FOREIGN INVESTMENT IN THE CHADIAN OIL INDUSTRY
A. SAPUNTSOV, Candidate of Economic Sciences Chad became an oil exporter in 2003, and transnational capital played a crucial role in the development of the oil industry. In order to ensure the country's economic development and fight poverty, the World Bank (WB) tried to create effective mechanisms for redistributing oil revenues, but Chad followed the "resource curse"path typical for a number of African countries. Information about possible oil reserves in Chad appeared in the second half of the 60s. The economic backwardness of this poorest African country prevented the establishment of its own oil companies to organize exploration activities. 1 The oil industry of Chad, which maintained close relations with Western countries, was created by major multinational corporations( TNCs), which, through foreign direct investment (FDI), organized the oil business. In 1969, the Government of Chad granted a concession for oil exploration to the American TNK Konoko. A little later, an international consortium was formed consisting of: Konoko (the project operator and owner of a 12.5% ownership stake in the consortium), Anglo-Dutch Shell (37.5%), as well as American Exxon and Chevron (each with 25%). In the period 1973-1975, the consortium identified the Doba and Doseo oil-bearing basins in southern Chad, as well as to the north of the island. Chad-Sedigi, Kanem, Kumia deposits. Operation of the Sediga was started in 1977, with production volumes of only 1,500 barrels. drilling of wells in other fields has shown that oil reserves are insignificant 2. At the same time, exploration in Doba identified the relatively oil - rich Miandum field in 1975 and the Kome field in 1977. In the mid-70s, serious armed conflicts took place in Chad, and due to the escalation of the conflict, plans for the accelerated development of the oil industry had to be postponed: the construction of an oil refinery (refinery) operating on raw materials from the Sedigi field, the organization of the expor ... Read more
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Istanbul, Turkey
10.07.2023 (344 days ago)
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