Glencore to sell Chad oilfields to Perenco

Stock image.

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. 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.

(By Madjiasra Nako, Julia Payne and Aaron Ross; Editing by Edmund Blair and Mark Potter)


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