Tuesday August 29, 2006

Chad orders 2 oil companies to leave

peakoil.com -> abcnews.go.com :

Chad's president, Idriss Deby, has ordered oil companies Chevron and Petronas to leave the country, with a deadline of just 24 hours, saying neither has paid taxes. Deby said Chad, which is one of Africa's newest oil producers and is setting up a national oil company, would take over the oil fields. Under the Exxon Mobil-led consortium, Exxon Mobil is responsible for 40% of the country's oil production, while Chevron and Petronas each have 30%.

Deby's declaration came a day after he urged his citizens to take a more active role in the production of oil. Deby has stressed that the country "should fully enjoy its oil, mining and other resources." Chad has struggled with discontent over its poor economy, and unhappiness has intensified over the failure of an immediate boost from its oil field, which went online in 2003.

- More "nationalization". The day will come when, due to politics or depletion - possibly both - the oil and gas exporting countries will reduce or stop exporting.

See also :

1. Venezuela oil fields back in state control
2. Dubai to retake control of offshore oil fields
3. Russian court declares Yukos bankrupt
4. Indonesia's LNG supremacy wanes as Chevron's fields run short

(2006-08-29 00:11:15 SGT) [Energy] Permalink

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