Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
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)
Comments
Masood Ashraf
Dear Compliance Team,
AKW Consultants is a consulting firm operating from Dubai (UAE). We are the accredited auditors for gold refineries in UAE by Ministry of Economy.
Our forte is Responsible Sourcing, ESG and External Auditing.
We have done audits for lot of refineries and their suppliers from Africa.
Request if we could get the contact details of the concerned person so that we can share our company profile.
Kind Regards,
Masood Ashraf