SAVANNAH ENERGY PURSUE LEGAL RIGHTS OVER CHAD’S MOVE TO NATIONALISE ITS ASSETS
Savannah Energy Plc, the British independent energy company focused,said it will pursue all of its legal rights against the decree issued by the President of the Republic of Chad dated 23 March 2023, nationalising Savannah Chad Inc’s,formerly Esso Exploration and Production Chad Inc upstream production assets in Chad.
Savannah Energy Chad Limited completed the acquisition of EEPCI on December 9,last year.
The company said in a statement that the actions of the Republic of Chad are in direct breach of the Conventions to which SCI and the Republic of Chad are, amongst others, party.
It added:”This Presidential Decree has been issued by the Republic of Chad, notwithstanding the fact that under SCI’s operatorship the historic production decline was immediately reversed, with daily production averaging 29,349 barrels per day since 9 December 2022, an increase of c.9% as against the equivalent period prior to Savannah taking control of SCI. Savannah had also initiated plans to significantly increase production further through an active investment programme”
According to Savannah Energy,the conventions are subject to the jurisdiction of an ICC tribunal, seated in Paris and the company intends to pursue all of its legal rights.
It reiterated its commitment to delivering projects that matter in Africa .
