Saturday, May 31, 2025

Latest

Exxon Mobil’s Assets to be Nationalized Under Chad Government

The government of Chad is in the midst of nationalizing all assets owned by private oil company Exxon Mobil (NYSE: XOM), in an unprecedented move that hasn’t been common in over fifty years.

As reported by the Associated Press, the land-locked country in North-Central Africa is taking over all assets owned by Exxon Mobil, including the company’s exploration and hydrocarbon permits. ″The finance and budget minister must make sure the said decree is implemented from the date of its publishing,” announced the government’s general secretary Haliki Choua Mahamat.

Exxon, which has been extracting oil in Chad for nearly 20 years and operating the Doba oil project, has been embroiled in a series of disputes with the country after the government halted the sale of the oil giant’s operations in 2022. The nationalization of private assets hasn’t been common since the 1960s and 1970s, but the country has been in turmoil after Mahamat Idriss Deby was declared president in light of his father’s passing in 2021— a move that erupted in protests since it didn’t follow the traditional succession line.

“Expropriation of any sort without compensation is not a step in the right direction, because it is going to erode investor confidence in that particular country and once investors are jittery, they pull back their investment, so regulators and leaders in Africa need to play by the rules,” explained Nigerian-based Megathos Law Practice partner Olufola Wusu.

Information for this briefing was found via the Associated Press and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

How To Profit From $3300 Gold? An Inside Look At A Massive 300,000 Oz Project | Martino De Ciccio

We’re At The Start of a Great Silver Boom | Ross McElroy & Andy Bowering – Apollo Silver Corp

Equinox Gold Q1 Earnings: When Everything Goes Wrong

Recommended

ESGold Begins Concentration Tests Ahead Of First Production

Sterling Metals Hits 0.21% Copper Over 482.8 Metres In First Drilling At Soo Copper project

Related News

Lithium: Resource Majors Pile Into Sector Despite Price Collapse

One of the most pointed debates surrounding the electric vehicle (EV) industry is whether lithium,...

Sunday, July 2, 2023, 07:18:00 AM

Chevron, Exxon Clapback Biden’s Oil Plea: Look At Your Refinery Policies

After US President Joe Biden sent out a letter to the country’s major oil producers...

Friday, June 17, 2022, 07:07:00 AM

Is Big Oil Moving To Big Lithium?

Major US oil companies are shifting their focus to lithium, a crucial component in electric...

Wednesday, July 26, 2023, 03:40:00 PM

Big Oil-Backed Hydrogen Hub Proposal Seeks Federal Funding

A group of oil companies, together with energy-focused organizations and a university, is working to...

Friday, January 27, 2023, 01:29:00 PM

White House Slams Exxon’s Record $55.7 Billion in Profits

ExxonMobil (NYSE: XOM), one of the world’s largest energy companies, made a staggering $55.7 billion...

Monday, February 6, 2023, 10:07:44 AM