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sneak.....Interesting scenario. There are clues all over the place that it is correct and is beginning to come together. I have never thought highly of the French, but i guess i can change. LOL!!!!!!!
Seek: The purchase value has to be achieved via the hand picked asset accumulation that is taken place by the suitor operating in the background before an offer to acquire takes place. These asset valuations along with hydrocarbon cash flow(Small operating company with hydrocarbon cash flow)will complete the dance to enter the AIM Market Listing. As this value approaches the selling price, the Suitor will sweeten the Pot, Some here may be Totally Surprised!
Have a Great Day!
Sneak
I have not. I had his e-mail address but can't seem to able to find it now.
thanks, I have him on my favorites list but couldn't remember why.
retep....Have you heard from him lately?
"I know we had one board member from Switz. who had a friend high up in Addax that knew some info but can't remember his name now." His handle was Rufisque. He's a money manager from Geneva.
sneak...WOW!!! That is some plan you outlined. Will we know things are happening by the mid August Enercom conference? This what i have been thinking.
Gas Origin Theories to be Studied
Burning water? This liquid came from a water well at the site.
Photos courtesy of Thomas Gold.
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The AAPG Hedberg Conference on the "Origin of Petroleum -- Biogenic and/or Abiogenic and Its Significance in Hydrocarbon Exploration and Production," will be held June 9-12 at the Institute of Petroleum in London.
Organizers said the conference is designed to provide an opportunity to present the hypothesis, evidence and data for an organic origin of petroleum and for an abiogenic origin of petroleum through oral and poster sessions, with ample time for discussion and debate.
Day 1 will deal with the origin question. The significance of each through case study exploration strategies using both models will be the focus of Day 2. Day 3 will deal with petroleum migration under both origin scenarios.
Organizers are Michel T. Halbouty, of Halbouty Energy; Peter Odell, Erasmus University; Brian Abbott, Institute of Petroleum; Barry Katz, ChevronTexaco; and Ernest A. Mancini, University of Alabama.
Click here for MORE INFORMATION or write to Debbi Boonstra in Education Services of the Geoscience Department.
METHANE (CH4) The Siljan Ring project in Sweden was supposed to answer a lot of questions about the origin of hydrocarbons, but not even the sight of burning "water" ended the mystery. The research -- and the increasingly intense debate continues.
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The debate about cooking up hydrocarbons keeps getting hotter.
Some scientists insist that all petroleum comes from abiogenic processes, with hydrocarbon development occurring in the Earth's mantle.
Most geochemists and petroleum geologists remain convinced that crude oil and natural gas have organic origins.
Look for this dispute to intensify in 2003, with new heat coming from an unexpected venue. In June, AAPG's typically sleepy Hedberg Conference could be the spark that sets off scientific fireworks.
Hedberg conferences address topics proposed by AAPG's Research Committee. They take place in informal settings, with attendance limited to 80-100 persons.
On June 9-12, however, a Hedberg Conference will be held in London with the theme "Origin of Petroleum -- Biogenic and/or Abiogenic and Its Significance in Hydrocarbon Exploration and Production."
"The timing is right," said Barry Katz, a ChevronTexaco Fellow in Houston and a member of the conference's program committee. "Historically, what has been the big issue is that there's essentially a Western and an Eastern school of thought.
"On the Western side, we've gone through what you've typically done in the scientific method," he noted. "The Russian arguments have been just that, arguments. We have yet to get them in a room to see what they have on the table."
Katz said he hopes the leading theorists from both sides will attend, so "we can have a balanced view and get everybody to talk to each other. That's what the Hedberg conferences are all about."
Is It Commercial?
An explorationist might dismiss the entire controversy over petroleum origination, except for two key points:
Theorists of abiogenic petroleum tend to see hydrocarbons as not just abundant but super-abundant, with no possibility of constrained supply.
Petroleum generated by abiogenic processes could occur anywhere, so exploration need not be limited to sedimentary basins, or to depths of only a few miles.
Modern theory directly links petroleum origination to organic detritus, according to Michael Lewan, a research geochemist for the U.S. Geological Survey in Denver.
"The modern, organic theory of the origin of petroleum states that a portion of the lipid fraction of micro-organisms deposited in anaerobic sediments is the original source of petroleum," he said.
Proteins and carbohydrates make up 85-95 percent of the weight of these micro-organisms, and are rapidly degraded by microbial activity, Lewan said.
The remaining 5-15 percent can be preserved in anaerobic sediments, representing "unique depositional conditions that result in organic-rich, sedimentary-rock intervals in some stratigraphic sequences," he explained.
Lipid material preserved in the original sediments polymerizes into kerogen, an insoluble organic material, Lewan said.
"As these organic-rich rock intervals are heated with burial in sedimentary basins, the hydrocarbon polymers within the kerogen thermally crack through a free-radical mechanism to yield liquid and gaseous petroleum hydrocarbons," he said.
Research in the lab and in the field demonstrates that petroleum development can and does take place in the earth's crust, he stated.
"I feel we've done a very good job of simulating production of petroleum in the laboratory," Lewan said. "Between the lab work and the fieldwork, we've put together a very good picture."
Although hydrocarbons can be produced from inorganic sources, a 1993 study based on helium isotopes found that abiogenic hydrocarbons account for less than 200 parts per million of cumulative global production to date, Lewan said.
"Is it so diffuse that it never really accumulates? Is it focused in certain areas where it can be accumulated?" he asked.
"I don't think anybody has ever doubted that there is an inorganic source of hydrocarbons. The key question is, 'Do they exist in commercial quantities?'"
From Russia, With Love
Various other theories oppose the organic-origin explanation. The principal counter-theory is often called the abyssal, abiotic Russian-Ukrainian theory of petroleum.
In 1951, a group of Russian scientists issued a challenge to the theory of organic petroleum origination. They claimed that hydrocarbons are produced from inorganic materials, at upper-mantle to lower-crust depths.
New controversy over that proposal resulted from a paper published in August 2002 in the Proceedings of the National Academy of Sciences (U.S.), "The evolution of multi-component systems at high pressures: IV. The thermodynamic stability of the hydrogen-carbon system: The genesis of hydrocarbons and the origin of petroleum."
This paper, written by J.F. Kenney of Gas Resources Corp. in Houston and three Russian co-authors, rejects the proposal that petroleum can derive from "highly oxidized biotic molecules of low chemical potential."
Drawing on scaled particle theory and simplified perturbed hard-chain theory, Kenney et al. present an evaluation of the chemical potentials and related thermodynamic affinities for n-alkanes. They conclude:
"The H-C system does not spontaneously evolve heavy hydrocarbons at pressures less than about 30 kbar, even in the most favorable thermodynamic environment. The H-C system evolves hydrocarbons under pressures found in the mantle of the Earth and at temperatures consistent with that environment."
They also briefly describe the experimental production of petroleum hydrocarbons using only wetted marble (CaCO3) and solid iron oxide (FeO), in an apparatus allowing investigation at pressures up to 50 kbar and temperatures up to 1,500° Celsius.
Kenney said there is no real debate about petroleum origination.
"There has not been any 'debate' about the origin of hydrocarbons for over a century," he stated. "Competent physicists, chemists, chemical engineers and men knowledgeable of thermodynamics have known that natural petroleum does not evolve from biological material since the last quarter of the 19th century."
In their paper, Kenny et al. contrast the H-C system with the H-C-O system, "which manifests consistently decreasing chemical potentials with increasing polymerization."
They then discuss reactions involving C6H12O6, or glucose, as a "typical biotic reagent." In response, Lewan noted that neither carbohydrates nor proteins are now thought to have a part in petroleum formation.
"Significant scientific advances over the last 40 years have tested, modified and refined the organic theory for petroleum formation in the Earth's crust," Lewan said.
"It is unfortunate that Kenney et al. have chosen to ignore these efforts of other competent scientists, and elevate their inorganic theory on the misconception that the organic theory is based on carbohydrates being the source of petroleum."
The Golden Touch
No one in the United States has been more associated with the theory of abiogenic petroleum than Thomas Gold, a professor of astronomy at Cornell University, now retired.
"The only real opponents to this story (of abiogenic origin) are in Western Europe and in the United States, and they are the professional petroleum geologists," he said.
"The subject of organic chemistry was wrongly taken by petroleum geologists long ago to mean chemistry of biologic origins. You can still have a book of organic chemistry that has nothing to do with organisms at all."
Gold most recently explained his theories of the origin of petroleum in his 1999 book The Deep Hot Biosphere, which presents the view that life on Earth exists to a depth of many miles.
That helps him explain the apparent organic constituents of petroleum. In Gold's view, hydrocarbons form at a depth of 100 to 300 kilometers and take on some organic attributes as they migrate upward.
"Oil is a very good nutrient for microbiology. In 1972, I began to realize that the oil had soaked up biological molecules that the petroleum itself had fed," he said.
Migration also explains another commonly offered piece of evidence for organic petroleum, depletion of the carbon 13C isotope, according to Gold.
Photosynthesis and other organic activity favor the stable 12C isotope over the stable 13C isotope. The resulting 13C deficiency is taken as an indicator of organic processes.
Petroleum shows the 13C depletion to an even greater degree than its supposed organic source matter, but in a ratio similar to that of the lipid fractions of those organisms.
Gold theorizes that carbon-bearing molecules diffusing through a porous mass, in any process, results in fractionation that favors the lighter 13C isotope.
"Biology is not a nuclear reactor. It can't make carbon-13 or carbon-12. But it's treated in the literature that the 12C-13C preference is strictly a plant matter," Gold said. "It's quite clear that there is an isotopic fractionation occurring in the migration path."
More evidence of upward hydrocarbon migration from great depth comes from the prevalent occurrence of helium with petroleum, Gold said.
"We have two conflicting pieces of evidence. Petroleum contains helium, which the plants cannot have concentrated," he said. "Petroleum also contains purely biological molecules, which petroleum-fed biology deep in the ground could concentrate.
"This (upward migration from great depth) is the only explanation I've ever heard of to account for the amount of helium brought up with petroleum."
Petroleum explorationists have good reason to care about the true origin of hydrocarbons, Gold noted.
"For one thing, they always avoid drilling into the basement rock," he said. "They've probably avoided drilling into a large amount of very productive rock."
Also, in Gold's theory hydrocarbons continue to well up from the mantle. He believes depleted petroleum reservoirs are refilling, all over the world.
Seeing Is Believing?
A new perspective on isotopic analysis of abiogenic hydrocarbons appeared in a letter to Nature magazine in April 2002, "Abiogenic formation of alkanes in the Earth's crust as a minor source for global hydrocarbon reservoirs."
Barbara Sherwood Lollar and four co-authors from the Stable Isotope Laboratory at the University of Toronto reported their analysis of gas from the Kidd Creek mine in Ontario, typical of hard rock mines operating throughout the Canadian Shield.
"These gases had been known historically in the mines for a very long period, up to 100 years, but nobody had investigated them until the 1980s. In Precambrian rock, it's not intuitively obvious where these hydrocarbons come from," said Sherwood Lollar, a professor of geology at the university.
According to the authors, the Kid Creek gases were composed of methane, ethane, H2 and N2, with minor concentrations of helium, propane and butane.
"We knew that these were unusual in composition. They don't look like thermogenic. They don't look like microbial," Sherwood Lollar said.
An unusual pattern of d13C values among C1-C4 alkanes provided evidence of abiogenic formation. Additional support came from study of d2H values.
"The inverse relationship of 13C isotope depletion and2H isotope enrichment between C1 and C2 for the Kidd Creek samples supports a polymerization reaction as the first step in the creation" of higher hydrocarbons, the authors concluded.
Because the isotopic signature differed markedly from that of thermogenic or bacteriogenic hydrocarbons, Sherwood Lollar theorized an origin in water-rock interactions.
"The gases are found intimately associated with these saline groundwaters and brines, with up to 10 times the saline content of oceans," she said.
Identification of the 13C-2H inverse relationship in abiogenic gas allowed comparison with isotopic ratios in commercial gas reservoirs. The study found no meaningful presence of abiogenic hydrocarbons in commercial natural gas production.
"Based on the isotopic characteristics of abiogenic gases identified in this study, the ubiquitous positive correlation of d13C and d2H values for C1-C4 hydrocarbons in economic reservoirs worldwide is not consistent with any significant contribution from abiogenic gas," the authors said.
"The key point is that abiogenic hydrocarbons have been talked about for a long time, but until now we didn't have a very good constraint on what they looked like," Sherwood Lollar observed.
Katz said Western science recognizes that abiogenic hydrocarbons can result from natural processes, including the possibility of hydrocarbons originating at great depth.
"I don't think anybody's arguing that gas couldn't be generated from the mantle," he said.
However, even the Russian scientists he has worked with accept the organic origin of petroleum found in large, commercial accumulations.
"I've worked with geochemists and basin modelers at what was the Soviet Union's Institute for Foreign Geologic Studies. They were working with the same concepts we were," he said.
If abiogenic petroleum exists in amounts large enough for economic production, he hopes details of the science involved will be presented at the London Hedberg .
"I have yet to have anyone show me that there are commercial quantities of these hydrocarbons," Katz said.
"I'm a scientist, so I have to keep an open mind. But I need to see some evidence."
Have a Great Day
Sneak
5 Things You Didn't Know About Oil
Thursday, July 21, 2011
Oil is one resource that has been the subject of many conspiracy theories, controversies and myths. It has always driven the political dynamics between countries and played a pivotal role in crippling or elevating economies. Have you wondered what it would be like if the world hit 'peak oil', or what that concept entails? Do you know how far the oil industry dates back to? Have you ever noticed how entrenched oil products are in our day to day use? It isn't called Black Gold for nothing.
This week OilVoice compiles five things about oil that you may have always wanted to know and we were afraid you would never ask.
1. Origin
The term 'petroleum' is derived from a Greek word 'Petra', which means rock and a Latin word 'oleum', meaning oil, so the word 'petroleum' literally means 'rock oil' and the term was first introduced in the year 1556 by German mineralogist Georg Bauer.
There are two theories doing the rounds on how petroleum or crude oil is formed. One theory, the more popular and accepted one, attributes its formation to fossilised planktons and algae, the reason why it is also known as a 'fossil fuel.' The second theory, called the Abiogenic origin hypothesis, refers to oil springing from hydrocarbons beneath the earth's surface, which are of a purely inorganic nature.
Drilling for oil dates as far back as 347 AD in China, where people linked bamboo shoots to obtain oil from pits dug 800 feet/240 m deep. There is also evidence pertaining to the use of asphalt in building walls in ancient Babylon. From such modest use, the oil consumption has increased tremendously since the advent of industrial revolution in the 18th and the 19th century. The resource has seeped in to every aspect of our daily life giving rise to an industry that sees billions and billions of dollars worth of investments every year to meet the growing demand. Today, China and United States figure prominently in the world's largest consumers of crude oil. The USA consumes 18,613,000 bbl per day (2011), which is more than 25% of the world's total and China has recorded 9,310,000 bbl per day (2011).
Sneak
All Aboard, This asset Train is leaving the station soon.
Issue shares to exchange for cash or hand picked assets.
Bundle the hand picked assets.
List on major exchange.
Those that took shares for cash or shares for the asset swap will be getting a very nice return for the efforts.
This company will be sold to the company operating in the back ground.
Oh my, Thinking outloud again.
Sneak
TamTam: Thanks for the heads up, I wrote to Ed, let see what happens. The Ihub board was a better place when "BB" was around, A lot more enjoyable reading, I should say.
Best of luck to you and yours.
Sneak
badog
Share
Monday, July 11, 2011 3:54:45 PM
Re: midtieroil post# 242893
Post # of 242932
I saw a post...can't remember by who, that indicated that Akpo drilled 2 wells and estimated 200 million barrels of oil. I have not seen one quantitive number similiar to that coming from blocks 2-4...even cumulative. And what was the estimated amount of oil from Chevron in block 1? Didn't they put a number on that? Yet 'no oil' in blocks 2-4. I don't care how complicated these are...when someone says that no commercial quantities of oil were found it is reason for concern. And just because you do not think the results were that bad does not ease my concerns...especially since you don't know the results. You are just guessing that it is different than they say.
When you invested in ERHE I assume that you knew that they were amateurs in the oil business. You were not investing in their oil expertise...were you? So as you said, they hired NSAI to provide that expertise. They needed to know what they had. What should they have done?...hired one of Totals top guns...to analyze these highly complicated results...when the cost of hiring NSAI was probably much less?...and not an ongoing cost as an expensive employee would be. And it's likely that if ERHE had released the results from NSAI it could be a violation of their agreement with SNP. If that had happened there could have been actions by SNP that could have cost ERHE thier interests...or at least legal fees that could have burned a good portion of thier cash. Then you would be telling us all how stupid of a move that was.
You say that PN has no real clue of what he can and should do. Yet since you cannot see all that he is dealing with on all issues how can you second guess him? You do not have all the facts...and many of the facts may be ones that he cannot disclose...without consequences. How would you know?
So far I know that SNP came in and bailed us out when we were desperate for a partner/operator. They spend a tremendous amount of money while giving us a free ride. I don't know that SNP is playing ERHE? Do you know that? If you do then verify it. Personally I think that SNP found little in the JDZ and needs time to try to devise a plan B. In the mean time they have every right to keep the information close to the vest. And no...I can't verify what I think SNP is doing...and I can't verify what PN is doing...so I don't accuse them of doing us dirt. Find things that you can verify...and then go after them.
Badog
Sneak's response: Pat,Pat the "Good Doggie, Good Doggie" now Down boy Down before you get banned like me. Becareful, Barking at Mxxxx could get you in trouble, the I-snub dog catcher is watching!
Sneak
Sneak...Thanks. Will be checking in to read your posts, and may copy them .
Seek, Be careful, Do not respond to him! post your responses to "NONE", I asked TamTam to help get you back on board, Do not blow it. I have been banned from the other board for the second time for pointing out Mxxxx's agenda. His history of posting has been to let the wind out of this company's sail. I can not post on the other board, but will watch and post from this board.
Good Luck!
Sneak
Republic of Chad Awards ERHC Energy Inc. Three Oil Blocks for Exploration and Development
http://finance.yahoo.com/news/Republic-of-Chad-Awards-ERHC-iw-2531591755.html?x=0&.v=1
Press Release Source: ERHC Energy Inc. On Thursday June 30, 2011, 3:08 pm EDT
HOUSTON, TX--(Marketwire - 06/30/11) - ERHC Energy Inc. (OTC.BB:ERHE - News), a publicly traded American company with oil and gas assets in West Africa, today announced that the government of the Republic of Chad has formally awarded the company three oil blocks for exploration and development. The company expects to announce a concluded production sharing contract in respect of the blocks as early as next week. ERHC's financial officer, Mr. Sylvan Odobulu, has led a team of legal, technical and financial experts in negotiating the production sharing contract on behalf of ERHC.
The specific blocks in the award are Block BDS 2008, Manga and Chari-Ouest Block 3. The award of these blocks follows several months of negotiations between ERHC and the government of Chad.
"This is another significant milestone in the remarkable history of ERHC," said ERHC CEO Peter Ntephe. "Among the independents operating in Africa, we are already one of the largest holders of exploration acreages in terms of number and size of blocks. This new award increases our holding considerably while also strategically diversifying our portfolio beyond the Gulf of Guinea."
The West African nation of Chad is one of sub-Saharan Africa's significant crude oil producers. It shares borders with Cameroun and Sudan, which both produce oil, and Nigeria which is Africa's largest oil producer. Chad has proven oil reserves of 1.5 billion barrels with studies establishing the prospect of more discoveries.
Apart from the new award, ERHC currently holds working interests in six Blocks in the Nigeria-São Tomé & Príncipe Joint Development Zone (JDZ). ERHC also holds 100% of Blocks 4 and 11 of the São Tomé & Príncipe Exclusive Economic Zone (EEZ) with an option to acquire up to 15 percent working interests in two other EEZ Blocks.
ERHC management will host a live online chat at 5:00 p.m. Central Time Wednesday, July 6, 2011. CEO Peter Ntephe will respond to questions posted live at www.erhc.com/chat. Those unable to participate live will be able to review the online interaction afterward.
About ERHC Energy
ERHC Energy Inc. is a Houston-based independent oil and gas company focused on growth through high impact exploration in Africa, including within the highly prospective Gulf of Guinea. ERHC is committed to creating and delivering significant value for its shareholders, investors and employees, and to sustainable and profitable growth through risk balanced smart exploration, cost efficient development and high margin production. For more information, visit www.erhc.com.
Cautionary Statement
This press release contains statements concerning ERHC Energy Inc.'s future operating milestones, future drilling operations, the planned exploration and appraisal program, future prospects, future investment opportunities and financing plans, future shareholders' meetings as well as other matters that are not historical facts or information. Such statements are inherently subject to a variety of risks, assumptions and uncertainties that could cause actual results to differ materially from those anticipated, projected, expressed or implied. A discussion of the risk factors that could impact these areas and the Company's overall business and financial performance can be found in the Company's reports and other filings with the Securities and Exchange Commission. These factors include, among others, those relating to the Company's ability to exploit its commercial interests in the JDZ and the Exclusive Economic Zone of São Tomé and Príncipe, general economic and business conditions, changes in foreign and domestic oil and gas exploration and production activity, competition, changes in foreign, political, social and economic conditions, regulatory initiatives and compliance with governmental regulations and various other matters, many of which are beyond the Company's control. Given these concerns, investors and analysts should not place undue reliance on these statements. Each of the above statements speaks only as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any of the above statements is based.
Contact:
Contact:
Dan Keeney, APR
DPK Public Relations
832-467-2904
.Report: China overtakes US as top energy consumer
BP research says China has overtaken US as top energy consumer after rapid growth in 2010
On Wednesday June 8, 2011, 7:31 am EDT
LONDON (AP) -- A new report says that China has overtaken the United States as the world's biggest consumer of energy.
Oil company BP said Wednesday that China moved to the top in 2010 with 20.3 percent of global demand, ahead of the United States at 19 percent.
The report says China's consumption rose by 11.2 percent last year compared with 3.7 percent in the United States. China's surge led a 5.6 percent increase in global energy demand, the biggest one-year jump since 1973.
China was by far the world's largest consumer of coal, taking 48 percent. The United States remained the largest consumer of oil with 21 percent of global demand, double China's consumption.
.UPDATE 2-Total CEO says oil market is well supplied
Mon Jun 6, 2011 5:48am GMT
* "OPEC will do its job" - Total CEO
* Volatility bad for producers, consumers
* Investment decision on Shtokman gas project by year-end (Adds comments, details)
KUALA LUMPUR, June 6 (Reuters) - OPEC will do its part to ensure there is no shortage of oil supply in the market, the chief executive of the French energy giant Total said on Monday.
France's biggest company, with a market value of 100 billion euros, said earlier this year that events in the Middle East and Japan may herald changes in energy demand and the global energy mix.
The company is pushing ahead with investments pegged at $20 billion for the year. [ID:nLDE73S092]
China oil demand expected to hit almost 560 mil mt by 2015
Singapore (Platts)--24May2011/605 am EDT/1005 GMT
China's demand for oil will grow 4-5% a year to hit 530 million-560 million mt (10.6 million b/d-11.3 million b/d) in 2015, with transport fuel and chemical feedstocks driving the increase, a senior Chinese researcher said Wednesday.
Growth will then slow to 2%-3% a year, to reach 590 million-650 million mt by 2020, said Liu Xiao Li of the Energy Research Institute, part of China's economic planning agency, the National Development and Reform Commission.
"Transport fuel and chemical feedstock will account for 70% of the oil demand in 2020, up from less than 50% in 2000," she said, speaking at the Russian Asian Oil Summit.
With oil production in 2020 expected to be 200 million-230 million mt, that would imply an import dependence of around 65%, she added.
China's strategy to mitigate the risk associated with such a high dependence on imports includes efforts to improve energy conservation and efficiency; increased focus on domestic exploration and production; increased investments in oil and gas abroad; diversification of import sources; and the development of alternative transport fuels.
The NDRC's research showed that China's apparent oil and oil product consumption in 2010 was 449 million mt, up 12.2% over 2009.
China does not release official oil demand statistics, and reporting agencies often have differing figures for the country's apparent oil demand.
Platts calculates the country's oil demand based on official data on refiners' crude throughput and net oil product imports.
Platts' analysis for 2010 put China's apparent oil demand up 11.43% year- on-year at a record 434.40 million mt, or an average 8.71 million b/d.
Transport fuel made up 65% of the demand and agriculture and fishing 15%, said the NDRC's Liu; and crude oil imports were at 236 million mt in 2010, up 19% over 2009. Import dependence last year was 53.8%.
Last week, in a presentation at the International Air Transport Association's Aviation Fuel Forum, Standard Chartered Bank said China would overtake Europe as the world's second largest consumer of oil before 2020, with around 13 million-14 million b/d of demand.
The bank's data indicates China would catch up with the US sometime after 2030. Standard Chartered's data has China's oil demand approaching 17 million b/d around that year and still rising, with US oil demand around 18 million b/d and falling.
US demand for crude oil and other liquid fuels is currently running about 19 million b/d.
--Thomas Hogue, thomas_hogue@platts.com
Similar stories appear in Oilgram News. See more information at http://www.platts.com/Products/oilgramnews
I doubt many will take the time to read this article, but all serious investors should, and it is not ot,imo.
Oil Will Be Major Economic Driver
Source: Rick Rule (5/23/11)
May 25th, 2011
email: newsletters@theenergyreport.com
Global Resource Investments Founder Rick Rule likes to look for unpopular investments because that usually means the prices are cheap. Today, that means oil, natural gas, uranium and geothermal. In this Energy Report exclusive excerpt from his talk at the Casey Research Conference in Baton Rouge, Rule explains the global forces that will lead to big payoffs in undervalued energy stocks.
The developed societies of the West are descending and destabilizing. People have come to believe that they are entitled to live beyond their means. I'm not an economist or a political scientist, but that perception leads to some very hard math. How can you add a column of negative numbers and come up with a positive? It's not a uniquely American problem either. People in the old western societies, Canada and Australia suffer from the same delusion. We are old; we are fat; we are white and we are rich. Our collective problem was described by my grandfather in the following diddy: "When your outgo exceeds your income, your upkeep becomes your downfall."
I'm not just talking about a problem of tax receipts or government spending or entitlements. It isn't that we're collectively stupid. It's that we're individually stupid. There seems to be a belief in the United States that a 55 or 56-year-old auto worker can make $55 an hour because he or she can employ technology better than a 22-year-old Indian auto worker. I don't think so.
Another problem is that the root causes of the liquidity crisis of 2008 have still not been addressed. If you have a big problem that manifested itself in a fairly dramatic fashion and you haven't addressed the causes, do you think it's reasonable to be afraid of the fact that that probability may reassert itself? I do.
So, what's the good news? The emerging and frontier markets—societies where people are un-free—are becoming a bit more free. As they become a bit freer, they become richer. Remember Chinese Communist Party Leader Deng Xiaoping, who famously said, "to become rich is glorious." That phrase turned China loose. Make no mistake, we aren't talking about an unending upward linear spiral. There is plenty of room for negative surprises. We have seen in places like Libya, Yemen and California that the road to freedom is uneven. But it is an undeniable force.
So we have descending destabilization of Western societies, which is not good for commodities. It's not good for anything. But we also have ascending emerging markets. That is good for resources. When people get more money at the bottom of the economic pyramid, they buy things made of stuff. A poor person might trade a thatch roof for a metal roof. He might trade walking for a bicycle and eventually for a motor scooter. Old, fat rich people buy a nice dinner. Maybe we buy an iPod for a grandchild and load it with virtual songs. All good things, but they are not made of stuff. Selling stuff is what makes investors rich.
Think about it as two great weather systems coming together. Old, spoiled, rich and stupid meets this amazing demand for resources. What happens when two big weather systems collide? Stormy weather, turbulence, volatility. I think we're going to see volatility on steroids. Volatility can cause strange things. Oil shoots up repeatedly above $100/barrel. Then there's that other kind of volatility like in 2008 when things fell off a cliff. So, you have to manage expectations going forward. There will be more upward spikes and more down-spikes.
Now, volatility doesn't need to be a risk. It's up to you. Remember this. Perceptions of the future are set by immediate past experiences. That means in the near term, as Financial Author Jim Dines famously says, "a trend in motion stays in motion until it stops." We often confuse a bull market with brains. Markets gain momentum and gain momentum and gain momentum and gain momentum. We buy a stock for $1.00. The stock goes to $2.00. What do we do? We double up. Think about this. Is this rational behavior? No, but it feels good. We're smart. The stock went up. The sector's good because the stock went up. The higher the prices go, the better we like it despite the fact that the value is eroding right in front of us. The contrarian thesis, of course, is to be brave when others are afraid and afraid when others are brave. It's a wonderful slogan but it's damn hard. When a company is selling for half it's worth people complain that it never goes up. In other words, the fact that it's cheap becomes a curse; a wonderful curse from my point of view. Unless, as occasionally happens, I'm wrong. What's the biggest investment risk out there? Obama? Debt? Nuclear arms? No. The biggest investment risk you have is to the left of your right ear and to the right of your left ear. All of my worst financial experiences were self-inflicted.
The reality is that volatility is good because it represents a series of 40% off sales. It's up to you whether you take advantage of volatility or whether volatility takes advantage of you. Common sense is the real determinant over whether you will do well. If something doesn't make sense, very often it's because it doesn't make sense. Financier George Soros made almost all of his money finding widely-held premises that were wrong and betting against them. He famously decided in the year 2000 that the United States society was hubris infected. You remember the spectacular bull market of 2000. We had vanquished the Soviet Union and everyone thought nothing could go wrong with America. Soros bet against it. That's the kind of common sense that will allow you to deal with volatility.
My approach is very simple. It comes down to this: "hit them where they ain't." Know this: A trade that's popular, a perception that's popular, an idea that's popular is very likely overpriced. I've come to prefer underpriced. That's why I concentrate on stuff that's unpopular. Fortunately for me unpopular stocks are in fairly good supply. It's an orientation that has served me well over the long term. Over the short term, however, this approach can be inconvenient from time to time. One thing that happens with lonely trades is that when you make a mistake, you usually make a fairly serious mistake. Your speculative portfolio isn't trying hard enough if you don't have a couple of positions lose 30% or 40%. I know this is hard to stomach, but it is true.
So, how do you create a portfolio that flourishes in the face of volatility when the resource market is no longer cheap? First case, create liquidity; have some cash. It's ok if your cash is bullion, but have some cash. You have to have cash. When volatility occurs, cash will do two wonderful things for you. It will give you the ability and it will give you the ability to act in down markets. It doesn't matter if stocks are cheap if you can't do anything about it. Cash will also give you the courage to act. So, have some liquidity.
Then look for things other people aren't looking at already. Ask yourself, "What's unpopular?" I think energy is unpopular. Oil will be a major driver going forward. Globally, most oil is produced by national companies. It's produced by the same people who can't educate kids or deliver the mail. Governments are diverting oil revenue cash-flow to politically-expedient spending programs and not reinvesting in their oil business. I believe as much as 25% of the world's supply of export crude will come off the market in five years. Specifically, I think that Mexico, Venezuela, Ecuador, Peru, Indonesia and, perhaps, Iran will cease to be oil exporters. So, think about some simple math. If worldwide export demand is growing at 3% compounded and worldwide supply falls by 25% remembering that prices are set on the margin, the outlook for the oil price has to be higher. And, oil drags all other forms of energy. Natural gas is already a third the price on an energy equivalent basis of oil. Natural gas prices are low and they are going to stay low for a couple of years. Natural gas is so unpopular in the Canadian brokerage community that gas might as well be a four letter word. No one wants to be near it. That means it is cheap. The same goes for uranium. What happened in Japan was a tremendous human tragedy. However, most of us, despite our fears about what happened in Japan, when we walk into a room and hit the switch prefer it if the lights go on. That is why global and Japanese use of nuclear power will continue to grow. I am also still positive about the prospects for geothermal. It is taking a long time, but that is why it is a good deal.
Good luck.
Rick Rule spoke at the recent Casey Summit "The Next Few Years" in Boca Raton, FL, along with 34 other renowned economists, investment pros and resource experts who shared their outlook for the future of the U.S. economy, the dollar, and the markets. Hear the straight dope – including specific stock picks and practical investment advice – from legends like John Williams (ShadowStats), James G. Rickards, Chris Whalen, Rick Rule, Mike Maloney, Doug Casey, and others. . .all on one Summit CD set with more than 20 hours of audio recordings. Find out more.
Rick Rule, founder of Global Resource Investments (GRI), began his career in the securities business in 1974, and has been principally involved in natural resource security investments ever since. He is a leading American retail broker specializing in mining, energy, water utilities, forest products and agriculture. Rule's company has built a national reputation for its specialist expertise in taking advantage of global opportunities in the oil and gas, mining, alternative energy, agriculture, forestry, and water industries.
Source: Rick Rule (5/23/11)
May 25th, 2011
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The Nigerians now control 35% of the EEZ. HMMMM
Sneak
sneak-attack Share Thursday, May 19, 2011 2:58:49 PM
Re: None Post # of 240360
And the Jockeying Continues!!! When all the small fish are plucked from the Pond, Progress will be made. In case no one has noticed, The entire JDZ and EEZ are starting to reflex a Nigerian Flavor!
The Nigerians are looking at the Area as if it should all belong to them. After all, They are the Biggest oil producers on Africa's West Coast and the Sao Tome people are a bunch of farmers.
By delaying the JDZ progress and filling the Sao Tome minds with uncertainties about deep water hydrocarbons, The Nigerains are in the Cat Bird seat as The Nigerian Government hands out Aid to the Sao Tome Government and Nigerian Oil and Gas Companies start gaining access to some of the EEZ hydrocarbons that the Nigerians feels they gave up in the formation of the JDZ. Remember No One was interested in the EEZ bidding Round.
ERHE, EEL and Oando Nigerian owed!
Oh Shucks, More Ponderence Again on My Part.
Back to Sneaking.
Sneak
wow
Kosmos Goes Public
Date: Thursday, May 12, 2011
Kosmos Energy has priced its IPO of 33 million shares at $18.00 per share. The company’s common shares will began trading on the NYSE on May 11 under the ticker symbol KOS. Kosmos holds stakes in acreage in Cameroon, Ghana, and Morocco.
The underwriters of the IPO have the option to purchase from Kosmos Energy up to an additional
4.95 million common shares, on the same terms and conditions, to cover over-allotments, if any. Citi, Barclays Capital and Credit Suisse are acting as joint bookrunning managers of the offering.
The company is just now seeing income from its efforts in Africa with the start of production from the Jubilee Field offshore Ghana. Its asset portfolio in Ghana consists of seven discoveries including the Jubilee Field, which was one of the largest oil discoveries worldwide in 2007 and the largest find offshore West Africa in the last decade. Other discoveries include Mahogany East, Odum, Tweneboa, Enyenra, Teak and Tweneboa Deep offshore Ghana, which have geologic characteristics similar to the Jubilee Field.
In addition to the discoveries made, Kosmos has identified 18 additional prospects offshore Ghana, 10 prospects in Cameroon, and 19 prospects offshore Morocco. The company believes these leads could result in new discoveries.
History lesson.
http://www.afsaap.org.au/Conferences/2004/seibert.PDF
H. A. Tukur, MFR (Bsc Hons)
Widely experienced, a polyglot and an International Resource person on Boundary issues, Tukur , suave and unassuming, is fluent in at least six languages, including French, Spanish and Arabic. He was the immediate past Executive Director, Finance and Administration of the Nigeria-Sao Tome and Principe JDA. Tukur has served as a member of the Nigerian Technical Committee on International Boundary Negotiations from 1989-2004. Mr. Tukur is an expert in Arbitration and Alternative Dispute Resolution.
Tukur and Tumsah are two distinguished resource persons. They jointly undertook the conceptualization and establishment of the Nigeria /Democratic Republic of Sao-Tome and Principe (DRSTP) Joint Development Zone. They also established the Joint Development Authority as pioneer staff. In addition to the experiences above, they also accomplished the following:
i. Conceptualized, drafted and managed the Treaty and all the Agreements, Regulations and Laws in operation in the JDZ.
ii. Prominently and actively participated in the negotiations of the Block 1 Production Sharing Contract on behalf of the JDA with Chevron-Texaco, Exxon-Mobil and Dangote EER (DEER)
iii. Actively participated in the negotiations for the International Unitization of Zafiro/Ekanga Oil Fields between Nigeria and Equatorial Guinea .
iv. Participated in the conceptualization and drafting of the treaty on the establishment of the Gulf of Guinea Commission .
http://ggcnigeria.com/team3.php
NDEBUMOG DELEGATION MEETING WITH NIGERIA-SAO TOME AND PRINCIPE JOINT DEVELOPMENT AUTHORITY, ABUJA-NIGERIA.
We have associate partnership with some government agencies, and a critical partnership with the Bureau of Public Procurement (BPP), Budget Office of the Federation (BOF), OSSAP-MDGs, among others. Our mission is to promote transparency and accountability in public resource management through pro-poor budgeting and anti-corruption campaigns for sustainable development in the Niger Delta and democratic consolidation in Nigeria.
As you may already know, Sao Tome and Principe Exclusive Economic Zone is a massive area that encompasses approximately 160,000 square kilometres. It is a frontier region that sits South of (our) Niger Delta, and West of Gabon salt basin, retaining similarities with each of those prolific hydrocarbon regions. Sao Tome and Principe are islands in a North-East to South-West trending chain of island extending offshore from Cameroon into Eastern Gulf of Guinea. Sao Tome and Principe are located in between prolific hydrocarbon regions, lying approximately 200 kilometres South of Nigeria and directly west of territorial waters of Equatorial Guinea and Gabon.
We are here for specific reasons, key among which is the inability of many civil society actors in Nigeria to know what exactly is happening in the zone. As it is, oil extraction in the zone is not covered by the NEITI Act or in the much anticipated PIB, with the zone being an autonomous entity within an enclave of Nigeria and STP. Since the era of former President Olusegun Obasanjo, up to the era of late President Umaru Musa Yar’Adua, our organisation has advocated and is still advocating for a creation of a Joint Nigeria-Sao Tome EITI Commission. It is our belief that such a commission would bring about disclosure on acreages, dividend, liabilities, DC, CO+ PO, CSR, among others to ordinary citizens of both countries. Information about happenings in the JDZ is not available for Nigerians. The yardstick used by your JDA at deciding your CSR, especially as it affects scholarship to Nigerians is not measurable by the civil society. Actuality of information about Block 2, 3, 4, among other issues concerning the PSC within the Zone is not also available. It therefore calls to question how ordinary Nigerians would be able to know what their stakes are, concerning the millions of US Dollars, which have been committed by our government for prospecting within the zone.
We are aware that in February 2007, Exxon Mobil exercised certain preferential rights to take 40percent of Block 1 at a cost of $49 million dollars based on the high Bid of Chevron’s $123 million dollars. However, the company declined to exercise its preferential rights to 25percent in the two other Blocks. Subsequently, in April 2004, Environmental Remediation Holding Corporation (“ERHC”) exercised its preferential right to take 30percent of Block 2, 20percent of Block 3, 25percent of Block 4 and 15percent of Block 6, from all, which unlike Exxon Mobil, were exempted from paying signature bonuses. ERHC also decided to take 15percent and 20percent stakes in Blocks 5 and 9 for which signature bonuses were payable. Block 1 was awarded to Chevron with 51percent, Exxon Mobil 40percent, and Equity Energy Resources 9percent. The signature bonus of $123 million dollars was expected to yield Sao Tome and Principe, $49 million dollars being a roughly estimated eighty percent of Sao Tome and Principe’s GDP.
The First Bidding Round was declared officially closed with only the Block I award. Officials announced that they were not satisfied with the bids tendered for the remaining Blocks and that a second Licensing Round for Block 2,3,4 and 6 would be organized in the near future. JDA officials also said additional testing would be conducted on 5, 7, 8 and 9 before those Blocks would again be put on auction. After lengthy negotiations, the parties finally signed the Production Sharing Contract (PSC) for Block 1 on the 2nd of February, 2005. However, till date, a copy of the PSC has not been made available to the public. NDEBUMOG does not know if the Nigerian Extractive Industries Initiative (NEITI) has accessed it either.
More interesting, is the subject matter of how much really is Sao Tome indebted to Nigeria? This is because, in 2009 another $10 million USD was given to STP as loan, upon the fact Nigerians are not aware if the earlier millions of dollars loaned to STP by the government of former President Olusegun Obasanjo has been paid back. We are therefore eager to know if that particular sum was paid back and how much is the exact aggregated figure owed Nigeria by STP due to associated oil exploration activities in the zone? The answer should be within the shelves in your office here, hence we are here, and we are hopeful that we will find the answer here. Inability to know this further makes it difficult for all Nigerians to know when exactly dividends from oil exploration within the zone would start yielding dividend. We also want to know which account of government would host such payment. Is it going directly to the CRA or to a Dedicated account with CBN? Or a Joint account by both countries?
While thanking you for this audience granted our delegation, we want to request that the JDA should also set up a Civil Society Desk towards marrying the interest of the larger civil society within your organogram, that is, to make it easy to reach your office just by a telephone call for information, as it is done by BPP, EFCC and NEITI. It would also be appreciated if JDA can choose to so brief Nigerian Civil Society quarterly or twice a year about happenings within the zone.
Thank you for your attention.
George-Hill Anthony
Executive Director-Niger Delta Budget Monitoring Group/Leader of delegation
Dated 7th April, 2011
http://nigerdeltabudget.org/index.php?option=com_content&view=article&id=119:ndebumog-delegation-meeting-with-nigeria-sao-tome-and-principe-joint-development-authority&catid=25:the-project
Still alive but folks still want to fight and this is not allowed over here.
BCNU
Instructmba
Did this board die?
I'm pretty sick of the infighting over at the main ERHE site.
Lets develop another site for information.
Bob
And a Happy New Year to all!
BCNU
Instructmba
Merry Christmas, y'all, and God Bless.
Larry and Moe are back, but where is Ruby1100? Got my finger on the sell button. 59 cents is my say goodbye to this turd forever number!
ts..YES!! Mark and team are back in town. Let the news begin. lol
have you heard any?
Didn't somebody once suggest to sell on the news?
BCNU
Instructmba
Ex Blockman - I am a monksden member and shareholder of E, C, P ( as you know). I see this post on JDZ board- do you own any ERHE? Besides those other 3, this 1 may also make me a huge % return - if they ever announce what is going on (which will happen between this week and a couple of months from now)
how come no news posted by erhe? where, how much etc looks like partner sinopec is giving some minor details out
Mainly carried out in 2009, Nigeria JDZ-2 block BOMU-1 well drilling geology, engineering design, analysis, and drilling with the drilling reserves after the evaluation of research work,THE WELL WAS COMERCIAL OIL AND GAS FLOW, is the first deepwater drilling Sinopec Overseas gas breakthrough;
http://translate.google.com/translate?hl=en&sl=zh-CN&u=http://www.sinopecgroup.com/gsjs/shwq/Pages/shhysyj.aspx&ei=ukOITKmgNMSAlAfS6eXUDw&sa=X&oi=translate&ct=result&resnum=1&sqi=2&ved=0CBYQ7gEwAA&prev=/search%3Fq%3Dhttp://www.sinopecgroup.com/gsjs/shwq/Pages/shhysyj.aspx%26hl%3Den
I think you should have taken a sharp left in that picture. Get a life and leave this investment to the investors.
OC, you say "you seem to love to take a casual dump on the shareholders here".
Dont be a hippocrate. Go back and look at any and all your posts.
If you are not gushing over BB, you are taking a casual dump on the shareholders here. That is the extent of your capabilities.
And BTW, I am 52 yrs old, my "little mountain bike " has over 2,000 miles of real "mountain bike" riding as opposed to your pink tricycle with tassles from the handlebars riding in front of your house.
And my little road bike has over 3,500 miles of "real" road work in. Not beach cruising.
I am thinking if you and I went on a warm-up ride of say 15 miles, I would be waiting an hour for you at the end.
Feel free to put me on ignore so you wont make the mistake of responding to me anymore.
Oh and time to call the admins like you did the other day after you provoke then call mommy.
By: Mongo1071
25 Aug 2010, 04:09 PM EDT
Rating: You rated it: Msg. 117844 of 117844
Jump to msg. #
A Nigerian businessman, Emeka Offor, anonymously called ‘D1’ in UK immigration Court documents is making history with a battle royale he has launched against the UK which deported him last March when he sought to visit the country. Offor had been under close scrutiny since December 2006 when he was caught with £700,000 stashed in his designer luggage.
Emeka Offor, claims UK authorities went out of bounds when they said his exclusion was “conducive to the public good” because of his involvement in “serious, organized criminality.”
Further, authorities seized the British Pounds, a UK travel visa and high-level clearance he had enjoyed from 2006 under the Obasanjo regime. British media is calling him “D1” for legal reasons.
Offor – aka “Sir Emeka Offor” -- is linked to a Houston, Texas-based oil company EHRC Energy, which was raided by the FBI in 2006. Offor reportedly helped resolve a long running border dispute between Nigeria and Sao Tome through “gifts” to key political figures, and create an offshore development zone where international oil companies could bid for the rights to drill.
The current UK case tests the use of US-style bans on foreign nationals allegedly involved in corruption and other organised crime. A similar visa ban was imposed on Nigeria’s former Attorney General, Michael Aondoakaa and UK sources told Saharareporters that Nigerian officials linked with James Ibori’s criminality and perversion of justice would remain targets of exclusion orders.
The idea echoes similar efforts in the US, making it harder for alleged drugs dealers and corrupt foreign officials and businessmen to launder their money through British financial institutions and go shopping in London.
The case to restore Offor's suspended travel rights is in the UK immigration appeals court.
http://www.saharareporters.com/news-page/emeka-offor-landmark-fight-overturn-uk-deportation-exclusion-order
Posted: August 25, 2010 - 15:44Posted by siteadminSaharaReporters, New York
I am simply shocked. Smuggling cash? To London? Any connection to the failed AIM listing?
Happy Trading
Mongrel
Just my opinion but I think ERHE will sell their two 15%ers in the EEZ for cash to the highest bidder. Hang on to the 2 100%ers and work a deal with a major for a free carry, which is never free, cash, and hold on to a pecentage of those two...hunter
well if you like what your getting, keep doing it. LC ran alot of folks off this thing
I thought the other board said all the oil was in blocks 2,3&4.
I'm watching, waiting to see if I want to come back here or not.
I definitely don't think that management is trying to help shareholders at all, in fact, I get the impression they'd really like to be rid of all of them. Yet, that would indicate that someone wanted the whole enchilada to himself, which would mean there is something worth wanting. Trouble is, seems like nowadays, the little guy only wins if the big guy wants him to. :<(
Thanks for the note, it is appreciated. GLTY
I was wondering about you the other day. Nice to hear from you.
Cheers.
P.S. PN Blows !!
***
Hey Balance, great post on the other board. The pieces are starting to fall.... and the Total piece was a big one IMO. I see it as a gateway piece so to speak. The events were waiting for couldn't have come until the true future structure of the JDZ is in place. That will be Totals roll IMO. One can understand now why all this tight hole BS is so important in the long run. Still wondering if our previous PR is linked to Totals announcement (lining up the ducks??).
Always great to hear your opinion. Cheers
You made it sound a lot better than I did, LOL
But, there is still not much to talk about, even ERHE has just barely come alive again.
I set this board up for honest debate and with free access for anyone to make comments without fear of rejection (as long as the comments followed the rules). It has not had the volume of visits I had thought that would fine shelter from the bias of other places, but at least it is still an alternative. Some day it may become more appreciative.
BCNU
Instructmba
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The JDZ lies approximately 200 km. offshore Nigeria and is adjacent to areas offshore Nigeria where several large petroleum discoveries have been made. The JDZ was established in 2001 following ratification of a formal bilateral treaty between Nigeria and Sao Tome and Principe. The JDZ is administered by the Joint Development Authority.
This Board will be specifically limited to oil/gas companies that operate in the JDZ, Nigeria, and Sao Tome e Principe. Obo-1 has recently been drilled by Chevron with a 51 percent stake, along with partner ExxonMobil with a 40 percent equity holding, and Dangote Energy Equity Resources holding the remaining balance. ERHC Energy, Inc. has Production Sharing Contracts in JDZ Blocks, 2, 3, and 4. Some other companies include: Afren, Addax Petroleum, A & Hartman, Centurion Energy, Equator, Foby Engineering, Hercules, Hyperdynamics Corp., MoMo Petroleum, ONGC Videsh Ltd., Pioneer, SNP -- China Petroleum & Chemical Corp., and Oriental Energy. It is very likely the list will grow!
You may view this site and post on this message board, but we ask that information on this site should not be linked or copied. You may link this site to another site with the approval of only IHUB or the board Moderator. Send your PM to instructmba for any particular requests or questions.
The Black Dot marks the spot of OBO-1 as updated per Oilphant's co-ordinates of 6/01/06.
The Blue Dot marks the possible spot of OBO-2 per various rumors and feedback to this board.
The Green dot marks the possible spot of OBO-3 based on information it was on the far west part of Block 1 near 3 & 4.
GUESSING CONTEST FOR OBO-4?
kownski = just west of JDZ054 next to Blk 4
magicatlast = near JDZ078
instructmba = just sw of JDZ079 where A and A-1 intersect
BLOCK Participants:
Block 1 (704 sq kms): (51%)=ChevronTexaco, (40%)=ExxonMobil, (9%)=Dangote Energy (Afren holds a 4.41 percent indirect net working interest in the JDZ Block 1 through a 49 percent equity interest in DEER). The JDZ Block-1 is located approximately 190 miles (300 kilometers) north of the city of São Tomé and approximately 125 miles (200 kilometers) from the city of Port Harcourt in Nigeria.
Block 2 (692 sq kms): (28.67%)=Sinopec, (22%)=ERHC, (14.33%)=Addax, (13.5%)=ONGC Videsh, (9%)=Equator, (5%)=MoMo Deepwater JDZ Limited, (5%)=Foby Engineering, (2.5%)=A & Hartman
Block 3 (666 sq kms): (51%)=Anadarko, (15%)=Addax, (10%)=ERHC, (10%)=Amber Petroleum (owns both MoMo Deepwater JDZ Limited and Equinox Deepwater), plus several Nigerian firms
Block 4 (857 sq kms): (38.3%)=Addax, (26.7%)=ERHC, plus (9.5%) Dana Gas PJSC who is for $1.02B buying out Centurion's 9.5%, which bought out Hercules which envolved a (0.5%) to an unnamed third party, while Conoil may have 20% and Godsonic 5% which all total the full 100 percent of this block.
Block 5 (1091 sq kms): (15%)=ERHC, plus other unknowns
Block 6 (588 sq kms): (15%)=ERHC, plus other unknowns
Block 7 (1286 sq kms): withdrawn
Block 8 (822 sq kms): withdrawn
Block 9 (1723 sq kms): (20%)=ERHC, plus other unknowns
Total all Blocks: 8,429 sq kms
This is the TDI-Brooks' 06-27-03 JDZ Piston Core & Heatflow map. For more info look up 2003 Nigeria São Tomé & Príncipe JDZ Consortium Program at: http://www.tdi-bi.com/our_programs/west_africa/west-africa_main.htm
Deepwater Discovery per RIG update March 31, 2006 is under contract until Aug-06 at $165K USD Dayrate with client CVX who has recently reported successful drilling in 1,720 meters of water in Block 1 in the JDZ. The area is thought to hold billions of barrels of oil. Oilphant can been seen in the background trying to chase her down as she's underway to drill the next hole.
Deepwater Pathfinder is looking alot like Deepwater Discovery.
Aban Abraham is looking like the real deal to begin drilling up to 5 firm and 5 optional wells at a $410,000 max daily rate.
H E L P F U L L I N K S :
JDA Main Site: http://www.nigeriasaotomejda.com/
LEGAL ISSUES:
JDZ Treaty: http://www.juristep.com/stpfile/legis/
Business Aspects: http://www.miranda-lawyers.com/publications/presentations.asp
Analysis of JDA Model: http://www.juristep.com/artigos_/
GLOSSARY of selected oil and gas terms:
http://www.eandp.demon.nl/glossary/
GENERAL:
US Dept of State info: http://www.state.gov/r/pa/ei/bgn/5434.htm
CIA FactBook Nigeria:http://www.odci.gov/cia/publications/factbook/geos/ni.html
Sao Tome und Principe: http://www.sao-tome.com/englisch/index.htm
NEWS:
Oil news: http://www.africaintelligence.com/aem/default.asp
Oil news: http://www.eisnigeria.com/news.htm
Oil news: http://www.energyme.com/newsfeed.php
Oil news: http://www.oilonline.com/news/headlines/
Oil news: http://wn.com/s/oilprices/index.html instructmba's favorite
Oil news: http://www.oilvoice.com/m/regionhome.asp?region_ID=7
Oil news:http://www.ogj.com/index.cfm
Oil news: http://www.petroleumafrica.com/
Oil news: http://www.rigzone.com/
Oil news: http://www.topix.net/world/sao-tome-and-principe
Oil news: http://www.upstreamonline.com/
Oil news: http://news.yahoo.com/fc/Business/Oil_and_Gas
VANGUARD: get Nigerian news here: http://www.vanguardngr.com/index.html
African News: http://allafrica.com/whoweare.html
Oil articles:
http://www.worldoil.com/magazine/magazine_contents.asp?Issue_Type=CURRENT
PWC Oil & Gas in Africa 22 pages: http://www.pwc.com/za/ENG/pdf/pwc_OilandGasPublicationIIII.pdf
Peak Oil Primer: http://www.hilltoplancers.org/stories/hirsch0502.pdf
See Section 7 on STP: http://www.afrika.no/noop/file.php?id=10517
São Tomé e Príncipe: The difficult transition from aid-dependent cocoa producer to petrol state (find at bottom of page):http://www.ssn.flinders.edu.au/global/afsaap/conferences/2004proceedings/index.htm
Interesting NPV and estimated returns for Afren in OBO-1 http://www.afren.com/pdf/AfrenCPR-Block1b.pdf
Production Sharing Contracts:http://www.acas-law.com/multimedia/negotiating_drafting_production_sharing_agreements.pdf
Not really an article but some old Meridian posts:
http://www.investorshub.com/boards/read_msg.asp?message_id=10972094
Black Gold In The New Gulf:http://www.lewrockwell.com/wall/wall15.html
"Our New Best Friend":http://www.newyorker.com/printables/archive/030728fr_archive02
IMF JDZ report: http://www.imf.org/external/pubs/ft/wp/2006/wp06183.pdf
PUBLICATIONS:
http://www.barrowscompany.net/publication.htm
http://www.emerging-markets.com/
http://www.insurancebrokers.hsbc.com/hsbc/energy/publications
COMPANIES:
Afren: http://www.afren.com/home.asp
Anadarko Petroleum Corp. SEC Filings: http://www.pinksheets.com/quote/filings.jsp?symbol=APC
Addax:http://www.addaxpetroleum.com./home
Addax:http://www.addaxpetroleum.com/_media/Analysts_Day_Nov_Part3.pdf (great slides, maps and future plans for the JDZ)
CHEVRON SEC Filings: http://www.pinksheets.com/quote/filings.jsp?symbol=cvx
CHROME OIL: http://www.chromeoil.com/
ERHC: http://www.erhc.com
ERHC SEC Filings: http://www.pinksheets.com/quote/filings.jsp?symbol=ERHE
SINOPEC SEC Filings: http://www.pinksheets.com/quote/filings.jsp?symbol=snp
Drillship Info: Special thanks to rocky822 for digging up this info!
http://www.deepwater.com/index.cfm
http://www.deepwater.com/StatusandSpecs.cfm
http://www.deepwater.com/RigLocationMap.cfm
http://www.deepwater.com/fleetspecifications.cfm?ID=712
$3 Billion [USD] dollar man
Sir Emeka Offor: http://www.africananews.com/cover/200512/emeka_offor.htm
Sorta Off Topic:
China Business News: http://english.people.com.cn/business.html
RULES: Reasons to get deleted:
1. Duplicate – an accidental duplicate post by a member
2. Personal Attack – when someone attacks a person, with name calling, or relating to the messenger and not the message.
3. Spam – a message that is being posted promoting other sites, stock-related or not, that has no use in the discussion of JDZ oil/gas companies.
4. Vulgarity – cursing of any kind unacceptable on YOUR BOARD.
5. Violation of Privacy – posting of any personal identifiable information (email, real name, phone, address, etc)
6. Threat – someone threatening another member in some fashion
7. Thread Disruption - someone posting to disrupt the board, stir up trouble.
Special thanks to Silverbull for the idea showing board member location. If you want to be added see Message 553:
1=Silverbull5, 2=instructmba, 3=jdubs, 4=bayfisherii, 5=texasspeculator, 6=Troublemaker, 7=Phiegze, 8=AussiePup, 9=wtao, 10=mrogop, 11=blockman, 12=bructer, 13=jrsmoney, 14=Degenerate Gambler, 15=mrrhodes, 16=redinvest, 17=shawcc01, 18=doug c, 19=rambus, 20=Lone Clone, 21=loki, 22=salmonking, 23=lesswork, 24=350z, 25=Strassenheim, 26=david02835, 27=stonemoutain, 28=bazilfawlty, 29=dat_51or, 30=magicatlast, 31=nwtf, 32=kownski, 33=kcguru23, 34=Texascpa, 35=trade2much, 36=Art2004, 37=slacker42, 38=dreamweaver2000, 39= oliver spud, 40=Manti, 41=tamtam9042, 42=texsun2003, 43=Swampfx, 44=digforgold196, 45=stunjamie, 46=Tapco1, 47=ddragon41, 48=Stay the Course, 49=brez63, 50=Iceking, 51=convertedliberal, 52=Al4343, 53=FishToy, 54=investorbynight
Build up and don't tear down! Provide FACTS not ATTACKS. This is a FRIENDLY message board with an atmosphere that can make a difference!
FEATURED ITEM FOR TODAY:
Early history of JDZ and STP can be found here. http://www.investorshub.com/boards/read_msg.asp?message_id=10998520
B.P.O.W.: currently the JDZ board has 84 Boardmarks
Best Post Of Week:
(All decisions by the judges are final and are based on content, timeliness, format, creativity, and usefulness.)
Past Winners: mrrhodes, saleen(x2), rocky822, Tapco1(x3), walldog0, david02835, Silverbull5, bayfisherii, mrogop, xchip, Lone Clone, NobleSlave, mart50
JDZ stocks of interest: Addax=AXC.TO (Canada), Afren=AFR.L (UK), Anadarko=APC (US), Centurion=CUX.TO (Canada)bought out by Dana Gas for $1 billion), Chevron=CVX (US), CNOOC Ltd=CEO (China), Equator=EEL.L (UK), ERHC Energy=ERHE (US), Exxon=XOM (US), Hercules=HERO (US), Hyperdynamics=HDY (US), Oil & Natural Gas Corp=ONGC.NS (India), Sinopec=SNP (China), Syntroleum=SYNM (US)
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