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sounds like the bottle is in the garbage already!
Funny...I went to the ERHE board and found a couple of posts re ERHE!!
China courts oil-rich Angola
By Upstream staff
Chinese Premier Wen Jiabao today pledged to forge closer economic and political ties with Angola, the focal point of a seven-nation African tour aimed at cementing Beijing's links to the oil-rich continent.
"We will help the Angolan army in the defence of peace, the stability of national unity and the reconstruction of the country," said a statement released by the Chinese embassy in Luanda.
Wen, the first senior Chinese leader to visit Angola, added that strengthening bilateral ties was in the "fundamental interests" of the two countries.
He was scheduled to hold talks with Angolan President Jose Eduardo dos Santos later today.
Coming 23 years after China established diplomatic relations with formerly Soviet-aligned Angola, Wen's visit is likely to yield oil and financial deals and highlight what Angola's state media calls the country's "turn toward the East".
Angola is China's second-largest trading partner in Africa, with bilateral trade totalling nearly $7 billion in 2005 according to the Angolan government. The Africa nation recently supplanted Saudi Arabia as China's top crude oil supplier.
China courts oil-rich Angola
By Upstream staff
Chinese Premier Wen Jiabao today pledged to forge closer economic and political ties with Angola, the focal point of a seven-nation African tour aimed at cementing Beijing's links to the oil-rich continent.
"We will help the Angolan army in the defence of peace, the stability of national unity and the reconstruction of the country," said a statement released by the Chinese embassy in Luanda.
Wen, the first senior Chinese leader to visit Angola, added that strengthening bilateral ties was in the "fundamental interests" of the two countries.
He was scheduled to hold talks with Angolan President Jose Eduardo dos Santos later today.
Coming 23 years after China established diplomatic relations with formerly Soviet-aligned Angola, Wen's visit is likely to yield oil and financial deals and highlight what Angola's state media calls the country's "turn toward the East".
Angola is China's second-largest trading partner in Africa, with bilateral trade totalling nearly $7 billion in 2005 according to the Angolan government. The Africa nation recently supplanted Saudi Arabia as China's top crude oil supplier.
Drilling to commence in Sao Tome and Nigeria
June 19, 2006
By ANDnetwork .com
Peak Petroleum Industries Nigeria and Equator Petrolium say that drilling at the company's hydrocarbon assets - located in Nigeria and São Tomé and Príncipe - will soon commence OML 122.
Peak Petroleum Industries Nigeria Ltd and Equator have reported that development drilling will soon commence on OML 122. In addition, the companies are currently finalising an agreement to lease an FPSO with the aim of commencing oil production in Q3 2007.
A report on OML 122 from independent consultants, Horizon Energy Partners BV, provides a best estimate for the recoverable hydrocarbon volumes as 45 million barrels of oil and 730 BCF of gas.
As announced on May 24, 2006, the second well drilled on OML 122 by Peak and Equator, Owanare 1, discovered gas in two zones with a total thickness of 61 metres (200ft).
Horizon estimates the gas-in-place to be 185 bcf, an amount capable of commercial production as a satellite to a gas development on the Bilabri field.
Negotiations are underway for financing the OML 122 oil development project with production anticipated to start Q3 2007.
Deepwater Exploration
Also available on the Equator website is a second report by Horizon which estimates the significant prospective resources in OPL’s 323 and 321.
These two deep water blocks were awarded to Equator, Korean National Oil Company, NJ Exploration Limited and Tulip Energy Resources Nigeria Limited in the Nigeria 2005 licensing round.
Equator has paid in full its share of the signature bonuses for blocks OPL 323 and OPL 321 and has set aside $83 million to cover the work programme obligations. Equator has also funded its share of the signature bonus and work programme obligation for Block 2 in the joint development zone (JDZ) between São Tomé & Príncipe and Nigeria which is adjacent to the recently announced Chevron and Exxon discovery in Block 1 JDZ.
Sergio Ottochian, Senior Petroleum Consultant of Horizon, has fully approved the publication of all volumetric estimates as mentioned in this announcement.
Commenting on Monday, Wade Cherwayko, CEO of Equator, said: “The company is pleased with the significant progress which has been achieved in the targeting of first oil production by Q3 2007 from OML 122.
"In addition, Equator and its partners, the Korea National Oil Company, ONGC Videsh and Sinopec are aggressively negotiating to secure drilling rigs to commence exploration activities on OPL 323, OPL 321 and Block 2 JDZ.”
OilVoice
Drilling to commence in Sao Tome and Nigeria
June 19, 2006
By ANDnetwork .com
Peak Petroleum Industries Nigeria and Equator Petrolium say that drilling at the company's hydrocarbon assets - located in Nigeria and São Tomé and Príncipe - will soon commence OML 122.
Peak Petroleum Industries Nigeria Ltd and Equator have reported that development drilling will soon commence on OML 122. In addition, the companies are currently finalising an agreement to lease an FPSO with the aim of commencing oil production in Q3 2007.
A report on OML 122 from independent consultants, Horizon Energy Partners BV, provides a best estimate for the recoverable hydrocarbon volumes as 45 million barrels of oil and 730 BCF of gas.
As announced on May 24, 2006, the second well drilled on OML 122 by Peak and Equator, Owanare 1, discovered gas in two zones with a total thickness of 61 metres (200ft).
Horizon estimates the gas-in-place to be 185 bcf, an amount capable of commercial production as a satellite to a gas development on the Bilabri field.
Negotiations are underway for financing the OML 122 oil development project with production anticipated to start Q3 2007.
Deepwater Exploration
Also available on the Equator website is a second report by Horizon which estimates the significant prospective resources in OPL’s 323 and 321.
These two deep water blocks were awarded to Equator, Korean National Oil Company, NJ Exploration Limited and Tulip Energy Resources Nigeria Limited in the Nigeria 2005 licensing round.
Equator has paid in full its share of the signature bonuses for blocks OPL 323 and OPL 321 and has set aside $83 million to cover the work programme obligations. Equator has also funded its share of the signature bonus and work programme obligation for Block 2 in the joint development zone (JDZ) between São Tomé & Príncipe and Nigeria which is adjacent to the recently announced Chevron and Exxon discovery in Block 1 JDZ.
Sergio Ottochian, Senior Petroleum Consultant of Horizon, has fully approved the publication of all volumetric estimates as mentioned in this announcement.
Commenting on Monday, Wade Cherwayko, CEO of Equator, said: “The company is pleased with the significant progress which has been achieved in the targeting of first oil production by Q3 2007 from OML 122.
"In addition, Equator and its partners, the Korea National Oil Company, ONGC Videsh and Sinopec are aggressively negotiating to secure drilling rigs to commence exploration activities on OPL 323, OPL 321 and Block 2 JDZ.”
OilVoice
West & Central Africa Oil & Gas 2006
4th Annual Conference
Monday 12th & Tuesday 13th June 2006, InterContinental Hotel, Houston
Lloyd's List Events part of Informa Maritime & Transport
--------------------------------------------------------------------------------
Government officials participating in this year's conference:
Ministry of Mines & Energy, Equatorial Guinea
Tony Chukwueke, Director, Department of Petroleum Resources, Nigeria
Carlos Gomes, Chairman of the Board, Nigeria-São Tomé & Principe Joint Development Authority
Serigne Mboup, Director General, Petrosen
Focussing on:
Angola
Chad
Côte d'Ivoire
Equatorial Guinea
Gabon
Nigeria
Nigeria-São Tomé
& Principe JDZ
Senegal
West & Central Africa Oil & Gas 2006
4th Annual Conference
Monday 12th & Tuesday 13th June 2006, InterContinental Hotel, Houston
Lloyd's List Events part of Informa Maritime & Transport
--------------------------------------------------------------------------------
Government officials participating in this year's conference:
Ministry of Mines & Energy, Equatorial Guinea
Tony Chukwueke, Director, Department of Petroleum Resources, Nigeria
Carlos Gomes, Chairman of the Board, Nigeria-São Tomé & Principe Joint Development Authority
Serigne Mboup, Director General, Petrosen
Focussing on:
Angola
Chad
Côte d'Ivoire
Equatorial Guinea
Gabon
Nigeria
Nigeria-São Tomé
& Principe JDZ
Senegal
Chevron keeps lid on Jack test results in US Gulf
By Upstream staff
Chevron is keeping the results of the first well test at the deep-water Jack oil discovery in the Gulf of Mexico under wraps as the US supermajor prepares to flow the well again, writes Anthony Guegel.
The Jack well in Walker Ridge Block 758 flowed for about two weeks before it was shut-in this week, a Chevron spokesman confirmed.
Transocean's semi-submersible rig Cajun Express will start a second flow test in about a week or so, he said, but it remains undetermined how long it will be on production.
Produced oil is being offloaded on to barges. The spokesman declined to give flow rates or total production figures.
"After the flow tests are over there will be a continuation of analysis of the flow test data and if we feel we have something to say we'll say something," said the spokesman.
"Our folks say that even when that one is over and we shut it in that it will be weeks if not months probably before we would say anything," he added. Chevron and its partners put the 29,000-foot plus well on extended testing to evaluate the production characteristics and confirm the permeability of the reservoir.
According to Chevron's partner Statoil, first oil could be achieved from either Jack or the nearby St Malo discovery in 2013.
Jack was found in 2004 with the discovery well hitting more than 350 feet of oil pay.
Chevron holds a 50% operating stake in Jack followed by Devon (25%) and Statoil (25%).
Waiting for the flood
By Upstream staff
Sheikh Yussuf Ibrahim Qassim hopes Somaliland's Council of Ministers will formally agree to include energy into his water and minerals minister portfolio.
Qassim has had responsibility for Somaliland's energy resources since 2002 and soon hopes to launch the country's first licensing round to get oil companies back in to the beleaguered territory.
He insists that several oil structures, each hosting about 500 million barrels, were identified with minimal seismic work by previous licence-holders, both offshore and onshore
The majors declared force majeure 15 years ago but Qassim wants them back.“They could come and resume business as usual. The door is ajar for them but they cannot hold things up forever. We are facing a terrible drought and problems with livestock exports, so we've got people to feed and we must get the ball rolling now,”he says.
Qassim tried to convince them again during last month's American Association of Petroleum Geologists convention.“I simply got no response and I am the sixth Somaliland minister to try, so my ministry feels free to issue acreage to any qualified company that comes along on a 'first come, first served' basis,”he says.
Qassim feels the lack of recognition should not deter suitors from trying their luck, as several smaller companies already have.
“We're talking to several companies (for unallocated blocks) and those to whom we have awarded acreage will imminently be conducting an onshore aeromagnetic survey along with 2D seismic over the offshore plays.”
He dismisses the fuss raised by some compatriots over the way UK-registered Rova Energy, a special ventures vehicle now 75% owned by Ophir Energy, was allowed to acquire the highly prospective Berbera production sharing agreement, comprising coastal tracts and former offshore blocks M-10 and M-10a.
“We are very happy with the way things are moving and there has been no issue over transparency as far as we're concerned. No pain, no gain if you want to invest money, then you have to take risks.”
Certainly, Qassim is no stranger to risk. He endured the bombardment of Hargeysa by the forces of former Somalia president Siad Barre, destroying the infrastructure and causing the population to flee.
In an historic meeting at Burao in 1991, the former British protectorate of Somaliland declared independence from the Mogadishu regime as a civil war raged and most of the rest of Somalia was mired in conflict and Qassim was present at the vote.
“I will always remember that day and the first lesson I learned then was about the need to bring people together. It was a big effort a lot of talking but by addressing the grassroots we managed to achieve reconciliation between former antagonists.”
Constructing effective policy in such a climate is all about building a climate of forgiveness and mutual respect, he says.“The process has been led by the clan elders and that's why Somaliland is now successfully moving from a clan-based to a multi-party system of
government.”
Qassim was a founder-member of the Union of Allied&Democratic Nations (Udub), the first political party officially established after Burao, led by the late president Mohamed Egal. The vernacular meaning of 'Udub' is the central pillar in a traditional Somali house, an analogy of which Qassim is proud.
The party has 33 elected representatives in the 82-member chamber, in which it is the largest group.“If I have an ideology, it is to nurture an open-minded society, a free market and a free press with the freedom to think, for if the ball is to roll, then the rule of law must ensure justice in every sector of the economy,”he says.
A former teacher and trader, Qassim has become an adept student of human nature and is keen that his country shares this knowledge of post-conflict reconciliation with the rest of the troubled region.
The African Union has dispatched Somalilanders on missions to South Sudan to contribute their experience of disarmament.
“The militia were literally everywhere, but in our case it was self-demobilisation that's the moral of our story,”he explains.
He does not fear political dislocation or coup attempts if oil companies confirm substantial oil and gas deposits in Somaliland, such as occurred in Sao Tome or Guinea-Bissau.“I firmly trust in the stability of our system,”he says.
Qassim is well-positioned to focus on the job in hand. He has just been given a copy of Daniel Yergin's The Prize“and right now I'm absorbed with reading about petroleum production”.
Phoenix Associates Acquires Three Texas-Based Oilfield Companies
Phoenix Associates Land Syndicate 5/2/2006
URL: http://www.rigzone.com/news/article.asp?a_id=31775
Phoenix Associates Land Syndicate has closed on the acquisition of three Texas-based oilfield companies, Sam's Oil Country Inspection Services, Inc., CM Ideal Energy, Inc. and Ideal Energy Directional Drilling Services, Inc.
Paul Alonzo, CEO and President of Phoenix, said, "We are pleased to be adding Sam Henley and David Bolton, the principals of the companies we have acquired, to our highly qualified executive leadership team, now that these acquisitions are closed. Mr. Henley will oversee all operation of the three companies and David Bolton will oversee the daily operations of Ideal Energy, the directional drilling company."
Mr. Alonzo added, "The acquisition of these three companies is confirmation that we are continuing to implement our plans to grow our company through strategic acquisitions. These three companies are providers of much needed services to the oil exploration field and will contribute to the strength of our Phoenix Oil and Gas Division. We believe that these new business units will be quickly integrated into the Phoenix family of companies and contribute revenues of about $11 million in 2006 with operating profits of approximately $2 million."
The Company has indicated that the total purchased price of the three companies was set at $4.125 million, structured as follows: $1.25 million in cash, 2.5 million shares of restricted common stock of the Company at $0.05 per share, and 275,000 shares of PBLS preferred stock at a par value of $10.00 per share, paying a 6% annual dividend, to be paid quarterly. The holders of the preferred have the right to put any portion of the preferred back to the Company at any time after 60 months for cash. The stockholders may also elect to hold the preferred stock forever if they wish and thus keep receiving quarterly dividends as long as they hold the stock. In addition, both Mr. Bolton and Mr. Henley have entered into five year employment agreements with the Company.
These three acquired companies are located in Kilgore, Texas. Sam's Oil Country is in the business of inspecting bottom hole assemblies and other parts of a well that are critical to successful and safe drilling operation; CM Ideal Energy Services is a leasing company that leases down hole drilling motors and equipment; and Ideal Energy Directional drilling is a rapidly expanding drilling company with an experienced staff of directional drillers and well planners.
About Phoenix Associates Land Syndicate (PBLS)
Phoenix Associates Land Syndicate (PBLS) is a public holding company, with over 5,700 stockholders, that has purchased motivated companies in order to enhance its assets and income basis. Since 1978, PBLS has developed assets and/or interests in sand & gravel, soil products, land development, oil and natural gas, commodity brokering, plumbing, trucking, contract hauling, construction, swimming pool construction and construction related industries.
Don't forget the meeting re. the cocoa...very important!
mrrhodes Chandler, Az.
mrrhodes- Chandler, Az. Home of our next Pres. John McCain
New oil shock ahead as $100 spike looms
Oliver Morgan and Heather Stewart
Sunday April 30, 2006
Observer
The growing international crisis over Iran's nuclear programme could trigger a catastrophic oil price spike, sending crude prices over $100 a barrel, senior Wall Street analysts are warning.
With prices already at around $72 a barrel, such an increase could mean drivers facing prices of 110p a litre on forecourts, according the the Petrol Retailers Association. Last week Lord Browne, chief executive of BP, warned that prices could rise to £1 as he unveiled bumper $5.27bn profits for the first quarter.
Shell is also expected to announce close to record numbers next week, with analysts expecting profits around $5.57bn, driven largely by the oil price.
A single political shock could be enough to send oil markets into panic, said Adam Sieminski, senior energy economist at Deutsche Bank in New York. 'If we have one more big problem we are going to have triple-digit oil prices.' Sieminski points to confrontation with Iran, a worsening of the situation in Iraq or a recurrence of devastating hurricanes in the Gulf of Mexico as potential catalysts for a major rise.
Prices rose by as much as $1.20 in late trading on Friday after the United Nations inspector Mohamed El Baradei said Iran had not complied with demands to disclose the extent of its uranium enrichment programme. Iranian President Mahmoud Ahmadinejad later said he 'did not give a damn' about the UN's opinion.
In a report, Sieminski argues that with the world consuming some 85 million barrels of oil a day, a supply disruption of 2 million barrels a day (60 per cent of Iran's exports) 'can only be rebalanced through an extraordinary rise in prices.'
But he believes any breaching of the $100 level would be short-lived, and that prices would fall to between $30 and $60 as increased investment brings new production and refining capacity on stream in oil-producing nations.
Mary Novak, managing director of energy services at consultants Global Insight, said Iran would not need to turn off the taps completely - even if it shut off just a 10th of its 3 million barrels a day of exports, the impact would be dramatic. 'With the situation we have, 300,000 barrels a day would drive prices up significantly,' she said, adding that with the global economy growing more quickly than expected this year 'demand is still expanding and supply is having trouble catching up'.
High crude prices have pushed gasoline prices up to $3 a gallon in the US, where President George Bush has described the rise as a tax on motorists, and Republican senators have promised measures to abate prices, including an investigation of oil company tax payments. The approach of the US driving season has combined with the hangover effect of last year's hurricanes on US refining capacity to underpin current price levels. Refineries in the US have increased their spring maintenance shut-downs for several weeks, to deal with damage from the autumn.
At the same time, more stringent environmental controls on gasolene content led to some US petrol stations running dry on Friday. New rules, which come into force this year, have mandated higher ethanol content in vehicle fuel; but since ethanol cannot be pumped through pipelines, a shortage of infrastructure meant that in some states, including Texas, fuel was not getting to the pumps.
Manouchehr Takin, oil analyst at the Centre for Global Energy Studies in London said 'Every year, approaching the summer driving season in the US, the market gets hyped, and the prices go higher, because of the fear of a shortage.'
Ray Holloway, of the Petrol Retailers' Association, said that 'such a hike would be critical in the second quarter of this year, if we went to $100 a barrel in that period, you could see unleaded petrol at 110p a litre.' Average prices this weekend were 95p a litre.
The stand-off with Iran is one of several factors that could cause a significant supply disruption. Ethnic and tribal disputes in Nigeria have resulted in the loss of 500,000 barrels a day. Output in Iraq, potentially the world's second-largest exporter, is still well below pre-war levels. There are also concerns among traders about supplies from Venezuela and Russia because of internal politics.
High prices have advanced rapidly up the political agenda in the US, where Republicans are trailing in the polls ahead of mid-term elections. Republican senators led by majority leader Bill Frist, have proposed a series of measures including the repeal of tax incentives to oil companies intended to make them invest in the Gulf of Mexico and measures to increase refinery capacity.
The issue has also prompted a return to the debate over opening up the unspoilt Arctic National Wildlife Refuge in Alaska to drilling by oil companies.
President Bush also called for an investigation into possible price manipulation, and for new deposits into the US strategic petroleum reserve to cease.
Guardian Unlimited © Guardian Newspapers
New oil shock ahead as $100 spike looms
Oliver Morgan and Heather Stewart
Sunday April 30, 2006
Observer
The growing international crisis over Iran's nuclear programme could trigger a catastrophic oil price spike, sending crude prices over $100 a barrel, senior Wall Street analysts are warning.
With prices already at around $72 a barrel, such an increase could mean drivers facing prices of 110p a litre on forecourts, according the the Petrol Retailers Association. Last week Lord Browne, chief executive of BP, warned that prices could rise to £1 as he unveiled bumper $5.27bn profits for the first quarter.
Shell is also expected to announce close to record numbers next week, with analysts expecting profits around $5.57bn, driven largely by the oil price.
A single political shock could be enough to send oil markets into panic, said Adam Sieminski, senior energy economist at Deutsche Bank in New York. 'If we have one more big problem we are going to have triple-digit oil prices.' Sieminski points to confrontation with Iran, a worsening of the situation in Iraq or a recurrence of devastating hurricanes in the Gulf of Mexico as potential catalysts for a major rise.
Prices rose by as much as $1.20 in late trading on Friday after the United Nations inspector Mohamed El Baradei said Iran had not complied with demands to disclose the extent of its uranium enrichment programme. Iranian President Mahmoud Ahmadinejad later said he 'did not give a damn' about the UN's opinion.
In a report, Sieminski argues that with the world consuming some 85 million barrels of oil a day, a supply disruption of 2 million barrels a day (60 per cent of Iran's exports) 'can only be rebalanced through an extraordinary rise in prices.'
But he believes any breaching of the $100 level would be short-lived, and that prices would fall to between $30 and $60 as increased investment brings new production and refining capacity on stream in oil-producing nations.
Mary Novak, managing director of energy services at consultants Global Insight, said Iran would not need to turn off the taps completely - even if it shut off just a 10th of its 3 million barrels a day of exports, the impact would be dramatic. 'With the situation we have, 300,000 barrels a day would drive prices up significantly,' she said, adding that with the global economy growing more quickly than expected this year 'demand is still expanding and supply is having trouble catching up'.
High crude prices have pushed gasoline prices up to $3 a gallon in the US, where President George Bush has described the rise as a tax on motorists, and Republican senators have promised measures to abate prices, including an investigation of oil company tax payments. The approach of the US driving season has combined with the hangover effect of last year's hurricanes on US refining capacity to underpin current price levels. Refineries in the US have increased their spring maintenance shut-downs for several weeks, to deal with damage from the autumn.
At the same time, more stringent environmental controls on gasolene content led to some US petrol stations running dry on Friday. New rules, which come into force this year, have mandated higher ethanol content in vehicle fuel; but since ethanol cannot be pumped through pipelines, a shortage of infrastructure meant that in some states, including Texas, fuel was not getting to the pumps.
Manouchehr Takin, oil analyst at the Centre for Global Energy Studies in London said 'Every year, approaching the summer driving season in the US, the market gets hyped, and the prices go higher, because of the fear of a shortage.'
Ray Holloway, of the Petrol Retailers' Association, said that 'such a hike would be critical in the second quarter of this year, if we went to $100 a barrel in that period, you could see unleaded petrol at 110p a litre.' Average prices this weekend were 95p a litre.
The stand-off with Iran is one of several factors that could cause a significant supply disruption. Ethnic and tribal disputes in Nigeria have resulted in the loss of 500,000 barrels a day. Output in Iraq, potentially the world's second-largest exporter, is still well below pre-war levels. There are also concerns among traders about supplies from Venezuela and Russia because of internal politics.
High prices have advanced rapidly up the political agenda in the US, where Republicans are trailing in the polls ahead of mid-term elections. Republican senators led by majority leader Bill Frist, have proposed a series of measures including the repeal of tax incentives to oil companies intended to make them invest in the Gulf of Mexico and measures to increase refinery capacity.
The issue has also prompted a return to the debate over opening up the unspoilt Arctic National Wildlife Refuge in Alaska to drilling by oil companies.
President Bush also called for an investigation into possible price manipulation, and for new deposits into the US strategic petroleum reserve to cease.
Guardian Unlimited © Guardian Newspapers
History For China Petroleum & Chemical Corp. 4/21/2006 6:51 PM
Date Open High Low Close Volume Change Change %
4/21/06 70.15 71.96 70.00 71.94 516,100 4.79 7.13%
4/20/06 68.40 68.48 66.59 67.15 300,300 0.16 0.24%
4/19/06 65.15 67.21 64.79 66.99 605,600 2.23 3.44%
4/18/06 63.00 64.84 62.81 64.76 347,300 2.62 4.22%
4/17/06 60.50 62.29 60.50 62.14 369,000 2.04 3.39%
4/13/06 60.22 60.29 59.91 60.10 196,000 0.20 -0.33%
4/12/06 60.60 60.70 60.03 60.30 197,900 0.22 0.37%
4/11/06 61.40 61.60 60.00 60.08 211,900 1.46 -2.37%
4/10/06 61.49 61.69 61.31 61.54 229,900 0.85 1.40%
4/7/06 61.45 61.48 60.61 60.69 232,700 0.90 -1.46%
4/6/06 61.75 61.85 61.01 61.59 271,900 1.19 1.97%
4/5/06 60.45 60.60 60.05 60.40 389,000 0.05 -0.08%
4/4/06 60.37 60.97 60.10 60.45 164,600 0.08 0.13%
4/3/06 59.65 60.77 59.56 60.37 296,500 2.01 3.44%
3/31/06 57.80 58.52 57.63 58.36 190,200 0.10 -0.17%
Chinese hope for energetic presidential tour
By Upstream staff
Chinese President Hu Jintao arrived in the US this week to begin an overseas tour that is expected to lead to new energy co-operation agreements and possible commercial deals, writes Xu Yihe.
Hu arrived in the US on 18 April and will proceed to Saudi Arabia on 22 April and Nigeria on 26 April during a five-nation tour.
China is nervous about taking upstream assets in the US following last year's opposition to China National Offshore Oil Corporation's (CNOOC) bid to buy Unocal.
However, it is keen to seek technical advice or assistance for its energy conservation programme, which aims to cut the amount of energy used per unit of GDP by 20% by 2010.
"In terms of developing new energy, renewable energy sources, and conserving energy, China and the US have tremendous scope to further their co-operation," said Vice Foreign Minister Yang Jiechi.
China's booming economy, which expanded by 9.9% last year, has pushed the government to promote energy conservation.
Concerns over energy efficiency have increased from worries about an increasing reliance on foreign oil and the affect of smog and greenhouse gases from burning fossil fuels.
Meanwhile, in Saudi Arabia, Chinese energy executives are expecting that Hu will talk to Saudi officials about a possible oil pipeline from Saudi Arabia to China via Pakistan.
Initial plans point towards building pipelines to carry oil from west Asia or Africa to Xinjiang in China through Gwadar on Pakistan's Arabian Sea coast.
Senior energy officials including CNOOC president Fu Chengyu Hu are accompanying Hu on his visit to Nigeria, where concrete deals are seen as more likely to be reached.
Nigerian Oil Minister Edmund Daukoru recently visited China and met senior officials from CNOOC, which is interested in taking stakes in four Nigerian onshore oil blocks.
--------------------------------------------------------------------------------
21 April 2006 12:35 GMT | last updated: 21 April 2006
Mini moves
By Upstream staff
NIGERIA has set 19 May as the conference date for awarding 14 licences in a so-called mini-round.
A total of 11 prequalified companies will attend, including Agip of Italy, Britain's BG Group, China National Petroleum Corporation and India's ONGC Videsh.
--------------------------------------------------------------------------------
21 April 2006
AP
China Shares Rise 2.23 Percent
Friday April 21, 5:51 am ET
China Shares Rise 2.23 Percent, Helped by Rally in Sinopec; Yuan Lower Against Dollar
SHANGHAI, China (AP) -- China share prices rose Friday, as the largest listed company by capitalization in Shanghai, China Petroleum & Chemical Corp., or Sinopec, rallied following gains by its Hong Kong-listed shares. The yuan slipped against the U.S. dollar.
The benchmark Shanghai Composite Index advanced 2.23 percent to 1,416.79. The Shenzhen Composite Index rose 0.44 percent to 349.85.
"Sinopec's strong strength has a sharply positive impact on the general market," said Yan Li, an analyst at Southwest Securities, who used the "crazy" to describe the day's trading.
Sinopec gained 7.6 percent to 5.98 yuan after hitting a record high at 6.02 earlier.
Analysts remained cautious about the market's recent rally, saying they expected investors to sell to lock in profits ahead of a weeklong holiday beginning May 1.
In currency dealings, the yuan slipped against the dollar after a meeting between Chinese President Hu Jintao and U.S. President George W. Bush failed to yield any signs of change in Beijing's gradual approach to foreign exchange reforms.
The U.S. dollar closed at 8.0160 on the automatic price-matching system. On Thursday, it closed at 8.0145.
On the over-the-counter market, the dollar was at 8.0170 at 0730 GMT. Thursday's close was 8.0115.
In the stock market, banks were among the gainers amid positive expectations for first quarter earnings, said Chen Huiqin, an analyst at Huatai Securities.
China Minsheng Banking Corp. rose 2.8 percent to 4.01; China Merchants Bank advanced 2.61 percent to 6.68 and Shenzhen Development Bank climbed 0.7 percent to 6.84.
Property developers and steel makers remained weak today on concerns China may take further measures to rein in economic growth after posting a 10.2 percent year-on-year expansion in the first quarter. Guangdong Sunrise Holdings tumbled 5.2 percent to 1.45 and Shenzhen Baoheng (Group) fell 1.5 percent to 8.70.
Equity investors should be cautious about sectors relatively sensitive to policy tightening, including steels, cement, aluminum, and real estate, Jun Ma, chief economist at Deutsche Bank Greater China, said in a research report issued Friday.
Maanshan Iron & Steel dipped 2.5 percent to 2.77 and Angang New Steel lost 1.3 percent to 6.28.
--------------------------------------------------------------------------------
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Copyright © 2006 The Associated Press. All rights reserved. The information
CNOOC Ltd settles in at Akpo
By Upstream staff
Chinese oil and gas giant China National Offshore Oil Corporation Ltd (CNOOC Ltd) has completed its acquisition of a 45% stake in an oil block off Nigeria.
The company said that it would pay $2.3 billion plus an adjustment of $424 million for financial, operating and capital expenses to buy the stake in OML 130 in the Niger Delta from Nigeria's South Atlantic Petroleum.
The block contains the giant Akpo oil and gas field and three other significant discoveries Egina, Egina South and Preowei. It also includes a range of prospects worth further exploration.
OML 130 operator Total estimates Akpo's recoverable liquid volumes at 600 million barrels, with potential for additional recoverable oil reserves of 500 million barrels for the whole OML130 area. Akpo is expected to come on stream by the end of 2008 and to reach peak production shortly after that.
Production is expected to increase once when Egina, Egina South and Preowei come online.
CNOOC Ltd chief executive Fu Chengyu said: “The completion of this transaction represents a milestone in our efforts to expand into the world’s most prolific oil and gas basins.”
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20 April 2006 01:14 GMT | last updated: 20 April 2006 01:19 GMT
CNOOC Ltd settles in at Akpo
By Upstream staff
Chinese oil and gas giant China National Offshore Oil Corporation Ltd (CNOOC Ltd) has completed its acquisition of a 45% stake in an oil block off Nigeria.
The company said that it would pay $2.3 billion plus an adjustment of $424 million for financial, operating and capital expenses to buy the stake in OML 130 in the Niger Delta from Nigeria's South Atlantic Petroleum.
The block contains the giant Akpo oil and gas field and three other significant discoveries Egina, Egina South and Preowei. It also includes a range of prospects worth further exploration.
OML 130 operator Total estimates Akpo's recoverable liquid volumes at 600 million barrels, with potential for additional recoverable oil reserves of 500 million barrels for the whole OML130 area. Akpo is expected to come on stream by the end of 2008 and to reach peak production shortly after that.
Production is expected to increase once when Egina, Egina South and Preowei come online.
CNOOC Ltd chief executive Fu Chengyu said: “The completion of this transaction represents a milestone in our efforts to expand into the world’s most prolific oil and gas basins.”
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20 April 2006 01:14 GMT | last updated: 20 April 2006 01:19 GMT
SNP new HOY 64.76
SNP + 1.28 em
Chevron keeps mum over Obo-1
By Upstream staff
US supermajor Chevron has finished drilling Obo-1 wildcat, in Block 1 of the joint development zone jointly administered by Nigeria and Sao Tome, but the results of the well are under review, the company said today.
Chevron did not reveal whether the probe, sunk in 1720 metres of water, hit oil, revealing only that the well was completed on 15 March after 63 days.
The results from the drilling of the Obo-1 well are currently under review by Chevron and its partners to determine the next steps in our exploration program," the company said in a statement.
The well is the first to be drilled in the highly prospective deep water area of the Gulf of Guinea.
Chevron has operates Block 1 with a 51% stake, ExxonMobil has 40%, with local partner Dangote Energy Equity Resources holding the remainder.
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11 April 2006 11:08 GMT | last
Eni leads race for block 15
By Upstream staff
Italian oil company Eni has offered $902 million for a stake in Angola's offshore block 15, according to state-run Jornal de Angola.
The concession is currently operated by US company ExxonMobil and Angola's Sonangol.
Reuters reported that the offer trumped the next best proposal by China's state-owned Sinopec of $750 million as bids for the country's offshore blocks resumed on Monday.
No one at the Angolan Petroleum Ministry could immediately be reached for comment.
Angola is sub-Saharan Africa's second largest crude producer, after Nigeria, pumping 1.3 million barrels per day (bpd).
It is on course, with billions of dollars of investments from Western majors such as ExxonMobil, BP and Chevron, to increase production to 2 million bpd by 2008.
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10 April 2006 17
Welcome back Mark...glad you and yours are safe!!! Ken
maestro...Mark has established a good rapport with the JDA. Where I come from, you always ride the hot horse! Let us know if you need the JDA's ph #.
Short trading week this week. Market closed on Good Friday...Hhmmm!
ExxonMobil targets one million bpd oil production in Nigeria
EXXONMOBIL is planning to achieve a production target of over one million barrels per day (bpd) in its Nigerian operations by 2010.
According to the Managing Director of Mobil Producing Nigeria Unlimited, Mr. John Chaplain, the company recorded a production of about 70,000 bpd at the end of last year.
He said the company also produced an additional 140,000 bpd through its vigorous drilling programme and an additional 40,000 bpd from the expansion of its Yoho offshore field.
ExxonMobil, which ranks as the second biggest oil producer in Nigeria, made a global production, totalling 1.5 billion bpd at the close of business in 2005.
It also produced 917 million barrels of liquids and 3.7 trillion cubic feet of gas, according to the records of performance of the company in the 2005 fiscal year.
The company replaced 112 per cent, excluding property sales, representing 12th consecutive year of greater than 100 per cent reserves replacement.
The Chairman and Chief Executive Officer of ExxonMobil Corp, Mr. Tex Tillerson, said the yearly reportage of approved reserves was as a result of the company's "long-standing rigorous process of consistency and management accountability with respect to all oil reserve bookings."
Tillerson said that "proved additions," were made in West Africa from developments and established operations in the U.S., Canada, Russia and Norway.
These proved reserve additions reflect developments with substantial funding commitments as well as revisions to existing fields.
"Key 2005 resource base additions were associated with successful exploration drilling campaigns in the U.S., Angola and Nigeria as well as significant resource increases underpinning new natural gas and pipeline gas developments in Qatar," he added.
© 2003 - 2006 @ Guardian Newspapers Limited (All Rights Reserved).
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Something that we'll probably never find again.... Carpe Diem!
Meridian.... Carlos Gomes spoke yesterday at the N.O.G. conference...can you elaborate? tia
I'm voting for the latter! em
03/29/06 17:40:00 ET
Results for the year ended 31 December 2005
CALGARY, March 29 /CNW/ - Addax Petroleum announces record levels of production, revenue, operating profitability, cash flow and net income
Addax Petroleum Corporation ("Addax Petroleum" or the "Corporation") (TSX:AXC), an international oil and gas exploration and production company focused on Africa and the Middle East, today announced results for the year ended 31 December, 2005 for Addax Petroleum N.V. ("APNV"). APNV was acquired by the Corporation to become a wholly owned subsidiary at the time of closing of the Corporation's initial public offering ("IPO") and its listing of the Corporation on the Toronto Stock Exchange on February 16, 2006. The financial results are prepared in accordance with Canadian GAAP and the reporting currency is US dollars. Pro forma results per share are based on the current number of Addax Petroleum shares outstanding, being 140,100,100 shares.
This announcement coincides with the filing of Addax Petroleum's Annual Financial Statements and Auditor's Report, Annual Information Form and Management's Discussion and Analysis which can be accessed through www.sedar.com. The Corporation's Annual Information Form includes disclosure and reports relating to reserves data and other oil and gas information pursuant to National Instrument 51-101.
CEO's Comment
Commenting today, Jean-Claude Gandur, CEO, Addax Petroleum Corporation, said: "At Addax Petroleum, 2005 was a year of transformation both operationally and strategically. On the operations front, we not only continued but accelerated our production growth and demonstrated our operational expertise with the successful start-up of the Okwori field, an accomplishment recognized by our industry peers through the World Petroleum Congress technical excellence award. Strategically Addax Petroleum positioned itself to add value for shareholders by adding world class opportunities to its portfolio."
Financial Highlights
Addax Petroleum achieved strong financial results in 2005 through sustained high oil prices and strong operational performance.
- Petroleum sales before royalties up 133% to $1,219.1 million (2004:
$524.1 million)
- Average crude oil sales price up 45% to $52.81/bbl (2004: $36.30/bbl)
- Net income up 229% to $206.1 million (2004: $62.6 million)
- Pro forma Earnings Per Share of $1.47 per share
- Cash Flow From Operations up 174% to $468.2 million (2004:
$171.0 million)
- Pro forma Cash Flow From Operations of $3.34 per share
The following table summarizes selected financial information.
-------------------------------------------------------------------------$ millions Year ended/as at 31 DecemberConsolidated results 2005 2004 Change-------------------------------------------------------------------------Petroleum sales before royalties 1,219.1 524.1 133%Net income 206.1 62.6 229%Cash Flow From Operations 468.2 171.0 174% Capital expenditure 381.5 314.2 21% Property, plant & equipment 487.0 497.7 (2%)Total assets 866.7 616.9 40%Long-term debt 80.0 65.0 23%Shareholders' equity 298.4 177.3 68%------------------------------------------------------------------------- - Since year end, Addax Petroleum successfully completed its IPO andlisting on the Toronto Stock Exchange in February, which realized netproceeds to the Corporation of $323 million - In addition to the cash resources sourced from the IPO, theCorporation's current financial strength is enhanced through access toa $300 million long-term syndicated loan facility which, at year-endwas $80 million drawn and currently is undrawn Operational Highlights During 2005, Addax Petroleum has shown strong growth from continuingoperations reflected in production growth, project milestone achievements, andbalanced development and exploration investment whilst maintaining operatingcost discipline. - Improved safety record reflected in lost time incident frequency of0.84 lost time incidents per million man-hours worked (2004: 1.24) - Annual average working interest gross oil production up 64% to65.3 mbbls/day (2004: 39.9 mbbls/day) - Major development project highlights during 2005 include:- first oil in March from the Okwori field in OPL90, offshoreNigeria- World Petroleum Council technical excellence award for Okworiproject- six new development wells brought on stream in OML123, offshoreNigeria- seven new development wells brought on stream in OPL90, offshoreNigeria- development capital expenditures up 31% to $360 million (2004:$274 million)- Exploration activity offshore Nigeria, Cameroon and Gabon during 2005includes:- one exploration well offshore Nigeria resulting in the Kita Northdiscovery in OML123- Seismic data acquisition commenced on OPL225, offshore Nigeria;the survey was completed in January, 2006.- Seismic data acquisition commenced on the Ngosso permit, offshoreCameroon; the survey was completed in March, 2006- KME-1 well on the Kiarsseny permit, operated by Tullow Oil plc,offshore Gabon spudded. The well was completed in 2006 and wasunsuccessful- exploration expenditures down 45% to $22 million (2004:$40 million) - Operating netbacks up 61% to $37.06/bbl (2004: $23.08/bbl) whereasunit operating expenses up to 9% to $6.61/bbl (2004: $6.06/bbl) - Year end working interest gross reserves, as estimated by Netherland,Sewell & Associates ("NSAI") in accordance with NI 51-101 were108.6 mmbbls of proved reserves, 196.7 mmbbls of proved plus probablereserves and 278.7 mmbbls of proved plus probable plus possiblereserves - Since year end, Addax Petroleum has successfully appraised the Ndafield and received Nigerian government approval for the Nda FieldDevelopment Plan The following table summarizes selected operations information. -------------------------------------------------------------------------Year ended/as at 31 DecemberOperations results 2005 2004 Change(1)-------------------------------------------------------------------------Annual average working interest gross oilproduction (mbbls/day):OML123 47.1 36.1 31%OML124 3.5 3.8 (8%)OPL90 14.7 n/a n/aTotal 65.3 39.9 64% Prices, expenses and netbacks ($/bbl):Average realized price 52.81 36.30 45%Operating expense 6.61 6.06 9%Operating netback 37.06 23.08 61% Working interest gross oil reserves (mmbbls):Proved 108.8 n/a n/aProved + Probable 196.9 n/a n/aProved + Probable + Possible 278.9 n/a n/a-------------------------------------------------------------------------1. As at 31 December, 2004 the Corporation was not required to reportits reserves in accordance with National Instrument 51-101. New Ventures Addax Petroleum has an active and aggressive New Ventures program to addhigh quality acreage and reserves. During 2005, significant progress was madeto advance several New Venture opportunities, a number of which havesubsequently been formally awarded to the Corporation. - During 2005, in the Nigeria-Sao Tome & Principe Joint Development Zone("JDZ"), Addax Petroleum entered into a participation agreement withERHC Energy, Inc. ("ERHC") to acquire an interest in Block 4 of theJDZ. Since year end, Addax Petroleum has been awarded interests in JDZBlocks 2, 3 and 4 and operatorship of Block 4. A summary of theCorporation's holdings in this highly prospective region as of28 March, 2006 is as follows: -------------------------------------------------------------------------Payments by MinimumAddax Petroleum WorkAddax ---------------- ERHC ProgramPetroleum's as as acquis- interest to bePartic- Signature ition carried funded byNet ipating Bonuses payments by Addax AddaxBlock Acres Interest to JDZ to ERHC Petroleum Petroleum(1)acres $ million $ million $ million-------------------------------------------------------------------------2 24,504 14.33% 8.3 6.8 7.33% 6.13 24,686 15.00% 2.0 7.5 10.00% 7.54 70,519 33.30% 23.4 18.0 17.70% 27.0Total 119,709 33.7 32.3 40.6-------------------------------------------------------------------------1. Includes the carry of ERHC's interest - During 2005, Addax Petroleum entered into a joint venture agreementwith Oriental Energy, a Nigerian company, pursuant to which it agreedto acquire a 40% interest in the Okwok property, located 12kmsouthwest of OML123. Addax Petroleum's position in this opportunityremains subject to the completion of a farm-in agreement andgovernment approval, anticipated during 2006. - Also during 2005 Addax Petroleum entered into a farm-in agreement withGenel Enerji A.S. for an interest of 30% in a production sharingcontract to govern the Taq Taq field in the Kurdistan Region of Iraq.Addax Petroleum's formal position in the opportunity is subject toapproval by the relevant authorities. In the meantime, Addax Petroleumhas completed 2D seismic acquisition and is preparing an appraisaldrilling work program in anticipation of the relevant approvals. - In addition to the opportunities highlighted above, the Corporationhas additional potential opportunities at various stages ofinvestigation in its core areas of Africa and the Middle East. Corporate Social Responsibility Addax Petroleum recognizes the importance of petroleum resources to itshost countries. The Corporation has made it a priority to conduct itself in asocially responsible manner and to develop co-operative relationships withhost country authorities, local communities and indigenous oil companies.Addax Petroleum believes that it has an excellent operational reputation andstrong relationships which help facilitate timely approval for its projectsand avoid unplanned disruptions in production. Addax Petroleum has notexperienced any major unplanned disruptions in production since it beganproducing oil in 1998.The Corporation proactively addresses host government policy objectives.In Nigeria, these policy objectives include maximizing reserves andproduction, developing the local natural gas market and employing indigenousstaff and contractors. More than 90% of Addax Petroleum's employees in Nigeriaare Nigerian citizens. In addition, the Corporation's community relationspolicy promotes infrastructure development projects and education programs.The Corporation has funded the construction of schools, expanded clean watersupplies, paved roads and provided scholarships to Nigerians for primary,secondary and post-secondary education. 2006 Outlook Looking forward, 2006 is anticipated to be a strong year for AddaxPetroleum in terms of production, development and exploration activity andcapital investment. From continuing operations, the Corporation anticipates2006 working interest gross oil production to average 85.0 mbbls/day, anincrease of approximately 30% over 2005 production. The majority of theincrease in oil production is expected from OPL90 where the Nda fielddevelopment is taking place. This production increase is expected fromcurrently planned projects on the Nigerian properties where 2006 developmentand infrastructure investment is forecast to be approximately $700 million, anincrease of some 95% over 2005.In addition, Addax Petroleum forecasts to invest approximately$300 million in exploration and appraisal activity including the announcedacquisition of additional acreage. This investment includes: - exploration expenditure on all existing Nigeria, Cameroon and Gabonblocks- acquisition payment and appraisal drilling at Okwok, close to OML123- signature bonuses, acquisition fees and exploration work on theJDZ blocks- appraisal activity on the Taq Taq field in the Kurdistan region of Iraq Addax Petroleum's 2006 growth program is well resourced financially andoperationally. In Nigeria, the Corporation currently has three drilling rigson location, one in each of OML123, OML124 and OPL90 properties with a seconddrilling rig due on site in OML123 during the second half of 2006. Inaddition, drilling is scheduled to start at Taq Taq during the second quarterusing an acquired land rig dedicated for this purpose. This press release contains forward-looking statements. These statementsare based on current expectation that involve a number of risks anduncertainties, which could cause actual results to differ from thoseanticipated. These risks include, but are not limited to, risks associatedwith the oil and gas industry (e.g. operational risks in development,exploration and production; delays or changes in plans with respect toexploration or development projects or capital expenditures; the uncertaintyof reserve estimates; the uncertainty of estimates and projections in relationto production, costs and expenses and health, safety and environmental risks),the risk of commodity price and foreign exchange rate fluctuations, theuncertainty associated with negotiating with foreign governments and riskassociated with international activity. Due to the risks, uncertainties andassumptions inherent in forward-looking statements, prospective investors inthe Corporation's securities should not place undue reliance on these forward-looking statements.
© 2006 The Canadian Press - Stockgroup
AXC 29.00 +.75 em
Sinopec reports net profit up 13.6% in 2005
BEIJING (AP) - China Petroleum & Chemical Corp., Asia's largest refiner by capacity, reported Monday its net profit rose 13.6 percent year-on-year in 2005, as high oil prices and a government subsidy offset refining losses caused by controls on oil product prices.
The state-run company, widely known as Sinopec, reported its net profit in 2005 totaled 40.92 billion yuan (US$5.1 billion; euro4.2 billion), up from 36 billion yuan (US$4.5 billion; euro3.7 billion) a year earlier.
Revenue rose to 799.1 billion yuan (US$99.6 billion; euro82.3 billion) from 597.2 billion yuan (US$74.5 billion; euro61.6 billion), the company said.
The government gave Sinopec a 9.42 billion yuan (US$1.2 billion; euro999 million) subsidy last year to compensate for losses from domestic price controls on products, which prevented it from passing on higher costs from high international crude oil prices.
Because of its heavy exposure to refining, Sinopec's earnings growth lagged behind its rivals. China National Petroleum Corp. reported a 28 percent rise in 2005 net profit and China National Offshore Oil Corp. reported a 57 percent jump in earnings last year.
Sinopec Chairman Chen Tonghai said the company plans to refine 4.3 percent more crude oil in 2006 to meet the China's robust demand for energy, despite the government's cap on domestic selling prices of petrochemical products.
The government recently announced a hike in oil products prices, and has said more will come as the country gradually aligns domestic prices with those on international markets.
In 2005, Sinopec's refining business posted an operating loss of 3.51 billion yuan (US$437.7 million; euro362 million).
Its refineries had an operating profit of 5.94 billion yuan (US$741 million; euro612 million) in 2004.
"The domestic prices of refined oil products are expected to gradually reflect the international prices following the integrated reform of crude oil pricing mechanism,'' said Chen.
"But currently the refining segment would likely continue facing challenges.''
Latest business
I-Hop or Dennys? em
Nigeria Oil & Gas (NOG 6) Strategic Conference
Strategic conference 3 - 4 April, 2006
Following the outstanding success of five previous events, Nigeria Oil & Gas Conference is delighted to announce the dates for its sixth year; the conference will take place on the first two days of Nigeria Oil & Gas 6 on the 3rd and 4th April 2006 at the International Conference Centre. The program is being developed in conjunction with the Organising Committee to address the topical strategic issues facing investment in Nigeria's oil and gas industry.
Expert, senior level representatives from the following organisations will be invited to share their experiences, case studies and latest information:
Government departments and agencies
NNPC
Joint venture companies
Indigenous and international operators
Indigenous and international service companies
Legal and financial consultants
The aim of the conference is to add benefit to the Nigerian oil and gas industry and so ample time will be allocated to debate the critical topics facing the industry. The key topics will include - a focus on gas, sustainable development and regulatory issues. The conference will focus not only on issues facing the international investment community but also on the critically important indigenous investment facing the industry.
The conference and the exhibition will be held together at the International Conference Centre thus further maximising networking opportunities for the 500 delegates that attend annually. Delegates will be able to take the opportunity to share experiences with a broad cross section of players in the industry. All delegates will have full access to the Technical sessions.
A detailed programme will be published in January. All suggestions are welcome and will be considered by the Organising Committee so please do contact CWC Associates.
Confirmed Speakers
Dr. Edmund Daukoru, Hon. Minister of State for Petroleum Resources
Mrs. Ammuna Lawan-Ali, Permanent Secretary, Ministry of Petroleum Resources
Eng. Funsho Kupolokun, Group Managing Director, NNPC
Dr. Edmund O Ayoola, Group Executive Director, E&P, NNPC
Chief Sena Anthony, Chair, NNPC Committee on Gas Policy, NNPC
Eng. Smart Fadayomi, Group General Manager LNG & Power, NNPC
Eng. J.A. Akande, Group General Manager Nigeria Content, NNPC
Dr. Levi Ajuonuma, Group Public Affairs, NNPC
Carlos Gomes, Chairman of the Board, Nigeria – São Tomé & Príncipe Joint Development Authority
Jacques Marraud de Grottes, Managing Director/ Chief Executive, Total Upstream Nigeria
Chris Haynes, Managing Director and CEO, Nigeria LNG
Jim Pearce, Managing Director, Addax Petroleum Development (Nigeria) Limited
Bunmi Obembe, General Manger of Nigeria Content, Elf Petroleum Nigeria Ltd.
Dr. Alirio A. Parra, Senior Associate, CWC Associates Limited
Basil Omiyi, Managing Director, Shell Petroleum Development Company of Nigeria Ltd. (invited)
© The CWC Group
SUBMITTED FOR YOUR APPROVAL...Why do some people keep threatening Meridian? Once again, if you don't like his posts..put him on ignore. Two things stand out in my mind. He called March 14th to the day and he called Sinopec! What struck me at the time was he stated it like it was a fact...which it turned out to be. As I have stated here before..I've been in this since Nov. 2002. My 15 minutes of fame are that I stated on numerous occasions that the GOG is bigger than we realize..I believe this statement is coming to fruition. DISCLOSURE: I do not possess an MBA...I am, however, attending night school with the goal of obtaining my G.E.D. Have a great Sunday everyone...remember, it's not the destination but the journey! GLTA....Ken
Nigeria’ll Benefit From US Navy –Adekeye
The Chief of Naval Staff, Vice Admiral Ganiyu Adekeye, has said that the new relationship being entered into by the Nigerian Navy with the Navy of United State of America would enhance efficiency of the nation’s Navy.
The Naval boss made the assurance in an interview with newsmen shortly after the closing ceremony of the Chief of Naval Staff ISter-command Small Arms Shooting Competition at the firing range of 22 Armoured Brigade, Sobi, Ilorin.
Adekeye said the new relationship with US Navy would yield benefits that would include facilities, training of personnel among others, adding that it would improve the already existing relationship between the two Navies.
He said: “US Navy is a very big Navy with global responsibilities where American interest is concerned. And they have identified with the Gulf of Guinea. It is of a vital interest to them.”
He added: “Nigeria sitting there shows that we have to be their ally in this type of things. And of course, there is a lot of things to gain in terms of training, facilities, information about threat from the sea on the maritime area. These are the areas of cooperation we shall need, and that is why it is important to us.”
Adekeye said Nigeria, being a maritime country with a lot of its resources in the sea, could not be on bad term with other operations in the maritime area.
Earlier, in his speech at the closing ceremony of the small arms shooting competition, the Naval boss said the objectives of the competition had been fashioned to address future requirement of the Navy in internal security operation and any other operation that would warrant the use of small arms.
He said since the maiden edition held in 2003 at Igwureta in Port Harcourt, River State the standard of the competition has continued to increase commendably and has stimulated immense passion and zeal among the Naval personnel while it has also become a veritable avenue to train personnel in the skill of weapon handling and shooting skill.
Adekeye expressed hope that lessons learnt at the competition by the participants would enhance their professional competence as they get deployed in any future operational task.
The Western Naval command emerged the overall winner of the competition with total score of 667. Naval Headquarters was second with 643, while the Eastern Naval Ccommand clinched third position with 521 points. The overall best shooter is sub-lieutenant Suleiman Umar of Naval Headquarters.
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