Savannah Energy loses legal bid to freeze oil pipeline company accounts, Chad government says (updated)
13/05/2024 19:43
(Adds context)
N'DJAMENA, May 13 (Reuters) - The Paris Court of
Arbitration has rejected a bid by Savannah Energy Plc SAVES.L
to freeze COTCO oil pipeline company's accounts after Chad
nationalised its upstream assets in the country, Chad's
transitional government said on Monday.
London-listed Savannah said in March last year that it
planned to pursue all its legal rights to contest Chad's move to
nationalise its upstream assets in the central African country.
In December, Exxon Mobil XOM.N closed the sale of its
operations in Chad and Cameroon, including COTCO, to
Africa-focussed oil and gas producer Savannah in a $407 million
deal, but the Chadian government challenged the agreement.
The Paris Court of Arbitration ruled against Savannah on May
8, Chad's transitional government said in a statement on Monday.
Savannah owns a 40% interest in the Doba Oil Project in
Chad, comprising seven producing oilfields with combined output
of 28,000 barrels per day.
(Reporting by Mahamat Ramadane
Writing by Sofia Christensen
Editing by Chris Reese and Tomasz Janowski)
((Sofia.Christensen@thomsonreuters.com;))