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Exxon In Negotiations With Chad Over Record $74 Billion Fine: Bloomberg

Source: thewillnigeria.com

Exxon Mobil Corp (XOM.N) is negotiating with Chad about a record $74 billion fine the U.S. oil company was told to pay by a court in the central African nation over unpaid royalties, Bloomberg reported on Tuesday.

Exxon has appealed the Oct. 5 Chad court ruling, but the appeals court hearing has been delayed because of the talks, Bloomberg reported, citing a lawyer for Exxon.

The court decision fined a consortium that Exxon led over 44 trillion CFA francs ($73.44 billion) – nearly four times BP’s record Deepwater Horizon settlement.

REUTERS