
[miningmx.com] – GLENCORE would impair the value of its oil business in Chad, purchased for $1.35bn in April last year, by about $790m, said Bloomberg News which cited a statement from the Swiss headquartered company.
“Following the sharp decline in oil prices in late 2014 and continuing into 2015, significant amendments were made to Chad’s work program,’ Glencore said. “This included changes to the fields’ capex and production profiles and significantly reducing the number of drilling rigs in operation.’
Glencore agreed to buy Caracal Energy Inc. for about $1.35bn in April last year to take control of oil and gas assets in the central African nation of Chad.
Crude slid back into a bear market last month amid an enduring supply glut, and slumped to a six-year low near $40 a barrel in New York Tuesday, said Bloomberg News.
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