Here's another one Razoroil...

While not specifically about the JDZ, it does include STP as a topic. Published in March 2010, and it can be yours for a mere $2875...

Top Frontier Oil Countries
Potential, Exploration Opportunities
and Risks

"In Africa, the Gulf of Guinea alone is forecast
to meet a quarter of total US energy imports by
2020. Sierra Leone, Sao Tomé and Principe, and
Liberia are emerging as high potential areas for
investment in the west of the continent as companies
look beyond major producers Nigeria and Angola.
The joint development zone between Sao Tomé and
Nigeria could contain up to 11bn barrels"

http://www.globalbusinessinsights.com/content/rben0231m.pdf

FG set to extend Nigeria’s maritime boundary

Wonder where they are getting the idea that there might be oil further out...?


Tuesday, 04 May 2010 00:00

The National Boundary Commission has disclosed its plans to extend Nigeria’s Exclusive Economic Zone (EEZ) by 150 nautical miles.

Alhaji Sadiq Diggi, Director General of the Commission who disclosed this on Sunday in Abuja, said the extension would, however, be subject to UN’s approval.

He said the intended additional 150 nautical miles, through the commission’s proposal extending ``the Continental Shelf Project’’ would extend Nigeria’s maritime boundary from its entitled 200 to 350 nautical miles.

``Initially Nigeria had 200 nautical miles as its Exclusive Economic Zone, so what we are trying to do is to extend it by 150 kilometres so that we can have 350 nautical miles all to ourselves.

``The benefit of this is that all ships coming through that area must come under our authority, and we are going to be in control of all mineral exploitations and fisheries resources.

``Also we are going to be very safe in the event that oil is discovered somewhere above 200 nautical miles away, it will still be in our territory,’’ he said. The Director General also said that once finance and logistics were in place, the commission hoped to continue with the demarcation exercise along Nigeria’s internal boundaries.

He said that Nigeria had been able to successfully negotiate, resolve and demarcate international boundary issues with its neighbours.

NAN reports that the international boundaries include Nigeria/Niger, Nigeria/Benin, Nigeria/Equatorial Guinea, Nigeria/Sao Tome and Principe, and Nigeria/Cameroon. (NAN)

Dig...February 7, 2006...

UPDATE 2-Pioneer withdraws from Nigeria/Sao Tome oil zone
By Ben Berkowitz and Estelle Shirbon
650 words
7 February 2006
09:15
Reuters News
English
(c) 2006 Reuters Limited

(Recasts, adds comments from Nigerian minister of state for petroleum)

NEW YORK/ABUJA, Feb 7 (Reuters) - Pioneer Natural Resources Co. is exiting two exploration blocks in Africa's Gulf of Guinea after failing to agree to terms with its local partner, the U.S. oil independent said on Tuesday.

Pioneer's withdrawal from partnership with ERHC was the latest blow to an oil exploration licensing round conducted last May by the Joint Development Authority of Nigeria and Sao Tome, which has yet to see any contracts signed.

"It had to do with an inability to negotiate an acceptable agreement with our partner," said a Pioneer spokeswoman.

ERHC President and CEO Walter Brandhuber said Pioneer was "unable to meet the timeline set for executing the various agreements" with the Joint Development Authority (JDA).

Brandhuber, who is in Nigeria, told Reuters ERHC had a new partner lined up for block 2, in which it and Pioneer had a 65 percent stake and were the operators. He said he could not yet identify that partner.

An industry source familiar with the Joint Development Authority said China's Sinopec Corp. was aiming to replace Pioneer but this had not yet been approved.

Nigeria's Minister of State for Petroleum Edmund Daukoru declined to comment on Sinopec, but told Reuters he expected an "equally credible" partner to replace Pioneer.

The licensing round was repeatedly delayed before the blocks were finally awarded. Negotiation of the contracts has also been delayed, with companies pulling out, allegations of bribery and wrangling between partners bogging it down.

The Gulf of Guinea, where the joint development zone is located, is a prime exploration hotspot but political tensions in Sao Tome and Principe have risen as the tiny twin island nation prepares to enter the world of big oil.

CONTRACTS TO BE SIGNED

Daukoru, speaking just after a meeting with his counterpart from Sao Tome and other ministers, said the JDA would sign production sharing contracts on all blocks awarded last May at the end of this month, with the possible exception of block 2.

He said it would be "a little tricky" to meet the timeline for that block in light of Pioneer's withdrawal, but he was confident ERHC and a new partner would sign a contract soon.

Pioneer is the second company to pull out of a partnership with ERHC in block 2. Devon ducked out last year. In block 4, ERHC also lost its initial partner when Noble Energy withdrew and was replaced by Swiss-based Addax Petroleum.

ERHC, listed in the United States but controlled by private Nigerian firm Chrome, has sparked controversy in Nigeria and Sao Tome since it emerged as the big winner of the licensing round despite having little exploration experience.

It was the only company to gain stakes in all five blocks awarded last May. It was named operator, along with other companies, in two of the blocks.

The authority says ERHC had been granted preferential rights on stakes in the blocks in return for exploration investment in Sao Tome in the 1990s, before the joint development zone was set up. Details of those investments have not been made public.

Late last year, the Sao Tome attorney-general said there were indications that ERHC made improper payments to Sao Tome officials. The company has denied any wrongdoing.

Daukoru said the Sao Tome ministers had disowned the attorney-general's report during Tuesday's meeting.

"It's internal politics. We are preparing a detailed response (to the report) which will be in the public domain. Our first inclination was to ignore it completely but we don't want our silence to be interpreted the wrong way," he said.

http://www.123people.com/ext/frm?ti=person%20finder&search_term=walter%20brandhuber&search_country=US&st=person%20finder&target_url=http%3A%2F%2Fwww.benberkowitz.com%2FReuters%2F0206.htm§ion=weblink&wrt_id=217

Mark...Very sorry for your loss...

You and your family are in our prayers.

No minimum pps requirement...

from page 63...

AIM’s admission requirements permit young and
growing companies from around the world with
limited or no trading records to join the market.
The London Stock Exchange does not impose
any minimum requirements for market
capitalisation, trading record, share price, shares
in public hands (or ‘free float’), and the Exchange
does not make the decision as to whether a
company is suitable for admission to AIM – this
responsibility is placed on the nominated adviser.

http://www.londonstockexchange.com/companies-and-advisors/aim/documents/joining-aim.pdf

Bovell's $10 comment...

Anyone interested in seeing/hearing it again may do so here. The statement takes place at the 2:24 mark.

You will have to complete a brief registration.

http://www.wsw.com/webcast/redchip2/erhe.ob/

I tried looking for any info...

in Anadarko's quarterly report for the quarter in which the transaction was announced, but did not see anything specific on the JDZ. I think I concluded that whatever funds they may have received were just lumped in with any other transactions of asset sales they had that quarter.

Have not tried looking in their Annual Report, however.

Coincidence...? Or one of Jake's...?

http://finance.yahoo.com/news/Emerging-Stock-Report-pz-372596953.html?x=0&.v=3

Posted by: jake1279 Date: Monday, April 26, 2010 4:31:47 PM
In reply to: Homeport who wrote msg# 211135 Post # of 212273

On a hunch, I am anticipating news releases from ERHE, or concerning ERHE, on 4/27, 4/29 and 5/10.

I cannot forecast the content. But, I have a hunch that one of these news releases will be a game changer.

Good luck. If I have any more hunches, or moments of enlightenment, I will share them with the group here.

ach...since you seem to have an "in"...

have you tried to contact Prazeres about the reports of only gas? It would be interesting to know his thoughts since he is on record as stating that oil had been found.

TIA.

It is interesting the timing of SNP...

"allowing" ERHC to discuss the gas findings and the Chinese Wall Street Journal report with the anonymous sources talking about the gas hitting at about the same time. Hmmmm....?

Sorry to see you go WD...

but thoroughly understand. Take care.

EEL's P50 was an estimate...

estimate and actual are two different things.

This probably isn't helping...

Google translated...

Sinopec Group, the exploration blocks in Nigeria could not have commercial development value of the oil and gas

According to two people familiar with Wednesday said China Petroleum and Chemical Corporation (China Petrochemical Corp., Or Sinopec Group, referred to as: Sinopec Group) from last year in Nigeria - Sao Tome and Principe Joint Development Zone (Nigeria-Sao Tome and Principe Joint Development Zone) 2 to conduct exploration bloc, but failed to have commercial development value of the exploration of oil and gas resources.

One anonymous source said the Sinopec Group in drilling operations proved some of the gas, but not too small for commercial development purposes.

He added that Sinopec has not yet decided whether to re-drill an exploratory well in the block to be used for further development of the assessment.

Sinopec Group, in 2006, won the No. 2 block production sharing contract, but because of the lack of deep water drilling platform, until last year to begin exploration and development.

Sinopec Group last year, significantly expanded its scope of business of the Joint Development Zone, the acquisition of Addax Petroleum Ltd., 4 blocks of the company is the operator and holds a 45.5% stake in the block; Addax also were held 1 block and 3 blocks 40% and 15% interest.

Sinopec Group did not immediately comment.

Sinopec Group is the Hong Kong listed companies China Petroleum & Chemical Corporation (China Petroleum & Chemical Corp., SNP, referred to as: Sinopec) is the parent company, the company has been actively looking for overseas oil assets, to reduce refining business revenue and profits dependence.




This article provided by the Dow Jones Newswires, for richer, more timely Dow Jones financial information, please visit WWW.DJCNEWS.COM.

http://chinese.wsj.com/gb/20100428/BCH005600.asp

Voting results for those interested...

ERHC Energy Inc. Releases Preliminary Results of Shareholder Votes on Proposals

HOUSTON, April 28, 2010 - ERHC Energy Inc. (OTCBB: ERHE), a publicly traded American company with oil and gas assets in the highly prospective Gulf of Guinea off the coast of West Africa, today announced the preliminary results of shareholder votes on two proposals -- the election of Directors and the ratification of the Company's external auditors.

Preliminary results indicated that shareholders elected the following:

FOR WITHHELD

Ambassador Howard Jeter 372,970,206 5,319,370
Dr. Andrew Uzoigwe 371,821,888 6,467,688
Leslie Blair 374,484,970 3,804,606
Friday Oviawe 370,807,371 7,482,205
Peter Ntephe 367,294,999 10,994,577

Preliminary results indicated that shareholders ratified MaloneBailey LLP as the Company's independent accountants for the 2010 fiscal year:

FOR AGAINST ABSTAIN
586,618,269 5,659,437 2,069,204

With 722,688,550 common shares issued and outstanding as of the record date of March 10, 2010, the necessary shares voted to establish a quorum was 240,872,094 (33.33%).

The meeting was held April 27, 2010 at at The Renaissance Houston Hotel, 6 Greenway Plaza East in Houston, Texas.

http://www.erhc.com/en/rel/229/

Ruby, you may have missed this post...

Posted by: dat_51or Date: Wednesday, April 21, 2010 11:10:19 PM
In reply to: None Post # of 211273

I asked Mr. Keeney if the shareholder presentation would be webcast. At first he thought so, but now it looks like a no.

fyi...

Thanks for your note. After assessing standards and practices of other companies and discussing it with legal advisors, ERHC management has decided that it will not broadcast the Annual Shareholder’s Meeting. The rationale is that this is a meeting of owners and is open to only those who can prove that they are stockholders of record as of March 10, 2010. There would be no way to verify that someone accessing the information via phone or Internet would satisfy those requirements.



I anticipate that the Company will file a Form 8-K in the event any information of a material nature is disclosed during the meeting and we will make every effort to quickly upload any information from the Management Presentation to the Company’s website following the meeting.



Sincerely,



Daniel Keeney, APR

Addax looking for more help...

Geologists/Geophysicists and Petrophysicists with West Africa/GOG experience. Could be something, could be nothing...

http://www.miscojobs.com/jobs/job_434135.htm

http://www.miscojobs.com/jobs/job_434136.htm

Try this...

http://fr.advfn.com/cmn/fbb/thread.php3?id=16727787&from=50244#posts

No mention of a call in number...

in the notice. Hopefully SPP119 and others will attend and provide us with any JDZ related information.

http://www.equatorexploration.com/press/documents/Notice_of_Annual_General_Meeting_2010.pdf

OK, so it's new...

now give us the NEWS!

From Twitter...

Finalizing new FargoTube. New platform. New functionality. New message. New customers.
about 10 hours ago via web

Sales & Marketing Update

From Paul on the blog...


April 22, 2010

First of all, I would like to personally thank all of you for your continued support and input as we work to expand the F3 product lines and customer base. On a regular basis, emails are received from you providing us insight into new market opportunities or product ideas and while not everyone will not pan out the information is extremely beneficial to our team. Please keep the information flowing.

Secondly, as we work to build and nurture our sales & marketing organization I would like to share with you some of the strategies and activities underway that will help us drive revenue and build value for you.

Interaction Community System (ICS) – the ICS system is a great social networking tool, which continues to experience strong demand across HOA’s, Churches and Property Management companies. We continue to innovate with this product to deliver new and exciting features that will enhance our ability to market to a broader range of member associations. We also understand that this is a volume business, which can drive a steady recurring revenue stream over time. In light, the team is currently working on automated enrollment tools, which will allow associations to register and build a social network/community without the involvement of F3 resources. This automation feature will allow us to focus more energy on marketing and less on direct selling. In addition, we are exploring partnerships with several national Ad networks to enhance our ability to generate revenues through the solution.

Interactive Defense System (IDS) – the new company continues to work diligently towards securing the first city contract. The team has talked to more than a dozen cities over the past 3 months with several of the opportunities leading to 2 or more meetings with various city departments / officials. Our initial launch and marketing focus is concentrated in the geographic region surrounding the Atlanta area, as our goal is to demonstrate the benefits of communication between public safety departments. In addition, through discussions with the cities we have found there is an opportunity to broaden the relationship by leveraging current ICS functionality to address needs of Public Works, Community Development, Parks and Recreation and Code Enforcement. We are also in early stage discussions with companies that offer complimentary services to expand and enhance our offering to the cities and we look forward to finalizing details of these relationships over the next few months.

FargoTube – as you know the company is working very hard to launch this newest generation of online video entertainment. While the team focuses on finalizing the product functionality, the sales and marketing activities are in full swing. We have engaged a marketing firm to assist us with several elements of the initial rollout, signed an alliance agreement with a partner connected to the Hip-hop and R&B space as well as working towards a second agreement, which will bring connections from Northern California. Additionally, the team has identified numerous market opportunities, which will be the initial market focus with the goal of securing video content as quickly as possible.

Sales Team – the team continues to work a very robust sales pipeline for the ICS product and we recently added a new sales representative located in Austin, TX to assist us. Our new sales representative will focus on the ICS Church market as well as FargoTube when launched. Additionally, we are working to expand the sales organization further by adding a resource to assist our West Coast activities.

I continue to be encouraged by the tremendous progress the team is making during these early stages of growth and look forward to an exciting year ahead as we bring the Interactive Defense and FargoTube products to market.

Thank you again for your continued support and please feel free to contact me at paul@f3technologies.com or (770) 521-8930 with any questions or comments.

Paul

http://f3technologies.wordpress.com/2010/04/22/sales-marketing-update/

Tweet says...

"TA open as usual"

STP New Orleans presentation...

Have not done a one-for-one comparison, but it is probably no different from the Houston presentation that midtier posted previously.

http://www.internationalpavilion.com/NewOrleans_Theatre10/SaoTome_2010AAPGNewOrleans_files/frame.htm

Transfer agent change confirmed via Twitter...

F3 has switched transfer agents to Island Stock Transfer
about 7 hours ago via web

Island Stock Transfer 100 Second Avenue South, Suite 705S, Saint Petersburg, FL, 33701 TA open as usual.
about 7 hours ago via web

Oil and Gas Supply – Deep Waters (A 10-year projection and review of oil and gas production and consumption)

Figure 47: São Tomé and Príncipe offshore oil production forecast
Figure 48: São Tomé and Príncipe offshore gas production forecast


Anybody got a spare $4650 laying around...


http://www.reportsandreports.com/market-reports/oil-and-gas-supply-%E2%80%93-deep-waters-a-10-year-projection-and-review/

And you know this...how?

What do you know...

The Chinese can announce results. Maybe SNP would like to "one up" CNOOC.

http://www.chinadaily.com.cn/business/2010-04/20/content_9752184.htm

Annual Report...

http://ih.advfn.com/p.php?pid=nmona&cb=1271698600&article=42430738&symbol=NB^ESYE

Resources and African Renaissance

By Hamish Stewart and Marco Picardi

Led by increasing investment in natural resources and optimistic predictions for overall economic growth, it appears that 2010 will be the year of Africa's ascendance in international affairs.

As Africa's share of global foreign direct investment continues to grow, domestic and regional politics will become increasingly sensitive to investment decisions by foreign firms. The recent dispute between Cote d'Ivoire and Ghana over ownership rights to a new offshore oil discovery in the Gulf of Guinea highlights the growing propensity of private companies to affect African geopolitics.

The find, a result of joint venture prospecting by Russian-owned Lukoil and U.S. firm Vanco, is situated over 1-km deep on the Tano basin in waters off Ghana's Cape Three Points, in close enough proximity to neighbouring Cote d'Ivoire for there to be a challenge over Ghana's maritime jurisdiction over the area. Thus, by unearthing these new reserves, the actions of two multinational firms could place hitherto peaceful relations between these two West African states in jeopardy.

Ghana's recent oil-related conflict with its neighbour illustrates a new challenge for the continent's leaders. The interstate peace that has largely prevailed in post-colonial Africa is under increasing threat from competition between African states to secure foreign investment.

Already, this competition has caused some of the region's biggest diplomatic spats. Nigeria's 20-year struggle with Cameroon over control of the Bakassi peninsula has resulted in fractious ties between the two nations since the discovery of oil in the territory, and ongoing tensions in Angola's oil-producing Cabinda province threaten to impact neighbouring countries (attacks on the Togolese football team in early January of 2010 being the most recent example).

The potential for similar future conflict remains foreseeable. Situated in between the reserves of Angola and Ghana, an estimated 34 billion barrels of untouched oil reserves in waters claimed by both Equatorial Guinea and Sao Tome and Principe are also ripe for litigation. Even more likely to lead to conflict are Japanese firm Toyota's plans to build a pipeline from Southern Sudan to the Indian Ocean through Kenya. Even the proposal of this pipeline is likely to raise regional tensions as the planned referendum on Southern Sudanese independence next year means there is much at stake. All of these examples illustrate the increasing role of commercial actors in African political arenas.

This means that the ability of African governments to negotiate with private investors will determine whether Africa's economic renaissance will be peaceful and productive for everyone involved. What is clear is that African governments and business leaders must work together if the continent is to achieve its deserved position in the global economy.

The writers are research associates with Africa Practice, a London-based communications consultancy, and can be reached at hamish.m.stuart@gmail.com.

http://www.koreatimes.co.kr/www/news/opinon/2010/04/137_64410.html

This guy Clint has the right idea...

clint 4-17-2010 11:43PM

I have a slight issue with the UFC pay per view events and it`s not the fight cards. I live in Las Vegas where I work Grave yard shift and go to school full time, so I rarely get to watch the fights live. It drives me nuts that I have to wait for the UFC to replay the PPV events on spike. So here is what I propose to the UFC and Mr. White, There is a company called F3 Technology that is about to launch something called Fargotube late this month. If they did a deal with F3 I could pay 1/10th of the cost to watch the fights and This way Mr. White can buy another Ferrari and I get to watch the fights at my convenience. Everyone wins but I’m sure they have a crazy ass deal with spike that wouldn`t allow this, but sure would be nice. I know, it`s a crazy suggestion, but whatever! Looking forward to seeing this WEC card 2 months from now. Just sucks! Aldo vs. Faber going to be an exciting fight and a great card.

http://www.mmafighting.com/2010/04/17/strikeforce-nashville-jake-shields-upsets-dan-henderson/

Oops, forgot the link...

http://www.otcbb.com/asp/dailylist_detail.asp?d=04/16/2010&mkt_ctg=OTCBB

Looks like we will be slapped...

with the dreaded extra "E". Good thing there only seems to be two of us that really care (and I don't).

SYMBOL CHANGES
Updated Date Old Symbol New Symbol Name Comment

12:57 4/20/2010 ESYE ESYEE Easy Energy, Inc. Common Stock Delinquent **

pete...try these...

http://www.google.com/#hl=en&q=ntephe&um=1&ie=UTF-8&tbo=u&tbs=vid:1&sa=N&tab=wv&fp=bcdf8cbbf06dc4f

It appears that the subsequent evaluation...

was undertaken sometime prior to October of 2007. I wonder if Sinopec has done anything similar for Blocks 3 & 4 since taking over Addax? Not that we would ever hear about it since EEL is not in 3 & 4.

From the EEL 2006 Annual Report...

Sinopec, the operator, has established its team and office in Lagos. On behalf of the participants, it has engaged a specialist Shanghai firm, Sino Geophysical Co. Ltd, to reprocess the 3D seismic survey using Pre-Stack Time Migration and state-of-art Common Reflection Surface stack processing. Sinopec has proceeded to interpret the reprocessed data, evaluate the prospects and rank them for drilling.

http://www.investegate.co.uk/Article.aspx?id=200710240730052411G

Did EEL disclose actual numbers?

I missed that.

Unfortunately, it's not quite that good...

The operator has 45 days to declare a discovery and then 2 years after that to declare the discovery commercial. See section 5.1 (page 9) of the model PSC.

http://www.stp-eez.com/DownLoads/LR_Docs_Eng/EEZ_PSC_Eng.pdf

Understood. Thanks.

This bit from the EEL report...

makes it sound as if they (EEL, ERHC, et.al.) are all governed by the same JOA...

The PSC was signed with the JDA on 17 March 2006. The JOA was also signed among the participants at the same time. The other participants and their participating interests are Sinopec (28.67%), ERHC (22.00%), Addax (14.33%), ONGC Videsh (13.5%), Amber Petroleum (5%), Foby Engineering (5%) and A & Hatman (2.5%). EHRC is carried by Sinopec and Addax while A & Hatman is carried by Equator and ONGC Videsh.

Here's one follow-up HP...

translation courtesy of Google...

Chevron and Indian ONGC in race to oil blocks in the EEZ

New York - Oil companies Chevron Texaco and ONGC - Indian Oil Corporation will enter the race for oil blocks in the Exclusive Economic Zone of Sao Tome and Principe, told the Lusa agency's director of Oil in the archipelago.

According to Luis Prazeres, oil companies and American Indian were those who expressed more interest in the meeting held on Thursday in the city of Houston, Texas, pledging to "important step" to request access to the technical file blocks that are auctioned.

"For us, what is crucial now is to feel that there is much interest on the part of companies. We are very pleased," he told the Lusa agency's director of Sao Tome.

The event in Houston, advised by British consultant PGS Marine, was attended by the Prime Minister of Sao Tome, Rafael Branco.

This was followed by participation in a trade fair in New Orleans, between 11 and 14 March, also advised by PGS.

"We are convinced that the companies were satisfied with the level of discussion we had," said Luis Prazeres.

Among the more than 15 participating companies was still the U.S. giant Conoco Philips and Nordic Maersk said.

The international auction block was launched in London in early March and is open until September 15, following the evaluation of proposals, registration of companies and the negotiation of contracts with companies.

For Sao Tome and Principe will mean a plug in the signing bonus for each award.

The licensing process with respect to seven of the 19 blocks identified in the exclusive economic zone (EEZ) of the archipelago - the blocks 1, 2, 3 and 6 in Zone A and the blocks 7, 8 and 13 in Zone B.

At first the process was followed by Chinese oil company Sinopec, but according Pleasures still no concrete indications of interest. "So far we have not had the feedback from them, but we are also the first month and a long time. Sinopec itself is in Nigeria and anytime you can go to St. Thomas," he said.

The next public auction will take place in an oil industry conference in June in Ghana.

"We will make a presentation in order to promote [the auction] from companies that are already in Africa. It will be a big stage," he said.

http://www.portalangop.co.ao/motix/pt_pt/noticias/africa/2010/3/15/Chevron-indiana-ONGC-corrida-blocos-petroliferos-ZEE,7d90ff80-c25e-4708-a59e-08553bec7bbd.html

PetroChina On the Prowl

Sinopec made huge headlines recently for its overseas shopping, which included the purchase of Swiss-based upstream player Addax Petroleum. But PetroChina, the country’s largest oil company, is also active and PetroChina’s, CEO Jiang Jiemin, recently declared that over the next decade, the company will spend at least $60 billion to acquire more oil and gas assets abroad to challenge ExxonMobil and BP.

Over the last 5 years, PetroChina spent at least $2 billion every year buying oil and gas reserves overseas. But those deals only part of the Chinese buying spree. In 2009, China spent $60 billion to acquire foreign mines and energy assets, of which PetroChina spent $7 billion to buy oil reserves and refineries from Australia, Canada, Singapore and Central Asia countries. PetroChina’s deputy CEO and board secretary, Li Hualin, said that the company recently finished its analysis of various regions for investment including South America, Africa, Central Asia, Middle East, and Asia-Pacific. He said that China’s pursuing upstream assets is selective and will not exceed 30 countries.

PetroChina is a powerhouse. The company not has an E&P arm, it also owns a series of service companies for exploration, production, drilling and other specializations. This enables PetroChina to get into production as soon as a field is in hand, instead of hiring exploration and drilling companies to start the procedure and may get delayed during busy times. This approach greatly reduces production costs.

During the decade from 2000 to 2009, China’s crude oil consumption increased from 4.9 million barrels per day to 7.75 million barrels per day and the average yearly increase was almost 7%. Net oil imports increased from 1.19 million barrels per day to just over 4 million barrels per day (1.482 billion barrels per year), or from 24.8% to 51.3% of consumption.

According to data from China Customs, 50% of the imported oil in 2009 came from the Middle East. Of the 1.48 billion barrels of imports, the major supply are listed in the table below.

Major Suppliers of Chinese Oil*

Major Suppliers of Chinese Oil

*Figures are rounded

In 2009, China’s domestic oil production was 3.8 million barrels per day and Li indicated that the annual domestic demand could reach 12 million barrels per day by 2020,

PetroChina produced 2.3 million barrels per day of oil in 2009. Currently only one-tenth of PetroChina’s oil production is from overseas. Jiang hopes that his company’s oil production will climb to 8 million barrels per day by 2020, of which 50% will come from oversea oils fields. With $60 billion in the budget, PetroChina’s overseas shopping spree will get a lot more serious in the next few years.

http://www.energytribune.com/articles.cfm?aid=3847

Thanks for the report Midtier...

Looking forward to reading what you learned about the EEZ and any details you might have on a scuffle that may have taken place between a 6'1'' guy and a 6'2'' guy, LOL.