Glencore has put its oilfields in Chad up for sale. Glencore expanded in the upstream sector around a decade ago in order to secure oil flows, but the value of the assets tumbled with the oil price slump in late 2014. The main producing fields are Mangara and Badila.
Glencore’s net oil production from the West African country accounted for more than half its net production at 7,700 barrels per day (bpd) out of a total net 12,700 bpd. By comparison, oil majors BP produces close to 4 million barrels of oil equivalent per day.
Glencore put the assets up for sale less than a month ago and a data room including drilling and seismic details had recently been opened. The sale is being jointly run by U.S. bank Morgan Stanley and French bank Natixis.
