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Glencores deal next door Chad

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Griffiths Energy said late Tuesday that Glencore has entered into an agreement for the development of the Mangara and Badila oil fields that will give the world's largest commodities trader a 25% working interest in the fields' exploitation rights in return for a $300 million investment to fund the future development of the oil fields and to be paid in instalments of up to $100 million a year.

"This transaction, once closed, allows Griffiths to accelerate the development of the Mangara and Badila oil fields with a 2014 target exit rate of 50,000 bopd [barrels of oil a day] (gross)," said Gary Guidry, president and chief executive of Griffiths Energy.

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