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International Monetary Fund

producers, except for Cameroon , where production has been declining since 1991. Also, as in the case of Cameroon and Congo, Chad’s oil is traded on the international markets at a heavy discount. Like other African oil producers, Chad has had to attract foreign direct investment to develop its oil deposits , given the high technological and financial requirements and risks involved. Like other African countries, Chad has not made its contractual arrangements with foreign oil companies available to the public. Unlike many other African countries, where production

Mr. Tiago Cavalcanti, Daniel Da Mata, and Mr. Frederik G Toscani
This paper provides evidence of the causal impact of oil discoveries on development. Novel data on the drilling of 20,000 oil wells in Brazil allows us to exploit a quasi-experiment: Municipalities where oil was discovered constitute the treatment group, while municipalities with drilling but no discovery are the control group. The results show that oil discoveries significantly increase per capita GDP and urbanization. We find positive spillovers to non-oil sectors, specifically, an increase in services GDP which stems from higher output per worker. The results are consistent with greater local demand for non-tradable services driven by highly paid oil workers.