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Article: Hesitation by Shell, Elf Threaten Chad Line.
- Article from:
- The Oil Daily
- Article date:
- November 12, 1999
- Author:
CopyrightCOPYRIGHT 1999 Energy Intelligence Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Prospects for the Chad Cameroon oil development and pipeline project have taken a dive now that both Royal Dutch/Shell and Elf Aquitaine have signaled plans to downsize or quit the $3.5 billion project.
Financiers say Exxon, the operator with 40% of the equity, and which wants to continue with the project, will have major problems finding bankable investors to replace or take part of Shell's and Elf's 40% and 20% respective stakes.
The project, long controversial on political and environmental grounds, would appeal to only the hardiest or well-heeled investors at the best of times. The manner and timing of Shell and Elf's moves -- only weeks before the ...