Petroleum Africa
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Sunday, June 16, 2019
On the heels of the news from Glencore’s head of oil, Alex Beard, saying that the company would be separating its upstream unit from its marketing unit, there is now talk of the company putting its oil fields in Chad up for sale.
According to reports, the sale is part of a company retreat from its foray into oil production following a series of asset write downs over the past 10 years. While the company does see production from its Chadian assets, the value of those assets has dropped since the oil price slump began in late-2014.
Glencore’s main producing fields in the African nation are the Mangara and the Badila. Although they are not huge producers, the fields do account for more than half of Glencore’s net production at 7,700 bpd. The company’s total net production is 12,700 bpd.
A Reuters report citing sources said that the company’s assets went up for sale less than a month ago and a data room had also been opened for interested parties.
Glencore had no comment when asked about the sale.
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