Chad Cameroon Petroleum Project Briefing to Parliamentarians. By Marie Françoise Marie-Nelly Senior Program Manager Chad Cameroon Pipeline Project
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1 Chad Cameroon Petroleum Project Briefing to Parliamentarians By Marie Françoise Marie-Nelly Senior Program Manager Chad Cameroon Pipeline Project September 25, 2006
2 Outline I. Background II. Scope of Project III. World Bank Group Involvement IV. Project Completion V. Dispute between the WB and Chad September 25, 2006 Briefing to Parliamentarians 2
3 I. Background-Chad Economic, social and Political One of the poorest countries in the world UN Human Development Index ranking 173/177 GDP (current US$) (billions) 4.3 GNI per capita, Atlas method (current US$) 330 Life expectancy at birth, total (years) 43.9 Population, total (millions) 9.4 Population growth (annual %) 3.4 Gross Primary School enrollment (annual %) 71.0 Literacy rate (%) 26.0 Surface area (sq. km) (thousands) Sources: UN Human Development Report 2005, WB 2004 data Violent internal conflicts from independence in 1960 to early 1990s. Democratization process and reconciliation efforts during the 1990s. A return to internal conflict since September 25, 2006 Briefing to Parliamentarians 3
4 I. Background -Cameroon Economic, Social and Political Macro-economic and poverty reduction efforts in past ten years but still low human development ranking Un Human Development Index ranking 148/177 GDP (current US$) (billions) 15.8 GNI per capita, Atlas method (current US$) 890 Life expectancy at birth, total (years) 46.0 Population, total (millions) 16.0 Population growth (annual %) 1.8 Gross Primary School enrollment (%) 117 Literacy rate (%) 68.0 Surface area (sq. km) (thousands) Sources: UN Human Development Report 2005, WB 2004 data One of the most politically stable countries in sub-saharan Africa but Risky judiciary system, poor business environment and high perception of corruption September 25, 2006 Briefing to Parliamentarians 4
5 II. Scope of the Project The Chad-Cameroon Pipeline Project The Project: Developing Three Oil Fields in Landlocked Chad and Building a Pipeline System/Export Terminal to transport oil from Chad to offshore Cameroon CHAD CAMEROON Yaoundé Kribi N Djamena Doba Pipeline: 650 miles/1,070 Oil Fields Marine Export kilometers September Terminal 25, 2006 Briefing to Parliamentarians 5
6 II. Scope of the Project (cont.) Private Sponsors (the Consortium): ExxonMobil (U.S.A., 40%); Petronas (Malaysia, 35%); ChevronTexaco (U.S.A., 25%). Oil Production managed by ESSO for the Consortium Pipeline construction and operation: Tchad Oil Transportation Company (TOTCO), partly owned by the Government of Chad (8%), and Cameroon Oil Transportation Company (COTCO), partly owned by Governments of Chad (3%) and Cameroon (5%) Total Project cost: $4.8 billion September 25, 2006 Briefing to Parliamentarians 6
7 III. World Bank Group Involvement Rationale Generate new resources through a development project for a very poor country with limited sources of growth Ensure project is developed in an environmentally and socially sound manner (Environmental Management Plan) Mitigate political risk for private sponsors (Bank involvement was a make-or-break for the project) Countries to borrow on IBRD terms for their equity participation in TOTCO and COTCO due to limited IDA resources September 25, 2006 Briefing to Parliamentarians 7
8 III. World Bank Group Involvement (cont.) Investment Financing Bank financing to the two Governments (IBRD) $53m to finance Cameroon s equity in the pipeline $39.5m to finance Chad s equity in the pipeline IFC: $100 Million of loan financing for its own account arranging $100 Million from commercial banks and lead arranger on financial due diligence September 25, 2006 Briefing to Parliamentarians 8
9 III. World Bank Group Involvement (cont.) Technical Assistance Chad Management of the Petroleum Economy-IDA $18m Help Chad implement its revenue management strategy and improve public finance management towards poverty reduction Petroleum Sector Management and Capacity Building-IDA $24m Help the Government fulfill its responsibilities under the Project s Environment Management Plan (EMP) and develop capacity to manage the petroleum sector and mitigate negative impacts Cameroon Petroleum Environment Capacity Enhancement IDA $5.8m Build national capacity for environmental management and monitoring of the petroleum development and pipeline project September 25, 2006 Briefing to Parliamentarians 9
10 III. World Bank Group Involvement (cont.) Supervision arrangements External Compliance Monitoring Group (ECMG) to monitor implementation of EMP International Advisory Group (IAG) to monitor and advise the Bank Group and the two Governments on whether the broad objectives of the pipeline project are being achieved World Bank Group supervision: Multi-sector team led by Senior Program Manager with increased presence in the field September 25, 2006 Briefing to Parliamentarians 10
11 IV. Project Completion Construction phase completed in 2003 (IBRD loan closed in June 2005) Oil revenues started to flow in 2003 and started to be repatriated in July 2004 Environmental and Social Certificate of Compliance in October 2004 for construction phase Environmental compensation in Cameroon: two national parks and an Indigenous Peoples Plan September 25, 2006 Briefing to Parliamentarians 11
12 V. Dispute between WB and Chad on Oil Revenue Management Original Arrangement Petroleum Revenue Management Plan Unprecedented system of safeguards governing the use of petroleum revenues established by Law : - Escrow account established at Citibank in London with mechanism for transferring revenues to Chad - Allocation of revenues according to specified criteria - Oversight Committee (Collège de Contrôle et de Surveillance des Ressources Pétrolières or Collège ) to monitor use of petroleum revenues; composed of members of Government, Parliament, Central Bank, Supreme Court and Civil Society September 25, 2006 Briefing to Parliamentarians 12
13 V. Dispute between WB and Chad on Oil Revenue Management Law 002 approved by Parliament late Dec Changes Do away with FGF(10% of direct revenues) Increase to 30% amount that goes to general budget Reduce Priority Sector contribution to 65% Add security, justice and territorial administration to Priority Sector spending Allow for future modifications of priority sectors by simple decree Replace Senate representative on Oversight Committee by and Economic and Social council representative (and change term length) Extend new law to include all oil fields September 25, 2006 Briefing to Parliamentarians 13
14 V. Dispute between WB and Chad on Oil Revenue Management World Bank Reaction World Bank suspended the outstanding disbursements of its loans to Chad ($124 million) on January 6, This triggered a freeze of Escrow Transit Account ($24 million). Chad repatriated FGF ($36 million) on January 20, 2006 September 25, 2006 Briefing to Parliamentarians 14
15 V. Dispute between WB and Chad on Oil Revenue Management July Memorandum of Understanding MOU covers 2007, pending a permanent legislative modifications based on a revised national poverty reduction strategy MOU is win-win (chart) MOU provides for short- and medium-term measures to strengthen public finance management Offshore Escrow Account operations returned to normal on July 28 PRML Covers revenue from 3 oilfields at Doba Allocates 80% of direct oil revenue to additional poverty-related spending College oversight of additional spending funded by direct oil revenue MOU Covers revenue from all oilfields Allocates 70% of all (non-oil and direct and indirect oil) revenues to poverty-related spending Strengthened College oversight over broader range of public spending TBD September 25, 2006 Briefing to Parliamentarians 15
16 V. Dispute between WB and Chad on Oil Revenue Management MOU Implementation Preparing 2007 Budget Updating the PRSP Strengthening Public Finance Management Preparing for a permanent successor to PRMP September 25, 2006 Briefing to Parliamentarians 16
17 V. Dispute between WB and Chad on Oil Revenue Management Remaining Challenges A tense political and security environment in Chad Petroleum-sector-specific challenges Limited capacity in Chad s public administration Pressures from expected high indirect oil revenues (income taxes) September 25, 2006 Briefing to Parliamentarians 17
18 Annex Revenues and Allocations ( September 25, 2006 Briefing to Parliamentarians 18
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