Chad and Exxon: A Follow-Up

In October, I wrote about how a Chadian court had ordered an oil consortium, headed by Exxon, to pay $74 billion in back taxes and fees. At the time, Bloomberg and other outlets suggested that that figure was merely one bid in negotiations between Chad and the oil companies. That prediction may have come true, although it’s hard to tell. Le Figaro/AFP reports (French) that the Chadian government and the consortium have signed an agreement that ends the suit against the consortium and grants the consortium a permit to operate until 2050 in the Doba basin (.pdf). However, the report adds that while the suit has been dropped, there are rumors that the consortium paid $200 million to the government. The government has denied those rumors.

More details, especially about the signing of the accord, here (French).

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