Petroleum Africa
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Wednesday, October 29, 2014
CNPC is buying its way back to production in Chad. The Chinese firm has agreed to pay $400 million in compensation to settle an environmental dispute with government of Chad, which had shut the taps on the company’s oil fields. While the $400 million in compensation is a goodly amount, it is nowhere near the $1.2 billion the government had been looking for.
“A definitive and friendly resolution has been found with CNPC,” Chad’s oil minister Djerassem Le Bemadjiel told a news conference. “If you don’t respect the environment here, there’s a price to pay.”
The deal between CNPC and the government could also result in the state taking a 10% stake in the Chinese firm’s fields Le Bemadjiel said. The agreement will allow CNPC to export oil for the first time along the Chad-Cameroon pipeline, he added. CNPC was previously using all its production for the local 20,000 bpd refinery.
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