Petroleum Africa
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Monday, August 21, 2006
Chad is looking to be the next African country to set up a national oil company and is looking for it to move into action fast. Apparently the government wants the ExxonMobil-led consortium to include the new oil company in their venture.
Mahamat Nasser Hassane told Reuters the Societe des Hydrocarbures du Tchad (SHT) could be operating as early as January. "It will be a commercial but completely state-run business," he said. The minister also said the government was looking to renegotiate its current agreement with the consortium, so SHT could become a production partner.
"SHT will also be used to represent the interests of the Chadian state in the Production Sharing Agreement … We will become the fourth member of the consortium," Hassane said. Chad’s agreement with the consortium cannot be changed unilaterally and must be negotiated with the partners. But Hassane said he could not envisage the consortium refusing the proposal.
"We have never refused any request of theirs, so they will not refuse our request. We’ve already revised our agreement with them four times before. The agreement can be changed by negotiation — it is neither a Bible nor the Koran," he said.
The consortium declined to comment immediately on the Chadian proposal.
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