeline in the event of any "irregular operation".

The vast semi-desert country, lying at the crossroads of eastern and western Africa, is one of the poorest countries in the world.

It became an oil producer and exporter in 2003 and has since become heavily dependent on the sector. Sales account for more than 11 percent of gross domestic product (GDP), according to the World Bank.

…African countries continue to fight for sovereignty over their natural resources, and the West can no longer respond with anything. Western companies are simply driven out from African countries that have broken with the control of neo-colonialists. The world is changing.

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