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Chad Tries to Loosen its Dependence on Exxon Mobil
Idriss Deby, the president of Chad, at the opening of UN talks on climate change in Durban, South Africa, on November 29, 2011. (ALEXANDER JOE/AFP/Getty Images)

Chad Tries to Loosen its Dependence on Exxon Mobil

June 15, 2012
| Economics
| Africa
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Chad’s government hopes an agreement to sell oil directly on the open market without going through Exxon Mobil (XOM) will benefit its economy by reducing its dependence on the oil giant and increasing revenues. However, political mismanagement, corruption and dwindling oil reserves continue to overshadow these plans.
This summer, Chadian government-owned Societe des Hydrocarbures du Tchad (SHT) will begin selling directly on the open market its share of oil from its Doba Basin reserves. Chad says it will reap large financial benefits from the direct sale of oil which will help develop other sectors of the economy. But its questionable whether the regime led by Chadian President Idriss Deby will actually invest oil revenues to address the country’s severe poverty, especially after Deby used huge payments from Exxon Mobil in 2006 to get out of a deal with the World Bank that required oil revenues be spent on development programs.

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