UK markets open in 2 hours 31 minutes
  • NIKKEI 225

    28,763.79
    -96.83 (-0.34%)
     
  • HANG SENG

    24,233.70
    +236.83 (+0.99%)
     
  • CRUDE OIL

    73.08
    +0.72 (+1.00%)
     
  • GOLD FUTURES

    1,787.00
    +1.50 (+0.08%)
     
  • DOW

    35,754.75
    +35.32 (+0.10%)
     
  • BTC-GBP

    37,677.91
    -754.91 (-1.96%)
     
  • CMC Crypto 200

    1,303.48
    -1.63 (-0.13%)
     
  • ^IXIC

    15,786.99
    +100.07 (+0.64%)
     
  • ^FTAS

    4,177.65
    -1.11 (-0.03%)
     

Glencore to sell Chad oilfields to Perenco

  • Oops!
    Something went wrong.
    Please try again later.
·1-min read
FILE PHOTO: The logo commodities trader Glencore is pictured in Baar
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

N'DJAMENA (Reuters) - Glencore has reached an agreement to sell its oilfields in Chad to Anglo-French oil company Perenco, a company spokesperson told Reuters on Thursday.

Mining and trading giant Glencore entered Chad in 2012 and acquired the oilfields in 2014. But the purchase took place just months before a major oil price slump in 2014, and Glencore put the fields up for sale in 2019.

“Glencore has reached an agreement with Perenco S.A. (“Perenco”) for Perenco to acquire Glencore’s Chad upstream oil assets," the spokesperson said.

"The Transaction is subject to certain conditions precedent, including the approval of the Chad Government," he said, declining to say how much the deal was worth.

Perenco did not immediately respond to a request for comment.

The oilfields produced about 7,700 barrels per day (bpd) before Glencore placed them on care and maintenance in early 2020.

Perenco, which is active in 15 countries, including several in Africa, is known for acquiring mature oilfields.

(Reporting by Madjiasra Nako Additional reporting by Julia Payne; Writing by Aaron Ross; Editing by Edmund Blair and Mark Potter)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting