Glencore puts Chad oilfields up for sale – sources

Mining and trading giant Glencore has put its oilfields in Chad up for sale, according  to sources, in a retreat from its foray into oil production following asset write-downs over the past decade.

Like its oil trading peers, 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.

News of the Chad oilfields sale coincides with the retirement of Glencore’s head of oil Alex Beard at the end of this month and the separation of its upstream oil interests from marketing.

The main producing fields are Mangara and Badila.

Source: Energy-pedia