Savannah Energy Loses Legal Bid to Freeze Oil Pipeline Company's Accounts, Chad Government Says
(Reuters) — The Paris Court of Arbitration has rejected a bid by Savannah Energy Plc to freeze COTCO oil pipeline company's accounts after Chad nationalized 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 nationalize its upstream assets in the central African country.
In December, ExxonMobil closed the sale of its operations in Chad and Cameroon, including COTCO, to Africa-focused 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.
Related News
Related News
- 1,000-Mile Pipeline Exit Plan by Hope Gas Alarms West Virginia Producers
- Valero Plans to Shut California Refinery, Takes $1.1 Billion Hit
- Three Killed, Two Injured in Accident at LNG Construction Site in Texas
- Greenpeace Ordered to Pay $667 Million to Energy Transfer Over Dakota Access Pipeline Protests
- Boardwalk’s Texas Gas Launches Open Season for 2 Bcf/d Marcellus-to-Louisiana Pipeline Expansion
- New Alternatives for Noise Reduction in Gas Pipelines
- Construction Begins on Ghana's $12 Billion Petroleum Hub, But Not Without Doubts
- Missouri Loses Control Over 1.5 Million-Mile Gas Pipeline Network as Feds Step In
- Woodside May Delay Final Investment Decision on Louisiana LNG to Q2, CEO Says
- Panama Canal Considers Pipeline to Move U.S. Gas to Asia
Comments