Chad nationalizes ExxonMobil assets, causing legal dispute with Savannah Energy.
Chad has nationalised Esso Exploration and Production Chad Inc., a former subsidiary of ExxonMobil, whose sale to Savannah Energy last year was contested by the government. The company holds concessions in productive fields, oil extraction rights, and a share in a pipeline transporting crude to neighbouring Cameroon for export. The dispute was taken to arbitration, which ruled in favour of Savannah Energy. The company intends to pursue all of its legal rights. Chad is heavily dependent on oil sales, which account for more than 11% of GDP.