Jeremy gets it all ...
Posted on 03/25/2023 11:52:57 AM PDT by Ultra Sonic 007
N'DJAMENA, March 23 (Reuters) - Chad has nationalized all the assets and rights including hydrocarbon permits and exploration and production authorisations that belonged to a subsidiary of Exxon Mobil (XOM.N), the Central African nation's energy and hydrocarbons ministry said in a statement on Thursday.
Exxon Mobil said in December that it had closed the sale of its operations Chad and Cameroon to London-listed Savannah Energy (SAVES.L) in a $407 million deal, but the Chadian government contested the agreement, saying the final terms were different from what Exxon Mobil had presented.
It warned that it may ask courts to block Savannah's purchase of Exxon's assets in the country and take further steps to protect its interests.
Exxon's assets included a 40% stake in Chad's Doba oil project, which comprises seven producing oilfields with combined output of 28,000 barrels per day (bpd).
It also included Exxon's interest in the more than 1,000 kilometre (621 mile) Chad/Cameroon pipeline from the landlocked nation to the Atlantic Gulf of Guinea coast through which its crude is exported.
(Excerpt) Read more at reuters.com ...
Not sure how that was legal. Because we are not at war with Russia.
1) What assets? Some drilling rigs and pumps? Or do they mean the oil under the ground? Imagine nationalizing oil under your own ground. Why did Exxon ever think it owned that?
2) The VAST majority of oil AND oil companies of the world are nationalized. Saudi Aramco, Equinor (Norway), Petro China, Pemex, Rosneft . . . these account for a huge % of oil production/extraction in the world. Nationalizing “assets” is not worth a headline. It’s normal.
3) Why doesn’t Exxon explore in the US? No. It’s not all that political. It’s geological. We’ve been flowing oil for well over 100 years. How long did people think that could go on?
And before the wacko chorus arrives about oil replenishing itself, sit back and wonder why, in 1920, oil fields drilled down a few hundred or a thousand feet and got gushers — but now you need a 20 story tall ocean platform with an engine to drive you to where you’re needed, to drill down MILES of depth, to get the same flow in barrels/day. You think people spend that kind of money because they want to?
Go ask them, why don’t you go to those fields from 1920 and pump replenished oil? They’ll tell you . . . well, those wells are capped and abandoned, but if you’d like to buy them and produce this imagined replenished oil yourself, I’ll give you a good price on the well.
We want to save the pretty little flowers and the snail darter.
As far as I’m concerned Exxon owns all that equipment, if not the land it’s on. If anyone wants to nationalize a US owned facility be it a refinery, pumping station or air base there should be an ‘industrial accident’ that returns the US owned facility to nature.
Won’t bother Chad. Have all the accidents you want.
Oil is everything. Always. Exxon doesn’t own it. A dirty little secret of nationalizing things on oil fields is the country usually tells them to get their stuff shipped out and gone. Oil companies generally don’t, or won’t.
It costs money to get your stuff gone, and there will never be a return on that expenditure. So they leave it there and posture themselves the abused party, as if their stuff was stolen. And hope they can fund a coup and start stealing oil again.
Looks like we will have to overthrow and install pro American Nazis in that country too. We should have a sizable pool of Banderite’s looking for a new home before too long that have experience in such matters.
Put a dictator in your tank!
I wonder if PETROX lost any investments?
I think you meant billion, not trillion.
ExxonMobil has some really good assassins, I bet.
Well, given all the previous examples of the tremendous financial and economic results of such actions, I suspect this will go over well.
Biden and his leftwing wackos celebrating?
“… Chad’s Doba oil project, which comprises seven producing oilfields with combined output of 28,000 barrels per day (bpd).”
I get April 1st in the “When does Chad’s oil production drop to zero?” pool…
Never heard of them
Jeremy gets it all ...
Prolly bring in the Chinese to run their oil operations, that they thieved from Exxon. The Chinese are stealing Exxon’s breakfast.
“Chad says it has nationalized all assets owned by Exxon Mobil”
i wonder what Todd will have to say about that ...
What does L mean in geopolitical L? Is it like ‘taking the L,’ which I don’t know the meaning either.
Stupid should hurt. Who is the genius who thought it was a good idea to operate in Chad?
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