georgetown sfs - chevron fdi risk in emerging markets strategy

FDI Risk Strategy: How Past

Experiences Shape Future Investments

FDI Risk in Emerging Markets Aaron Easlick, Michael Edeke, Patrick Ottenhoff

Presented April 19, 2012

Business Case Kazakhstan Analysis Chad Analysis South Sudan Analysis Recommendation

2

Emerging Markets

Chevron is an integrated energy company that generates most profit from upstream operations. Oil and gas industry is increasingly dominated by national oil companies in recent years, forcing independent ones to explore riskier areas. With strong financial health relative to its private peers, Chevron has more appetite for risk.

Chevron successfully entered this market in 1993 after independence. Chevron operates in largest oil fields , owns 50% stake in Tengizchevroil with the Kazakh state. Major voids: lack of pipeline capacity, shortage of skilled engineers and few domestic suppliers.

Severely underdeveloped state that has been ruled by a military government since 1976. Chevron operates JV with Exxon and owns a pipeline running through Chad and Cameroon. Major voids: poor distribution networks, insolvent banks, and unpredictable legal institutions.

Newly-‐independent nation with significant oil reserves; Asian companies investing quickly. Major voids: Limited financial intermediaries, nonexistent physical infrastructure, political and legal institutions are young and unproven.

Case Study #1: Kazakhstan

Appetite for Risk

Case Study #2: Chad

Business Case: South Sudan

Based on Kazakh and Chad experiences, and voids in South Sudan, we do not recommend that Chevron lead exploration in South Sudan at this time.


Vertically-‐integrated energy company with exploration, production and refining operations worldwide

Production of 2.67bn barrels of oil each day

$198.81bn market cap

2nd largest U.S. oil company 3rd largest private oil

company worldwide 19th largest oil company

worldwide

3

Chevron Overview

0

20

40

60

80

100

120

140

160

180

Upstream Downstream $, billions

Revenue

Income

27% profit margin

1% profit margin Upstream production is considerably

more profitable than downstream operations

87% of $20bn capex budget is directed to upstream, 11% in downstream, 2% other


4

Industry Overview: Rise of NOCs

77% of total worldwide resources are under the control of national oil companies (NOCs) with no equity participation by foreign, international oil companies (IOCs). Western IOCs now

control less than 10% resource base.

14 of the top 20 upstream

companies in the world are now NOCs.

This trend has forced

the IOCs to explore increasingly risky areas.

IOCs: better technology, are more efficient, more profitable.

NOCs, 77% IOCs 10%

JVs 13%


5

Industry Overview: Leading the IOCs Chevron (CVX, +131%) outperforming rivals IOCs in last decade

Running profitable operation, but slightly lower ROE Strong financials indicate CVX is in safer position to accept risk

Company PEG Profit Margin

ROE D/E Credit Rating

Chevron (CVX) 1.33 11.0% 24% 0.08 AA BP (BP) 1.38 8.0% 25% 0.40 A Exxon (XOM) 1.47 9.5% 27% 0.11 AAA


6

Upstream overview

32% Asia 25% USA 18% Africa 15% Americas 8% Europe 5% Australia 22% OPEC

Chevron maintains a geographically-‐balanced upstream portfolio and is hedged

However, Chevron has entered or explored most top targets around the globe and will increasingly be forced to consider riskier areas.


1. Political concerns First and foremost, Chevron cannot enter a country if it is not open for business or if markets are closed due to war or sanctions. Iran (sanctions) and Iraq (war) are good recent examples.

2. Geological conditions Chevron must also conduct a cost analysis of production in certain geological conditions (see Slide 10). For example, deepwater and oil sands are considerably more expensive to extract and refine, and therefore are less profitable.

3. Presence of Competitors Presence of IOCs: A market cornered by ExxonMobil or Royal Dutch Shell will be less attractive for Chevron. However, Chevron sometimes invites competitors to join projects to spread risk. Presence of NOCs: Chevron is increasingly confronting NOCs not only in their home markets, but also abroad. PetroChina, for example, is heavily invested in Africa. In many cases, Chevron is forced to enter JVs with NOCs

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Foreign Market Strategy

Before Chevron enters a foreign market, it must conduct a profitability study that encompasses the following three major conditions:


8

Business case for going on-‐shore

$-‐

$10

$20

$30

$40

$50

$60

High Estimate

Low or StatedEstimate

Onshore More Profitable

Offshore, Sands Less Profitable

Red denotes costs stated in Chevron 10-‐k / Blue denotes analyst estimates

Onshore production is more profitable than offshore, ceteris paribus. In Nigeria, for example, offshore production ($30/barrel) is twice as expensive as onshore ($15/barrel) Private operations are almost always more productive than any NOC-‐affiliated operation. In Kazakhstan, it costs the private firm $10-‐$12/barrel and the NOC $15-‐$18/barrel.

Prod

uctio

n cost per barrel


9

Importance of analyzing risk

Examples of Risks -‐ Major enviro. lawsuit (operational/political): Chevron fined by courts in Ecuador for $9.5bn for enviro. damage

-‐ Oil spill (operational): Brazilian prosecutors are demanding $10.6bn for an offshore spill

-‐ Windfall taxes (political): Chad imposed

$280mm unanticipated taxes on Chevron

-‐ Expropriation (political): Argentina unexpectedly

Respol; company demands $10.5bn in compensation

Legend

Y-‐axis = frequency and likelihood of a given risk.

X-‐axis = severity and impact of a given risk.

Together, the size of the bubble indicates how potentially consequential a given risk could be.


Kazakhstan

Proven Success in an Emerging Market: This is an example of Chevron experiencing sustained success in an emerging market Entered Immediately After Independence: Chevron entered this market as soon as it was opened (1993), similar to the experience with S. Sudan and its independence Experience Working with State: Chevron was the lead IOC in several projects and consortiums involving NOC investors

Chad

Geography and Geology: Chad is close to S. Sudan, with a similar climate and similar geographical and geological obstacles Similar Institutional Voids: Like S. Sudan, Chad is extremely underdeveloped and has considerable institutional voids

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Case Studies: Kazakhstan and Chad

Analysis of Kazakhstan

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12

Overview of Chevron in Kazakhstan

Key Facts about Chevron in Kazakhstan

Chevron operates in the two largest oil fields in Kazakhstan. It has a 50% stake in Tengizchevroil (TCO) a JV with the Kazakh NOC which operates the Tegiz field the deepest operating super giant oil field in the world, and a 20% stake in the

nd largest oil field.

Chevron extracts approximately 291,000 barrels of oil a day with plans to increase its total output by up to 150,000 barrels a day. Chevron is the largest private stake holder in the CPC pipeline, the largest capacity pipeline that connects Kazakhstan's oil fields to ports on the Caspian Sea.

Chevron is the largest IOC in Kazakhstan and was the first private oil company to enter the country after Kazakhstan declared its independence from the Soviet Union; it entered Kazakhstan in 1993.


Capital Markets1 Product Markets Labor Markets

Credibility Enhancement

Financial and legal statements are not easily accessible.

No universal audit standards

Local/Global agencies/companies rarely rate quality of suppliers

.

Information Analysis

Credit Risk Agencies are virtually non-‐existent

No Major Voids Exist for Oil & Gas Industry

Independent aggregators of career and employee information are not present

Aggregation and Distribution

Insurance receipts total .7% of GDP versus 8.6% in OECD countries. accommodate full upstream

production capacity. Low quality domestic suppliers.

Most universities are inadequately equipped and produce poorly qualified

Engineers

Transaction Facilitation

Equity markets are very undercapitalized

No Major Voids Exist for Oil & Gas Industry

Services that place workers with employers are fractured and

underdeveloped

Regulation and Public Institutions

Similar to OECD institutions, however, lack of training and corruption are

prevalent

Burdensome regulations and taxes on importing/exporting of goods make trading across borders very difficult

Multiple agencies exist to regulate workers rights, health, and

discrimination, however, corruption hinders mission statements

Adjudication The processes to enforce financial

contracts is significantly slower than in OECD countries.

Government has the right to break and alter any energy contract with an IOC

Labor law courts exist and operate to some level of satisfaction, however,

corruption can skew and delay outcomes

13

Institutional Void Matrix for Kazakhstan

Source: World Bank ROSC Kazakhstan, TrustLaw, BMI Kazakhstan Oil & Gas Sector Report


14

Political System & Openness in Kazakhstan

FDI in Kazakhstan in $ Billions

Since 1993 when Chevron first entered Kazakhstan, political stability has remained steady and openness has

situation still presents foreign companies with numerous hurdles.

Transparency International Corruption Index (1 very corrupt, 9 very transparent)

OPENNESS + The Government has made ascension into the WTO a top economic priority, actively pursuing necessary reforms since 1997. -‐ Trading across borders is difficult with import/export costs and time 3x greater than OECD countries.

POLITICAL SYSTEM + Since 2010 the government has stepped up enforcement of business contracts. -‐ Corruption remains a major concern and cost to doing business in the country with transparency levels far below OECD countries.

Sources: World Bank Ease of Doing Business Report, WTO, UNESCAP


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Major voids in Kazakhstan

While Chevron is forced to deal with numerous institutional and infrastructural voids in Kazakhstan, three of the

VOID POTENTIAL IMPACT ON OPERATIONS POTENTIAL YEARLY IMPACT ON GROSS INCOME

Product Market Distribution: Lack of pipeline capacity

Unless pipeline capacity is increased, Chevron would not be able to adequately increase production.

$ 4.90 Billion

Labor Market Distribution: Shortage of skilled engineers

The lack of qualified engineers

launch new projects while managing current operations.

$1.80 Billion

Product Market Distribution: Few quality domestic suppliers

Kazakhstan ranks 176/183 for transporting across borders. Any equipment failure or supply shortage could cause significant operation delays for Chevron.

$0.47 Billion


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How Chevron is Addressing Major Voids in Kazakhstan

Chevron has actively worked to address the voids described on the previous slide by typically trying to mitigate the potential for future disruptions to its operations, although in some cases Chevron appears to retain the risk.

VOID Type of Risk HOW CHEVRON IS ADDRESSING THE VOIDS

Pipeline Capacity

Operational Mitigation -‐-‐ Chevron is working with a consortium of IOCs and NOCs to expand the capacity of the CPC pipeline by nearly 100%. The total cost of the pipeline expansion will be roughly $5.4 billion.

Shortage of Engineers

Operational Mitigation/Transfer -‐-‐ Chevron spent $40 million over the past few years in Kazakhstan to help universities better trained managers and engineers for the oil industry. However, the company increasingly relies on operating contractors in its TCO operations (largest oil field in Kazakhstan)

Shortage of Quality Suppliers in the Country

Operational Mitigation -‐-‐ Since 2005 Chevron has actively supported the development of Kazakhstan suppliers by establishing preferred local supplier programs that encourage quality production and then rewarding them over $1.6 billion in business a year.

Analysis of Chad

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Chad is a central African state comprised of Saharan desert in the north and Sahel in the south Current regime is a military government that has ruled since 1979 Chevron has two major projects in Chad:

The Doba oil fields Chad-‐Cameroon oil pipeline

With ExxonMobil, Petronas, and the World Bank, Chevron has invested $7 billion since 2000 in the Doba oil-‐field

Consists of 2 pumping stations, a pressure reduction station, and a floating storage and offloading vessel Crude pumped in Chad is transported through a 665-‐mi pipeline to the Atlantic coast off Cameroon

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Overview of Chevron in Chad


Capital Markets Product Markets Labor Markets

Credibility Enhancement

None; there is zero coverage of private bureaus

Void Virtually no local product standards

Technical certification from abroad is available


Limited no major credit rating agencies

Limited product markets are not developed but there are cell

press

Void Majority of workforce is in subsistence agriculture. Semi-‐skilled


Severely Limited the World Bank financed portion of major

pipeline

Void Product market is fragmented and is focused on

basic subsistence goods

Vocational Center of opened in 2011

Union of Trade Unions is a center


Void underdeveloped financial intermediaries

Lack of banking infrastructure. Little physical infrastructure, less

than 400 mi of paved roads

Void skilled labor must be imported; unskilled labor market

opaque


Void Public banks have negative equity and

Limited College de Control et de Surveillance des Resources is

nearly powerless

Void Government has limited capacity to track workforce or

conditions

Adjudication Direct conflict resolution through the executive branch with no

independent judiciary

Poor, contract enforcement costs on-‐average 45% of the total claim Little judicial infrastructure

19

Institutional Void Matrix for Chad As a failed state, Chad has a dearth of physical and institutional infrastructure that has exacerbated its status as one of the most difficult places in the world to do business. Underdeveloped capital markets in

particular prove to be an obstacle to doing business.


20

Political System & Openness in Chad

Source: Roy May and Simon Massey (March, 1999) Chad: Social, Political and Economic Situation WriteNet Country Papers, Refworld, UNHCR.

Chad is a failed state under the control of the autocratic Idris Deby since 1979. The development of its oil resources in a joint-‐venture with ExxonMobile, Petronas and the World Bank was supposed to grant the government revenues

with which it could pay for human development projects that have not materialized.

OPENNESS + A member of the African Union and the government was amenable to stipulations formulated by the World Bank on how oil production revenues were to be spent on development -‐ The government has ignored the milestones and has been stabilized by the influx of weapons and armed soldiers from the Arab Spring.

POLITICAL SYSTEM + Presidential elections for a presidential term of five-‐years have been held since 1996 -‐ Corruption is endemic to the system and Deby has been the only winner. The entire judiciary is appointed by the president and in 2006 he had to fend off an attempted coup by rival military leaders.

Chad by International Rankings

183rd

168th out of 182 on Transparency

163rd out of 169 on the Human Development Index

4 out of 10 on Foreign Investment Index (China is 7.5)


21

Major voids in Chad

While Chevron is forced to deal with numerous institutional and infrastructural voids in Chad, three of the voids

VOID POTENTIAL IMPACT ON OPERATIONS

IMPACT ON TOTAL VALUE OF CHAD OPERATIONS

Product Market Aggregation and Distribution Deterioration of product distribution network

Pipeline infrastructure deterioration reduces the amount of commercially viable oil shipped through Cameroon to the Atlantic Coast.

$1.3 Billion w/ a 25% increase in operating costs

Capital Markets Adjudication No formal method of resolving financial contract disputes

Inability to settle financial disputes with government has led to unverifiable charges in the form of

oil producers.

$245 Million to settle a 2006 claim for windfall

taxes of 40% of operating income

Capital Markets Aggregation and Distribution Inefficient local banking sector

Insolvency of local banks could increase capital costs by forcing Chevron to finance through other intermediaries farther afield.

$861 Million w/ a 200 basis point increase in cost

of capital


22

How Chevron address Chad voids

Chevron has actively worked to address the voids described on the previous slide by typically trying to mitigate the potential for future disruptions to its operations, although in some cases Chevron appears to retain the risk.

VOID TYPE OF RISK

Product Market Aggregation and Distribution

Operational Transfer Activity in Chad by the China National Petroleum Corporation is expected to produce 60,000 b/d of crude and is building a refinery at .

Capitals Market Adjudication

Company Specific Mitigation In a 2006 tax dispute with the central government Chevron at first chose withdrawal, then paid a reduced sum of $280 MM USD for its tax charge. How the tax accrued in the first place and regular payment mechanisms are not readily available.

Capital Markets Aggregation and Distribution

Financial Mitigation/Transfer Used World Bank and IFC loans for the initial capital construction and sources capex and working capital needs from outside the country.

Analysis of South Sudan

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24

Business case for South Sudan

south

The area highlighted in blue represents the Suds Province, a geographical region that spans Chad, Sudan, South Sudan, and CAR. Approximately

40% of this region lies in the newly formed state of South Sudan

In September of 2011 the US Treasury eased restrictions on US oil companies seeking to do business in South Sudan sanctions placed on Sudan for terrorist activities in 1997 previously kept US firms from operating in the region. The South Sudanese government has indicated its desire to lure Western oil companies into the country in order to diversify from its dependence on Chinese NOCs and capital and to help with future exploration. Sud Province which spans Chad, Central African Republic, Sudan and South Sudan has 7 billion barrels of unexplored oil reserves. Approximately 40% of the

Financial Opportunity for Chevron

2.8bil reserves x 15% =

420mil barrels

420mil barrels x $100/barrel =

$42bil in Revenue

$42bil in Revenue x 27% profit margin =

$11.4bil in Net Income

Assumptions: $100/barrel spot price, similar market share for new oil production in S. Sudan as current market share in Chad 15%, profit margin on par with data provided in 2010 10k


25

Institutional void matrix for South Sudan

Capital Markets1 Product Markets Labor Markets

Credibility Enhancement Void must use outside resources There are no government or 3rd party

entities that certify local suppliers Virtually no certification schemes currently

in place independent of Sudan


Existent a South Sudan Statistical Body tracks inflation and other

metrics

There are no government or 3rd party entities that promoted transparency

in oil production

Virtually no internal higher or vocational education programs outside of companies.


Limited-‐-‐Banks exist and trade the currency, but there are not many

financial intermediaries

The two active pipelines in S. Sudan run through Sudan which keeps a

tight control over exports.

83% of the population is illiterate and technical training is virtually non-‐existent


Very limited the currency (South Sudan Pound) does not have a set exchange rate with the Sudanese

pound

Due to control of pipelines , Sudan controls the sales of oil from the

South.

Ministry of Human Resources established to develop capability within other ministries and the public. Includes

Directorate of Development and Training


Independent Commission of Fiscal Allocation, central bank, and Ministry of Finance backed by World Bank

Regulatory bodies to oversee oil production were only formed in late 2011 and have little experience

Ministry of Labor exists with mandates for capacity building, worker training, and

worker protection among others.

Adjudication

Strongly-‐worded protection for foreign investors and operators, enforcement capabilities are

unknown

Standards and a petroleum regulator exist, enforcement capabilities are

unknown

Ministries of labor and justice exist, enforcement capabilities are unknown

Since becoming independent in 2011 the newly formed South Sudanese government has been working with numerous governments and NGOs to try and develop the functioning institutions and infrastructure and attract FDI.


26

Political System & Openness in South Sudan

OPENNESS + Policy of non-‐discrimination against foreign investors + Government allows full repatriation of earnings and dividends and allows freely convertible currency. -‐ Ability and willingness to adjudicate is unknown

POLITICAL SYSTEM + The government launched an Anti-‐Corruption Commission to weed out corrupt politicians. -‐ The government is forced to spend more than 31% of its budget on security to internal struggles with rebel groups and border attacks by the Sudanese military.

Recent attacks by Sudan on South Sudan Cities and Oil Fields

Since becoming independent in 2011 the newly formed South Sudanese government has been working with numerous governments and NGOs to try and develop the functioning institutions and infrastructure and attract FDI.


27

Major Voids in South Sudan

VOID POTENTIAL IMPACT ON OPERATIONS POTENTIAL REDUCTION IN GROSS INCOME

Capital Markets Aggregation and Distribution Lack of institutional investors

Drives up capex and operating costs by requiring Chevron to take a greater ownership stake of a risky project in S. Sudan, reducing profitability

$4.2 Billion w/a 10% reduction in profit margin

Product Markets Aggregation and Distribution Existing pipelines run through Sudan

An unreliable distribution network to

market share in the field

$3.8 Billion w/a 5%reduction in market

share

Product Markets AdjudicationPublic institutions are new and weak

With no formal conflict resolution process that has been established with precedent, Chevron faces risk of

Respol in Argentina

$6.8 Billion assuming a 40% payout after

confiscation of oil reserves


28

Dealing with Voids in South Sudan Based on Experiences in Chad and

Kazakhstan

VOID UNIQUE? HOW CHEVRON SHOULD ADDRESS THE VOIDS

Product Markets Aggregation and Distribution Little control over pipeline capacity

No Chevron transferred pipeline risk in Chad and expanded pipes in Kazakhstan

Mitigate/Transfer -‐ Chevron could use its expertise in upstream

development banks as they did in Chad and Kazakhstan to help build a suitable pipeline through neighboring Kenya.

Capital Markets Aggregation and Distribution Lack of institutional investors

No Chevron worked with Global Organizations to fund Capex in Chad

Transfer -‐ Since 2005 South Sudan has received over $4billion in International AID, much of it coming from the World Bank which has pledged to support infrastructure development. Chevron can partner

needs.

Product Markets Adjudication No track record on the government ability to enforce contracts

Yes South Sudan younger and less established then other markets Chevron has entered.

Mitigate/Transfer South Sudan is so new that its ability to adjudicate contracts is virtually unknown. Chevron could buy insurance to

mitigate lengthy disputes with the government or local suppliers. It could partner with other IOCs and NOCs to transfer risk of broken or

disputed contracts.


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Potential Value of South Sudan after Risk Mitigation

Voids Unique? Less Costs

Limited Pipeline Capacity

No $4.2bn

Lack of Financial Intermediaries

No $3.8bn

Nascent/Unproven Legal Systems

Yes $6.8bn

Value of Entering S. Sudan ($3.4bn)

Total Value of 20 Years of Income in South Sudan $11.4bn

Investment projections in a vacuum

Voids Addressed Unique? Less Costs

New Pipeline Capacity

No $3.0bn

World Bank and IFC Loans

No $0.0bn

Political Risk Insurance

Yes $0.3bn

Value of Entering S. Sudan $8.1bn

Total Value of 20 Years of Income in South Sudan $11.4bn

Investment projections when drawing on best practices from Kazakhstan and Chad

Note: The above quantifies the potential value to Chevron by entering South Sudan, after removing the reduction in


30

Without using the risk mitigation tools learned from experience in Kazakhstan and Chad the value of entering South Sudan is ($3.4bn) < $0

Chevron should not enter under these circumstances.

Using the risk mitigation tools learned from experience in Kazakhstan and Chad the value of entering South Sudan is $8.1bn > $0.

If Chevron entered South Sudan, there would still be at least $8.1 billion in value using risk mitigation strategies learned from other emerging markets.


31

Go/ No Go and Next Steps for Chevron in South Sudan

WHY? South Sudan presents Chevron with some excellent future opportunities for oil

production. As showed on the previous slide utilizing previous risk mitigation and transfer techniques, over $8 billion in potential income exists for Chevron in South Sudan.

However, many of the risk mitigation techniques are predicated on the assistance of multiple NOC and IOCs. Further the political instability and conflict with Sudan will likely

hinder the ability of Chevron to mitigate the most severe voids at this time.

NO GO

the political situation becomes more stable with Chevron should enter South Sudan.

NEXT STEPS


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APPENDIX

Assumptions for Chad Valuation Estimated reserves of 5 billion barrels 25% Chevron stake Ordinary cost of $20/barrel Ordinary cost of capital of 10%

33

At a cost of $20/barrel and r=10% 13,042,954,773 $ At a cost of $25/barrel and r=10% 11,750,641,101 $

At a cost of $30/barrel and r=15% 8,846,408,036 $ At a cost of $20/barrel and r=12% 12,181,966,641 $

VaR with Capital Cost increase of 2% 860,988,132 $

VaR with Operating Cost increase of 25% 1,292,313,671 $


34

Kazakhstan Net Income Impact Calculations

Pipeline Capacity Chevron is working with a consortium to expand pipeline capacity, which is expected to finish in 2015, the expansion of the pipeline is expected to take place around the same time as expansion of the Tengiz Oil Field which should provide 250k-‐300k barrels of oil per day

ional production output. 150k / day x $100 per barrel -‐ $12 per operating cost per barrel x 365 days in a year = ~ $4.9 billion /year Shortage of Engineers According to a report by BAH http://www.boozallen.com/media/file/Capital_Project_Execution.pdf executives in the oil and gas industry estimate that due to current shortages in engineers and other qualified workers traditional contractors can managed 70% of planned future production. Another report by Time magazine says the shortage of engineers global and in the US is approximately 10%, however, Kazakhstan is likely much worse due to the tertiary % of gross population being 2.23x less than the United States (World Bank Data) . Using the above data we can estimate the potential cost to Chevron due to a lack of qualified engineers. A 30% reduction in planned future activities x 1.223 ( assumes the 30% reduction is based on a 10% shortage in the US which when

3) x 150k (future production expansion in the Tengiz Oil field) x $ 100 per barrel -‐ $12 in operating costs = ~$1.8 billion/year. Lack of quality suppliers When S. Sudan broke away from Sudan supplies and equipment for upstream production were stranded at the border and oil production in S. Sudan decline by 5% immediately. We assume a similar decline is possible in Kazakhstan due to the fact that most equipment and suppliers are imported by Chevron. 291k barrels/day (currently extracted) x .05 x $88 (see above calculation) x 365 = $.47 Billion

http://www.boozallen.com/media/file/Capital_Project_Execution.pdf


Chad Financial Stability Report: http://www.imf.org/external/pubs/ft/scr/2011/cr11299.pdf Chevron in Chad Fact Sheet: http://www.chevron.com/documents/pdf/chadfactsheet.pdf Chevron 2011 10k Chevron 2011 Annual Report Supplements

Petronas http://www.25degrees.net/index.php/component/option,com_zine/Itemid,123/id,593/lang,en/view,article/ World Bank Doing Business in Chad 2012 Report: http://www.doingbusiness.org/data/exploreeconomies/chad/ Local Employees in Chad and Cameroon EssonChad: www.essochad.com/Chad-‐English/PA/Files/31_ch9.pdf Economist Intelligence Unit 2011 Chad Country Report Economist Intelligence Unit 2012 Chad Country Report Government of South Sudan webside: www.goss.org

http://bakerinstitute.org/events/the-‐changing-‐role-‐of-‐national-‐oil-‐companies-‐in-‐international-‐energy-‐markets Google Finance Reuters International Energy Study

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Sources

http://www.imf.org/external/pubs/ft/scr/2011/cr11299.pdf

http://www.imf.org/external/pubs/ft/scr/2011/cr11299.pdf

http://www.chevron.com/documents/pdf/chadfactsheet.pdf

http://www.chevron.com/documents/pdf/chadfactsheet.pdf

http://www.25degrees.net/index.php/component/option,com_zine/Itemid,123/id,593/lang,en/view,article/



http://www.doingbusiness.org/data/exploreeconomies/chad/

http://www.doingbusiness.org/data/exploreeconomies/chad/

http://www.essochad.com/Chad-English/PA/Files/31_ch9.pdf



http://www.goss.org/

http://bakerinstitute.org/events/the-changing-role-of-national-oil-companies-in-international-energy-markets




















