Chadian president Mahamat Deby
Chad nationalises ExxonMobil’s former assets
Savannah Energy claims the assets and will contest the decision at the ICC
The government of Chad intends to nationalise the upstream assets formerly held by ExxonMobil, which are claimed by AIM-listed Savannah Energy. The nationalisation decree was issued by the president of the landlocked Sahel nation, Mahamat Deby. The move is “in direct breach of the conventions to which [Savannah’s local subsidiary] SCI and the Republic of Chad are party”, Savannah says, adding that “the conventions are subject to the jurisdiction of an [International Chamber of Commerce: ICC] tribunal, seated in Paris, and the company intends to pursue all of its legal rights”. ICC arbitration “could take 18–24 months”, but the company “believes it has a watertight case”, according to analyst
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