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Sao Tome and Principe: World Bank targets change to oil law [ 2008-01-29 ]
Lisbon, Portugal, 29 Jan – The World Bank plans to discuss with the government of Sao Tome and Principe a proposal to alter the oil law that aims to do away with public tenders, the bank’s representative for the archipelago said in Libreville Monday.
In a telephone interview, Olivier Fremond told Portuguese news agency Lusa that the Sao Tome authorities had to ensure transparency and a competitive legal framework, in order to have “quality oil companies” working on the archipelago.
The World Bank representative, who is due to arrive in Sao Tome Wednesday, said he was not aware of the government’s arguments for enforcing the new law and said he would give further details after the meeting, which is due to take place between Friday and Monday.
The proposal to change the Framework Law of Oil Revenues, approved by the Sao Tome National Assembly in November 2004 to regulate the granting of licenses in the Sao Tome Exclusive Economic Area, was put together without consulting Columbia University (United States), whose exports drew up the original law.
The change made to the law, which was recently presented by Prime Minister Tomé Vera Cruz to the parliamentary parties, relates to article 22.
In this article, the government plans to establish two exceptions to the obligation to launch a public tender: “direct negotiation for the survey phase” and “exceptional and occasional dispensation for surveying and production,” which are consider “complementary” to a tender. (macauhub)
Sao Tome and Principe: Soares da Costa builds mini hydroelectric dams to supply public electricity company [ 2008-01-25 ]
Sao Tome, Sao Tome and Principe, 25 Jan – Portuguese company Soares da Costa is to finance and build 12 small hydroelectric power plants in Sao Tome and Principe and become a supplier to Sao Tome state electricity company Empresa de Água e Electricidade (Emae).
Fernando Nogueira, the company’s director in Sao Tome, told Sao Tome newspaper Tela Non that the project covers a total of 14 mini dams, of which two were already in operation, and another is due to be operational by the end of the year.
The Roca Bombaim plant, with a 4 megawatt production capacity, "means increasing the capacity for power production in Sao Tome and Principe by around 40 percent," Nogueira said on the sidelines of a ceremony to lay the first stone of the project Wednesday.
According to Nogueira, when the 14 mini hydroelectric plants go into production the production capacity on Sao Tome will reach 40 megawatts, which is four times the current capacity of 10 megawatts.
In an initial phase, he said, the project will represent an investment of almost 3 million euros, paid by Soares da Costa, which will then be returned through the sale of electricity to Emae, which has a monopoly on production and sale of electricity and water on the Sao Tome and Principe archipelago.
This program essential aims to reduce the costs of thermal production due to the constant rise in fuel prices, to improve the quality of production, do away with constant power cuts, as well as combating environmental pollution.
It is estimated that there is demand of 15 megawatts of energy in Sao Tome and Principe and that Emae is only able to supply 10 megawatts. (macauhub)
Oil Prices Drop over US Economy
By Chika Amanze-Nwachuku and Fidelia Okwuonu with agency report, 01.24.2008
Ahead of the February 1 meeting of ministers of Organisation of Petroleum Exporting Countries (OPEC), oil prices fell sharply yesterday, amid intensifying worry over the health of the US economy.
However, traders cut the market's losses after the US Federal Reserve slashed interest rates by 75 basis points, in a surprise move aimed at averting recession. According to agency report, US crude fell 69 cents to $US89.88 by 5.24a.m. AEDT, up from the day's low of $US86.11. London Brent crude gained $US1.12 to $US88.63 a barrel. "Oil markets are responding to the Fed rate cut, with hopes that it will help the economy and keep demand for oil robust," said Phil Flynn of Alaron Trading in Chicago.
World stock markets suffered their deepest losses since September 11, 2001, earlier in the day amid growing signals that the fallout from the US credit and housing crisis could lead to a recession."There's a lot of fear out there. That could make some market participants go into cash until the situation becomes clearer," said Mike Wittner of Societe Generale.The sell-off has taken oil prices 10 per cent below the all-time peak above $US100 a barrel hit January 3, when the market was focusing on tight inventory levels and a robust energy demand outlook.
Concerns about political instability in oil-producing countries like Nigeria were also expected to provide support for oil prices.Oil's recent slide has relieved pressure on OPEC to agree on a production increase when it meets in Vienna next week.
But the producer group is not expected to cut output, while the world is smarting from the impact of high oil prices and economic uncertainty."With mounting evidence of a slowdown in US economic expansion at year-end, fears of a downright recession have multiplied," OPEC said in its monthly report.Energy Minister of United Arab Emirate (UAE), Mohammad bin Al Hamili, on Tuesday stated that OPEC would review market conditions at the Vienna meeting, before the group takes a decision on whether there's a need to increase oil supplies to the global market."Nobody knows at this point what OPEC will decide. We have to first meet and then look at the market conditions.
We have to also look at the data," Al Hamili told Gulf News on the sidelines of the ongoing World Future Energy Summit in Abu Dhabi.
Shell: Restructuring’ll Affect Nigerians, Expatriates
By Chika Amanze-Nwachuku, 01.25.2008
Royal Dutch Shell Yesterday gave an insight into the current reorganisation of its Nigerian companies, saying the exercise was meant to maintain a robust upstream business in the country and will affect both its Nigerian and expatriate staff.
The oil major had late last year announced the planned restructuring of its Nigerian business to the effect that all the company’s affiliates will come under ‘one Shell’.
In line with the restructuring exercise, Shell Group had also last year disclosed that it plans to sell $900 million worth of interests in Nigerian offshore blocks to reduce its business in the troubled Niger Delta region.
The development which is believed to be the first of its kind since the company commenced exploration activities in Nigeria has elicited reactions from both stakeholders and industry watchers as many view it as a ‘ploy’ to lay off most its Nigerian staff.
The company, others believe, plans to cut costs and jobs at its Nigerian ventures, sequel to the persistent crisis in the oil-rich region which has adversely affected its production capacity and coupled with federal government’s plan to renegotiate contracts.
Throwing more light on the issue yesterday, a Shell spokesman, Precious Okolobo told THISDAY that the reorganization affects both the company’s Nigerian and expatriate staff.
Insisting that the exercise was not targeted to Nigerians, Okolobo explained that apart from that the ‘One Shell’ structure will strengthen the company’s Nigerian operation, it will pave the way for its continued interest and that of its numerous partners.He stated that posts of Nigerian working in the company at the top levels will not downgraded as currently speculated, explaining that job titles and positions are being re-aligned with the rest of the Shell Group, adding that the development do not reflect a decrease in importance or accountabilities. On the fate of Shell’s Country Chairman cum Managing Director of the Shell Petroleum Development Company of Nigeria (SPDC), Mr. Basil Omiyi, Okolobo who parried the question simply said he will bring his wealth of experience to bear on the new structure.“The reorganization affects both Nigerian and expatriate staff. It is not true that Nigerians are being targeted. We remain committed to Nigerianisation at all levels and to staff from our oil producing states. We believe that the reorganisation will help maintain a robust upstream business in the country (including the Niger Delta) and pave the way for continued improvement in the interests of Shell, our Partners and Nigeria in general.“Posts are not being downgraded in that sense of the word. Job titles and positions are being re-aligned with the rest of the Shell Group but they do not reflect a decrease in importance or accountabilities. Basil Omiyi became full-time Country Chair of Shell Companies in Nigeria with effect from 1st January 2008, based in Abuja. The appointment of a fulltime Chairman for Shell Companies in Nigeria reflects the importance of Shell Nigeria to the Shell Group, and the growing importance of our interfaces with the executive, legislative and judicial arms of government. Mr. Omiyi has had a long and distinguished career with Shell, heading up different areas of the business including External Affairs, Environment and Production, and we are pleased he will bring this wealth of experience to bear on our interfaces” he posited.Shell has till date kept mom on the said bid to sell its $900 million, about 49.8 percent of interests owned through subsidiary Shell Nigeria Exploration and Production Co. Ltd.But reacting to the planned sale in a report Bloomberg last year, Paolo Scaroni, Chief Executive of Apip, a unit of Eni SPA, holders of the remaining 50.2 percent, said the persisted Niger Delta crisis was not enough reason why oil majors should leave the country."The situation in Nigeria certainly isn't peaceful, but I don't think it is such as to push oil majors to leave," Scaroni had said in the wake of the reported plans by the royal Dutch company to sell off interest in the Nigerian oil blocks.The two stakes, each of 49.8 percent - and owned through Shell Nigeria Exploration and Production Co. Ltd. - are in deep water blocks OML-125 and OML-134, the latter formerly known as OPL-211. Agip, a unit of Eni, owns the remaining 50.2percent in each block. OML-125 produced 12,000 barrels a day of oil net to Eni in 2006. During 2006, Agip made a new discovery of both oil and gas in a well located in the block. OML-134 is still in exploration phase.
Abu Dhabi plots hydrogen future
By Richard Black
Environment correspondent, BBC News website
Green city planned for the desert
The government of Abu Dhabi has announced a $15bn (£7.5bn) initiative to develop clean energy technologies.
The Gulf state describes the five-year initiative as "the most ambitious sustainability project ever launched by a government".
Components will include the world's largest hydrogen power plant.
The government has also announced plans for a "sustainable city", housing about 50,000 people, that will produce no greenhouse gases and contain no cars.
The $15bn fund, which the state hopes will lead to international joint ventures involving much more money, is being channelled through the Masdar Initiative, a company established to develop and commercialise clean energy technologies.
It shows that you can generate hydrogen without carbon release from fossil fuels
Professor Keith Guy
Powering up for hydrogen
"As global demand for energy continues to expand, and as climate change becomes a real and growing concern, the time has come to look to the future," said Masdar CEO Dr Sultan Al Jaber.
"Our ability to adapt and respond to these realities will ensure that Abu Dhabi's global energy leadership as well as our own growth and development continues."
Technology bridge
The portfolio of technologies eligible for funding under the Masdar Initiative is extensive, but solar energy is likely to be a major beneficiary.
The hydrogen plant, meanwhile, will link the world's currently dominant technology, fossil fuel burning, with two technologies likely to be important in a low-carbon future - carbon sequestration and hydrogen manufacture.
Hydrogen will be manufactured from natural gas by reactions involving steam, producing a mixture of hydrogen and carbon dioxide.
President Bush at hydrogen pump. Image: AFP/Getty
President Bush's administration is also pumping money into hydrogen
The CO2 can be pumped underground, either simply to store it away permanently or as a way of extracting more oil from existing wells, using the high-pressure gas to force more of the black gold to the surface.
When hydrogen is burned, it produces no CO2. Eventually hydrogen made this way could be used in vehicles, though in Abu Dhabi it will generate electricity.
"It's important because it shows that you can generate hydrogen without carbon release from fossil fuels," commented Keith Guy, an engineering consultant and professor at the UK's Bath University.
"When you look at how hydrogen could be made economically, the route that many people have been looking at, through electrolysis of water, is incredibly expensive."
The Masdar Sustainable City, another component of the Abu Dhabi government's plans which is being designed with input from the environmental group WWF, is envisaged as a self-contained car-free zone where all energy will come from renewable resources, principally solar panels to generate electricity.
Buildings will be constructed to allow air in but keep the Sun's heat out. Wind towers will ventilate homes and offices using natural convection.
The fund and the Masdar City plans were formally unveiled at the World Future Energy Summit in Abu Dhabi.
Richard.Black-INTERNET@bbc.co.uk
Gas Flaring: Oil Firms Lobby for 2010 Deadline
•Groups petition N’Assembly over extension
From Sufuyan Ojeifo in Abuja, 01.21.2008
Multi-national oil companies operating in the country have launched a quiet lobby to get the Federal Government to further extend the deadline for ending gas flaring to 2010.
The original deadline given to the oil companies was January 1, 2008, but the deadline, as alleged in National Assembly circles, was extended from January 1 to December 31, 2008 thorough “underhand” tactics.
But the Senate, through its Committee on Environment, has set in motion the machinery to counter the lobby which it considers worrisome.
Also the Senate Committee on Gas, as learnt yesterday, plans to meet with President Umaru Musa Yar’ Adua on the issue this week.
Already, the Senate Committee on Environment, under the Chairmanship of Senator Grace Folashade Bent, has summoned the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Alhaji Abubakar Lawal Yar’Adua to appear before it to explain why the decision to extend was taken without National Assembly input.
The Senate Committee move came on the heels of feelers that some officials of the Directorate of Petroleum Resources (DPR), allegedly acting under the influence and in connivance with the oil companies, might have made possible a Federal Government pronouncement that gas flaring would end on December 31, 2008.
The December 31, 2008 deadline was contained in a speech read by President Yar’Adua at a Gas Stakeholders Forum held at Sheraton Hotel, Abuja last year.
There were allegations that the new deadline was imposed by some top officials of the DPR in the calculation that once anno-unced by the President, it would be taken as government’s new position on the issue.
It was learnt that the breather that was secured through the backdoor without consultation with the National Assembly was to give more time to the oil companies to intensify their lobby for further extension of the deadline to 2010.
The oil companies, THISDAY learnt, will intensify the lobby on the Presidency, but will seek to secure greater understanding from members of the National Assembly who have constitutional responsibility of oversight on the oil sector as well as power to make and amend laws regulating operations in the sector.
But the Chairman of the Senate Committee on Environment, Senator Grace Folashade Bent said yesterday in Abuja that as far as the Senate was concerned January 1, 2008 remained the deadline to end gas flaring in the country.
Speaking with THISDAY, Bent disclosed that her Committee had already summoned the NNPC GMD to appear before it to explain why they had to take such a decision without consultation with the National Assembly.
She said the NNPC GMD was to have appeared before the Committee last Wednesday but he pleaded with the Committee to allow him attend a board meeting that had already been scheduled before he received the Committee’s invitation.
Bent said that the Committee had rescheduled the NNPC boss’s appearance before the Committee, which she said would not exceed the next two weeks.
She stated that it was embarrassing to read on the pages of the newspapers that the deadline to end gas flaring had been extended to December 31, this year.
According to her, “But the date we know is January 1, 2008. We are not aware of the extension to December 31, 2008. It is very embarrassing. I have always held the position that even if you extend the deadline to 2050, these oil companies will say they are not ready.
This is indeed worrisome.
“We in the Senate Committee on Environment, and this goes for the Senate, believe that the December 31, 2008 deadline should be done in consultation with the National Assembly. We know January 1, 2008 as the deadline; we are not aware of any extension.”
Meanwhile, Civil Society leaders and community representatives have petitioned the National Assembly, asking for a legislation compelling oil companies and the government to end gas flaring in 2008.
In a public memo, endorsed by 13 organisations, the groups said previous deadlines set for gas flare-out was disrespected because they were not legally binding.
The groups described this new extension as “distressing”, saying promises by previous governments since the 1970s to halt gas flaring has been broken again and again.
“Even the 2005 Federal High Court ruling declaring gas flaring illegal does not seem to count. Shell and the other oil giants have continued with this dangerous practice while government looks the other side, imposing a small fine which the companies prefer to pay. As it were, communities in the Niger Delta are the biggest losers in this disgraceful act,” they said.
According to Isaac Osuoka, Director of Social Action, “the 2008 flare-out date was yet another concession to oil companies operating in Nigeria. The Nigerian government and national assembly must confront the impudence of the oil companies by legislating on the 2008 deadline for gas flaring. We cannot continue to toy with the lives of our citizens or condone the wastage of our national energy assets”.
The groups comprised Social Action, Environme-ntal Rights Action (ERA), Movement for the Survival of the Ogoni People (MOSOP), the Ijaw Youth Council (IYC), Benin River Forum, Niger Delta Women for Justice (NDWJ), Stakeholder Democracy Network, Institute for Human Rights and Humanitarian Law, Federated Niger Delta Ijaw Communities, Centre for Human Rights, Enviro-nment and Development, Ogoni Solidarity Forum, Egi Forum, and the United Action for Democracy (UAD).
Sao Tome and Principe: Portuguese group starts recruiting staff for new hotel [ 2008-01-18 ]
Sao Tome, Sao Tome and Principe, 18 Jan – Portuguese group Pestana has started the process of recruiting and training 140 staff that will work at a new five star hotel, Pestana Sao Tome, a company official said in Sao Tome Thursday.
Marisa Costa said that the deadline for applications was 31 January and one of the requirements was minimum schooling of nine years, regardless of the specialization of each candidate.
Following the selection phase of the candidates there will be a period of training by Portuguese specialists in hotel and tourism services, with the aim of opening the hotel at the end of May, Costa added.
As well as the new 115 hotel, the Pestana Group also has a four star hotel in the city of Sao Tome, with 65 rooms, as well as managing a four star hotels on the Rolas Islet, Pestana Equador, with 70 rooms.
It is estimated that the Pestana Group has already invested over 35 million euros in projects under management and under construction in Sao Tome and Principe, providing over 650 jobs.
As well as its presence in Sao Tome, the group is present in other countries, namely Argentina, South Africa, Brazil and Cape Verde as well as being involved in hotel construction in Caracas, Venezuela, and London, England. (macauhub)
AFRICOM Ship Heads for Gulf of Guinea
By Chinyere Okoye with agency report, 01.18.2008
Despite opposition by African governments to United States African Command’s (AFRI-COM) presence in the continent, the command said yesterday that its “amphibious dock landing ship” was heading to the Gulf of Guinea in an initiative to enhance security in the West African sub-region.
“The USS Fort McHenry will port off Africa's west coast to train African volunteers as part of the Africa Partnership Station (APS) to bolster regional security,” a statement made available to the News Agency of Nigeria (NAN) in New York, AFRICOM said.
“The concept of the African Partnership Station emanates from requests from the Africans themselves to be in a position where they could establish the situational awareness and control over their maritime environment,'' Vice Adm. Robert Moeller, AFRICOM 's deputy commander for military operations, said.
Moeller said the training would include “responding to maritime security threats among other initiatives in a region where 62 piracy attacks were reported in African waters in 2006”.
“Allowing Africans essentially to police and have control over the maritime environment assures the ability of those countries to develop economically in a very stable way.
“There is a direct relationship between a secure maritime environment and a secure and stable terrestrial environment," he stated.
President Umaru Musa Yar’Adua, during his visit to US President George W. Bush, late last year, said that the Federal Government was in support of AFRICOM.
The Special Assistant to the President (Communications), Mr. Segun Adeniyi, had clarified the President’s statement, which had generated controversy.
He had explained that President Yar’Adua’s statement negated what people thought he meant, adding that his support for AFRICOM did not mean that he wanted its headquarters sited in the country.
Also, last December, the Minister of Foreign Affairs, Chief Ojo Maduekwe, in Washington DC, said that Nigeria did not endorse the presence of the AFRICOM on the continent.
“Nigeria's position on AFRICOM remains that African governments have the sovereign responsibility for the maintenance of peace and security on the continent," Maduekwe said.
Africa is, however, united in rejecting US requests for a military headquarters site.
AFRICOM is a new Unified Combatant Command of the United States Department of Defence, to be responsible for U.S. military operations in and military relations with 53 African nations - an area of responsibility covering all of Africa except Egypt - and to be fully operational by September 2008.
Demand for Crude Oil to Hit 87m bpd – IEA
By Udeme Clement-Ogbuanu with agency report, 01.17.2008
International Energy Agency (IEA), has said in its report on Wednesday, that demand for crude oil in 2008 would be 87.8million barrel per day, which represents a 2.3 per cent rise from 2007 levels and slightly lower than previous estimates.
OPEC Secretary-General Abdullah Al-Badri, said this on Wednesday, saying there was disconnect between price and fundamentals. "The market is really influenced by other factors," he said, adding that OPEC would not be hesitant to increase production if fundamentals justify IEA declaration.
He emphasised that the rising demand in China, falling oil stocks and tensions in the oil-rich Middle East and Nigeria remain important supportive factors for oil prices. "OPEC is due to meet on February 1, to discuss output levels, and there are already some calls for production to be boosted," he said.
However, US President, George Bush, has called on OPEC to consider the wider implications of near record oil prices and the impact it would have on the global economy. If "one of the biggest consumers' economy suffers, it means less purchases, less oil and gas sold," Bush said.
US light crude fell 91 cents to $90.99 a barrel, after dropping $2.30 on Tuesday. London's Brent crude oil dropped 85 cents to $90.13 a barrel. Fears of a US recession have increased after a number of top companies missed analysts' profit forecasts and data has shown weakening consumer demand.
In past weeks, the cost of crude has surged to record levels, breaking through the $100-mark for the first time.
However, a number of analysts and oil industry experts have said the increases in price are down to speculative buying and geo-political fears, rather than a shortage of crude.
OPEC's Total Crude Oil Output Rose to 32 Million Barrels Per Day in December, a Platts Survey Shows
LONDON, Jan. 15 /PRNewswire/ -- The members of the Organization of Petroleum Exporting Countries (OPEC) produced an average 32.03 million barrels per day (b/d) of crude oil in December, according to a Platts survey of OPEC and oil industry officials January 14. This is up from November's rate of 31.65 million b/d.
Production from OPEC's ten members bound by crude output agreements averaged 27.43 million b/d in December, the survey showed. This is 460,000 b/d more than in November and 177,000 b/d higher than the group's 27.253 million b/d target which came into effect at the beginning of November.
"The increase in supply is certainly welcome to this market," said John Kingston, Platts Global Director of Oil. "It appears the group's on track to meet its January target, which is nearly 29.7 million barrels per day for 11 of the members, excluding Iraq."
The bulk of the December output increase was due to higher production from the United Arab Emirates (UAE) as key maintenance programs were brought to a close. UAE production was estimated at 2.5 million b/d, 350,000 b/d higher than November's 2.15 million b/d. Smaller increases of between 10,000 b/d and 40,000 b/d came from Indonesia, Iran, Kuwait, Libya and Saudi Arabia. The OPEC 10 excludes Iraq and new members Angola and Ecuador.
Iraqi production was estimated at 2.3 million b/d, some 100,000 b/d lower than in November. (Earlier this month, Iraqi oil ministry data obtained by Platts showed total Iraqi output at 2.475 million b/d in December, despite a sharp fall in exports from November levels. But Platts' methodology for calculating output differs from that of the Iraqi government). Angolan production edged up from 1.78 million b/d to 1.8 million b/d. Ecuador, which left OPEC in the early 1990s but resumed its membership in mid-November, produced an estimated 500,000 b/d.
When OPEC met in Abu Dhabi in December it left the OPEC-10 target of 27.253 million b/d unchanged but allocated targets of 1.9 million b/d and 520,000 b/d to Angola and Ecuador from the beginning of January. OPEC's production target rose to 29.673 million b/d on January 1, 2008. Iraq does not participate in OPEC output agreements because it is in process of rebuilding its oil industry after years of United Nations sanctions followed by a US-led war.
OPEC ministers will meet in Vienna on February 1. The beginning of this
year saw US light crude prices climb above $100/barrel, but several top OPEC
officials have said the high prices have less to do with any shortage of crude
than to do with non-fundamental factors such as geopolitics and speculative
activity in futures markets.
Country December November October September Nov 1 target
Algeria 1.390 1.390 1.380 1.360 1.357
Indonesia 0.840 0.830 0.830 0.830 0.865
Iran 3.970 3.950 3.900 3.880 3.817
Kuwait 2.540 2.500 2.450 2.420 2.531
Libya 1.740 1.720 1.710 1.700 1.712
Nigeria 2.200 2.200 2.190 2.180 2.163
Qatar 0.830 0.830 0.820 0.810 0.828
Saudi Arabia 9.020 9.000 8.800 8.700 8.943
UAE 2.500 2.150 2.600 2.590 2.567
Venezuela 2.400 2.400 2.400 2.400 2.470
OPEC-10 27.430 26.970 27.080 26.870 27.253
Angola* 1.800 1.780 1.750 1.720 N/A
Iraq 2.300 2.400 2.280 2.170 N/A
OPEC-10+
Angola, Iraq 31.530 31.150 31.110 30.760 N/A
Ecuador** 0.500 .500 N/A N/A N/A
Total 32.03 31.650 N/A N/A N/A
* Angola joined OPEC on January 1, 2007. An output allocation of 1.9 million b/d assigned at OPEC's December 5 meeting in Abu Dhabi came into effect on January 1.
** Ecuador resumed its OPEC membership in November. An output allocation of 520,000 b/d came into effect on January 1.
For more information on OPEC, go to the "Platts Guide to OPEC" at www.opec.platts.com.
Sao Tome and Principe: United Nations fund finances social assistance [ 2008-01-14 ]
Sao Tome, Sao Tome and Principe, 14 Jan – The United Nations Population Fund (UNPF) has provided US$2.1 million to Sao Tome and Principe as part of the program for assistance to the social sector for the 2008-2011 period, the UNPF representative in Sao Tome said Friday.
Speaking to Macauhub, Vitória D’Alva said that over the next four years the UNPF would provide US$530,000 to support activities designed as part of the new plan drawn up by Sao Tome in line with the requirements of the UNPF.
The UNPF representative said that the funding was mainly for combating poverty on the archipelago via investment in the social sector, particularly by improving health services and promotion and protection of human rights.
Along with the UNPF funding, the new action plan for the social sector also has the support of the Sao Tome government with an amount that has not yet been made public.
Over the last 12 months, UNPF spent US$480,000 on activities related to reproductive health, the population and development, the promotion of women’s and children’s rights, as well as equity and equality of the sexes. (macauhub)
Only Oily Can Tell Fish Stories?? : p
wtao: My Math Says 100,000 Shares Would = $1000. On A Penny Rise. (You said you had 30,000 plus.)
Sao Tome and Principe: Sao Tome group invests in tourism on the archipelago [ 2008-01-09 ]
(Now This Is Nice, They're Building Us A Place To Meet When We Hit $10. R.M.)
Sao Tome, Sao Tome and Principe, 9 Jan – The Gibela group of Sao tome and Principe, this year plans to invest US$16 million in tourist facilities on the archipelago, the company’s chairman, Aurélio Martins said Tuesday in Sao Tome.
Speaking to Macauhub, Martins said that this tourism investment project would include construction of a residential complex on Sao Tome island, with several luxury buildings estimated to cost US$10 million.
He added that along with the residential project, for rental or sale, Gibela’s tourism project will also include construction of a resort village estimated to cost US$6 million on Pomba beach, some kilometres from the capital.
As well as this project, the group, which also operates in Angola, in 2008 also expects to inject just over US$3 million in building a university to teach, amongst other subjects, medicine and agronomy on the Sao tome archipelago.
As well as construction, the Gibela group has also invested in the areas of commerce, via imports and exports of goods between Angola and Sao Tome and Principe. (macauhub)
I Think It's Time To Put Gunnery Men Fore & Aft On These Tankers.
Thanks S.W. Equator Exploration = EQRXF
What Am I Doing Wrong? The symbol you entered, EEL.L (Nor EEL), could not be found.
From Joe Shea... The One That Got Away: Don't Let It Be ERHE
It was with great chagrin that I discovered an article on ERHC Energy I missed when it came out in the New York Times this summer. I was en route to my brother's lake house at Lake Oconee, Ga., to celebrate the Fourth of July, and didn't have Internet access at the house.
I was updating the American Reporter newspaper at odd hours of the day from the nearby Ritz-Carlton at Reynolds Plantation and probably not as interested as usual in anything affecting the company. As a result, I missed the most important ERHC story of the year.
I have been involved with the Times for a very long time, as a reader, a sometimes helper (they once gave me a special address to send in my numerous corrections), a rare topic of their coverage, a letter contributor and a committed fan of the high-quality journalism they publish.
But I was as disappointed by their rehash of the supposed facts of ERHC's role in the development of the Joint Development Zone (JDZ) and the Exclusive Economic Zone (EEZ) of the island nation of Sao Tome and Principe, where ERHC Energy holds substantial concencessions to what most believe are vast quantities of oil 10,000 feet or more below the surface of the Gulf of Guinea.
To me, the facts recounted are those that belong to a certain element of the many players in the ERHC story, and specifically, those of the large oil companies that are behind the scenes working assiduously to get the rights ERHC owns away from it.
That is the reason a competing oilman, George Soros of Pioneer Natural Resources - once a partner of ERHC Energy - funded the heavily biased study done by the Senior Attorneys Law Project for the Sao Tome Atty. General's office. The Times failed to notice that the report has been rejected by the President of Sao Tome and the Nigerian government, even while they try to spare the former from any role in the issue.
It was Sao Tome President Fradique de Menezes, after all, that took the alleged $100,000 campaign contribution from Sir Emeka Offor, ERHC's then-owner and former chairman, in 1971, while the Times portrays him as an embattled hero only seeking rescue from Jeffrey Sachs, the academic numbskull who organized the law-making that will keep any oil revenues out of the hands of the people and give it instead to the government for social projects.
His Earth Institute reportedly told small gatherings of Sao Tomeans that the law could be contemplated as a "dam" between them and the money; most Sao Tomean's probably would have preferred a flood of oil cash distributed among the 150,000 residents. much as Alaska sends its residents a $1,000 check from state oil-royalty funds every year. The handful of families that effectively own Sao Tome can be relied upon to see to it that the dammed-up funds - if they ever come - go to social projects organized by them, for them and benefitting them.
The Times no doubt had leaked information from the FBI or Dept. of Justice that led them to believe, in another set of hashed-up facts, that Noreen Wilson, who has not been charged or indicted, tried to bribe Rep. William Jefferson (D-La.) in 2001. It notes that she had parted company with ERHC after an earlier SEC investigation and suggests without evidence that she and a lobbyist approached Jefferson to get his help in sorting out the company's troubles in Sao Tome, where the company's then immediate past president had charged Sao Tomeans with demanding a bribe. To support its contention, it notes that a file marked "Rep. William Jefferson" was on the list of seized items from an April Fools Day search on 2006. but not that they also took every other file in the office.
Again, the key facts that the Times missed:
* George Soros, owner of 6% of our competitor and former partner, Pioneer Natural Resources, underwrote the investigation of ERHC;
* The man who conducted the study, a law professor at the University of Tulsa, has very strong ties to other oil industry competitiors;
* Both the Nigerian and Sao Tomean governments have rejected the findings of the report;
* There is no evidence Sir Emeka Offor was ever under investigation by the Nigerian government;
* The Chevron test well, according to the Wall Street Journal, hit a billion barrels of oil; the Times leaves the impression that there are no differences between the Chevron well site and other regions of the Gulf of Guinea Joint Development Zone, while numerous geological studies have shown that the great bulk of the oil is in the formal blocks partly owned by ERHC Energy.
Notwithstanding any oversights, the Times did get one thing right: ERHC Energy has been the big winner, albeit after 10 years of preparation and hard work. The paper notes that our drilling is set to begin this year, and so, I believe, is our final climb to glory.
I am ambarrassed that my favorite newspaper, The New York Times, has done such a one-sided and poor job of reporting on this issue, and have to chalk it up the "herd mentality" sometimes at work in journalism. Someday, our side of the story will be told, but that will be after those who believed in the company and its future have finally vanquished its foes and are rolling in money from stock that is selling this New Year's Eve afternoon for $0.199.
And by the way, Happy New Year, everyone!
Here is the Times article from July 2, 2007:
(See His Web Site For The Article R.M.)
Nigeria, Norway Seal Deal on Gas Flaring, Oil Spill
•FG sets up ad hoc flare committee
By Chika Amanze-Nwachukwu, 01.07.2008
Determined to achieve zero gas flare-out by Dece-mber 31, 2008, the Federal Government in conjunction with oil companies operating in the country has set up an ad hoc Flare Reduction Committee with a mandate to come up with a road map for elimination of routine gas flaring within a realistic time frame.
This is coming on the heels of an agreement signed by the Federal Government and the Kingdom of Norway on how the latter could assist the country to check oil spills and reduce gas flaring.
President Umaru Musa Yar'Adua had late last year announced the new Gas Flare-out date following the inability of oil companies to meet the January 1, 2008 deadline earlier agreed.
The two countries met in Abuja last October 29 to discuss issues affecting their petroleum sectors under the Memorandum of Understa-nding (MoU) on Development and Co-operation in Oil and Gas Related Industries signed by both countries in 2000.
Minister of State for Petroleum, Mr. Odein Ajumogobia, SAN, who led other top government officials to the meeting, had solicited the support of Norway on the possibility of trapping and storing carbon dioxide from oil production, power plants and industrial operations as part of measures to protect Nigerian environment.
The minister had also canvassed more information on trapping and storing of the greenhouse gas, based on Norway’s experience.
In a communiqué issued at the end of the meeting obtained by THISDAY, it was agreed that Norway would assist Nigeria in its aspiration to reduce gas flaring. It was further agreed that the Norwegian Government would assist Nigeria in developing oil spill monitoring and environmental regulations as well as to develop competencies and capacities in environmental impact assessment analysis.
Based on its experience, Norway, the parties agreed, would provide the requisite training and transfer of knowledge, while the Nigerian government would provide counterpart funding as may be required under the partnership.
Confirming the setting up of the committee at the weekend, Group General Manager (GGM), Public Affairs of the Nigerian National Petroleum Corporation (NNPC), Dr. Levi Ajuonuma, stated that the committee was currently working with experts in the preparation of assessments on the environmental, health and financial impacts of ending or continued routine gas flaring in the country after December 2008.
He explained that the Flare Reduction Committee would limit its mandate to gas flare reduction adding that its terms of reference include the review of each company’s flare reduction programme to ascertain whether any acceleration is realistic and, where possible, to a decision on how this can be achieved.
The committee, he noted, was directed to conduct an assessment of health and environmental consequences of continuation of routine flaring and to integrate individual company plans into a Nigeria Flare Reduction Plan and Nigeria’s Gas Master Plan.
The GGM added that the gas committee would look for opportunities for co-operation between operators and for demand clusters and amend the Flare Reduction Plan as required following agreement with all stakeholders.
Other tasks before the committee include developing and implementing of a communication strategy that clearly lays out how and when flare reduction will take place; agree on clear milestones and action plan with the assistance of the Department of Petroleum Resources (DPR) and monitoring the implementation of the integrated Nigeria Flare Reduction Plan.
“In an effort to achieve the gas flare-out target set for 2008, major stakeholders recently came together in a newly created forum for cooperation that will develop a road map for the elimination of flaring within a realistic time frame, taking into account the complex challenges that inhibit a faster reduction of gas flaring in Nigeria.
“High-level representatives from several ministries and sector companies agreed at the meeting to establish an ad hoc Flare Reduction Committee to reduce routine flaring to a minimum within the shortest possible time frame. The work of the Committee, which is being facilitated by the World Bank Global Gas Flaring Reduction Partnership (GGFR), aims to be forward looking, act quickly, with a clear deadline and mandate to manage flare reduction in Nigeria," Ajuonuma said.
“In the process of oil production, Nigeria flares or burns about 24 billion cubit meters (or 0.84 trillion cubic feet) of associated natural gas every year. The World Bank GGFR estimates that globally, 150 billion cubic meters (or 5.3 trillion cubic feet) of associated natural gas are being flared and vented annually. That is equivalent of 25 per cent of the United States gas consumption or 30 per cent of the European Union gas consumption per year. It is also estimated that global gas flaring releases about 400 million tons of CO2 per year into the atmosphere," he said.
Some of the major inhibitors to a faster gas flaring reduction in Nigeria include: lack of adequate infrastructure to transport the gas, inequitable gas pricing, lack of capital for gas utilisation projects, security issues in the Niger Delta.
Speaking on the issue, Minister of State for Gas, Mr. Emmanuel Odusina, who is also the chairman of the committee, assured Nigerians that government and the industry remained fully committed to the elimination of routine flaring.
"We share responsibility for not achieving bigger results, some progress in flaring reduction has been achieved but it is clearly not enough. That is why we have created this Flare Reduction Committee to come up with a road map for elimination of routine flaring within a realistic time frame, in a joint effort by government, industry and other stakeholders so we can attain bigger gas flaring reduction," Odusina said.
The World Bank had at the last December Global Forum on Flaring Reduction and Gas Utilisation in Paris, called on oil producing countries and companies to step up efforts in reducing the flaring of natural gas as a way of mitigating the impact of climate change and lowering greenhouse gas emissions.
The Gas Flaring Committee is made up of heads of Ministry of Energy (Gas), Ministry of Energy (Petroleum), Ministry of Finance, Department of Petroleum Resources, National Planning Comm-ission, Special Advisors to the President on Petroleum, Revenue Mobilisation Allocation and Fiscal Commission, NNPC, World Bank GGFR and all the multi-national oil companies.
OPEC Blames High Oil Price on Nigeria
By Fidelia Okwonu, 01.07.2008
The Organisation of Petroleum Exporting Countries (OPEC) has linked the Niger Delta crisis to rising crude oil prices, despite denials by Nigerian officials.
The latest rise in price had coincided with renewed violence in the Niger Delta on New Year’s Day in which 16 people were killed following attacks in Port Harcourt, Rivers State.
OPEC has also warned that the high price of oil would continue until the end of March 2008.
OPEC President and Algerian Energy and Mines Minister, Chakib Khelil, said at the weekend that the steady rise in prices was due to “escalating violence in Nigeria”.
Khelil also said two other factors were responsible – tension in Pakistan following the assassination of former Prime Minister, Benazir Bhutto, and a fall in oil inventories in the United States.
Algerian state news agency, APS, quoted Khelil as saying the world had sufficient oil supplies for now and no decision could be made to increase production before the next OPEC meeting in February.
“The surge in price will probably endure until the end of the first quarter of 2008, before stabilising during the second quarter," Khelil said on the sidelines of a conference on the security of hydrocarbon pipelines in the Algerian capital.
Khelil said a second quarter stabilisation was "probable".
On Wednesday, the price of a barrel of crude reached $100.09 in New York, before retreating at the close $99.18.
Khelil estimated that the oil market is currently "sufficiently supplied" but did not rule out an increase in production by the cartel at its next meeting in February.
That meeting will take place in Vienna on February 1. It will closely study predictions for world economic growth, notably in the US, which has been seriously affected by the credit squeeze from the sub-prime mortgage crisis.
"If a US economic recession takes hold, OPEC is not going to increase its current offering only to be called upon, later, to reduce it," he said.
OPEC, which currently produces 27.2 million barrels per day, accounts for about 40 per cent of world oil output, the rest coming from producers who are not part of the organisation.
At the last OPEC meeting, at Abu Dhabi on December 5, OPEC decided to leave its current level of production unchanged.
Meanwhile, the Saudi Oil Minister, Ali al-Naimi, said yesterday that the rise in oil prices to a record high had been determined by market forces.
“The market fixes the price of oil," Naimi told reporters at an energy conference in Riyadh when asked to comment on oil's surge to a record above $100 last week.
Naimi declined further comment on the price or what the OPEC would decide at its next meeting. Saudi Arabia is the world's largest oil exporter and the most influential voice in OPEC.
High energy costs have caused concern among some members of OPEC about the potential impact on the global economy. But ministers say there is little they can do to tame the price, which is driven by political tension and speculators and not supply and demand fundamentals.
Libya's top oil official, Shokri Ghanem, said last week that the producer group could do little about $100 oil as most members were already pumping flat out.
N�Delta Crisis: Production Shortfall Imminent, Shell Warns
By Chika Amanze-Nwachuku, 01.08.2008
Royal Dutch Shell Chief Executive Officer, Jeroen vander Veer has warned that production would fall rapidly if investment in the Nigerian oil fields were discontinued due to the escalating Niger Delta crisis.
He however stated that the company would continue toinvest in Nigeria notwithstanding the current tense dsituation in the oil-rich region provided its employees can work there safely.
"Nigeria is very rich in oil and gas, onshore and offshore, If you look at the long term, i.e. overdecades, these reserves will indeed be produced. Wecan and want to participate in this, but only if our people can work safely there�, he said.
In an interview published in Shell's Dutch in-house magazine, the Shell boss who also spoke on the currentrising crude oil prices, saying the developments areslowing down new projects because governments are taking longer to negotiate their slice of revenues.
"It is evident that active government interest is delaying projects. Government negotiations for theirshare of the revenues are lengthier than in the past.
"Van der Veer said even as he refuted the idea that higher oil prices would actually accelerate decision-making, saying "in reality the opposite is true".
The Shell Chief who also cautioned that this would ultimately impact on the speed at which the company�s new projects can be taken into production did nothowever specify which Shell projects might be affected.
On the company�s sale of its controlling stake in thegiant Russian Sakhalin-2 project to Gazprom, Russian gas giant last year, Van der Veer said there were no hard feelings. "If this is something that bothers you, you should notparticipate in international business.
What we have learned from this is that you can only work with large Russian partners in Russia." "It is becoming increasingly important to distinguish yourself from the rest by offering advanced technology, it is also becoming more important to take our own lead in projects," Van der Veer said, pointing to Shell's Pearl gas-to-liquids project in Qatar which does not involve other oil companies.
But Shell will need to work with Russian partners ifplans for a major liquid natural gas project in theJamal peninsula in the far north of Siberia come tofruition. The Shell boss was recently in Moscow with a Dutchindustrial consortium and submitted plans to PresidentPutin for an LNG project at the large gas field. "It really is very early days yet, but it's alsoextraordinary that a broad consortium of specialistcompanies put a joint proposal on the table," of whichShell would bring its LNG technology to the project. "I also observed serious interest from Russianparticipants at the meeting", he added.
Oil Price Drops over Fears of US Recession
By Chika Amanze-Nwachuku with agency reports
01.08.2008
Gloomy United States economic data, and the likely impact on demand should it slip into recession this year, may have led to a decline in the price of crude oil in the international market yesterday.
According to International Herald Tribune, US light crude for February delivery eased 54 cents to $97.37 a barrel by midday in London, extending Friday's $1.27 decline.
Oil has eased from a record peak of $100.09 a barrel last Thursday.
A government report showed the U.S. unemployment rate was up five per cent in December, its highest in more than two years.
The bleak unemployment report was the latest signal that the United States, the world's top energy consumer, could fall into a recession this year.
A resource analyst from the National Bank of Australia, Gerard Burg commented: "Concerns about the U.S. economy are clearly putting some pressure on oil prices. Some market players are also using this opportunity to take profits."
According to him, rumblings over the weekend from the Organisation of Petroleum Exporting Countries (OPEC) had not given any clear signal on what action it might take at its next meeting, there were growing expectations that it would increase output to rein in prices.
Saudi Arabia's oil minister, Ali al-Naimi, had on Sunday stated that the rise in oil prices had been determined by market forces, but declined to comment further on what action OPEC would take at its next meeting, on February 1 in Vienna.
But OPEC's President, Chakib Khelil, said on Saturday that he expected oil prices to keep rising in the first quarter of this year before stabilising in the second quarter.
Goldman Sachs, the most active investment bank in energy markets, also appears to believe that oil will stay strong; it kept its average 2008 price forecast unchanged at $95.
"We maintain that the combination of tighter short-term fundamentals and escalating costs will continue to provide strong support to oil prices in 2008, with the risk skewed to the upside from current levels," it said.
Crude-oil speculators on the New York Mercantile Exchange raised their net long positions near to a two-month high in the week ended December 24, the Commodity Futures Trading Commission said Friday. The increase in bullish sentiment came just before oil prices hit last week's peaks.
Nigeria, Norway Seal Deal on Gas Flaring, Oil Spill
•FG sets up ad hoc flare committee
By Chika Amanze-Nwachukwu, 01.07.2008
Determined to achieve zero gas flare-out by Dece-mber 31, 2008, the Federal Government in conjunction with oil companies operating in the country has set up an ad hoc Flare Reduction Committee with a mandate to come up with a road map for elimination of routine gas flaring within a realistic time frame.
This is coming on the heels of an agreement signed by the Federal Government and the Kingdom of Norway on how the latter could assist the country to check oil spills and reduce gas flaring.
President Umaru Musa Yar'Adua had late last year announced the new Gas Flare-out date following the inability of oil companies to meet the January 1, 2008 deadline earlier agreed.
The two countries met in Abuja last October 29 to discuss issues affecting their petroleum sectors under the Memorandum of Understa-nding (MoU) on Development and Co-operation in Oil and Gas Related Industries signed by both countries in 2000.
Minister of State for Petroleum, Mr. Odein Ajumogobia, SAN, who led other top government officials to the meeting, had solicited the support of Norway on the possibility of trapping and storing carbon dioxide from oil production, power plants and industrial operations as part of measures to protect Nigerian environment.
The minister had also canvassed more information on trapping and storing of the greenhouse gas, based on Norway’s experience.
In a communiqué issued at the end of the meeting obtained by THISDAY, it was agreed that Norway would assist Nigeria in its aspiration to reduce gas flaring. It was further agreed that the Norwegian Government would assist Nigeria in developing oil spill monitoring and environmental regulations as well as to develop competencies and capacities in environmental impact assessment analysis.
Based on its experience, Norway, the parties agreed, would provide the requisite training and transfer of knowledge, while the Nigerian government would provide counterpart funding as may be required under the partnership.
Confirming the setting up of the committee at the weekend, Group General Manager (GGM), Public Affairs of the Nigerian National Petroleum Corporation (NNPC), Dr. Levi Ajuonuma, stated that the committee was currently working with experts in the preparation of assessments on the environmental, health and financial impacts of ending or continued routine gas flaring in the country after December 2008.
He explained that the Flare Reduction Committee would limit its mandate to gas flare reduction adding that its terms of reference include the review of each company’s flare reduction programme to ascertain whether any acceleration is realistic and, where possible, to a decision on how this can be achieved.
The committee, he noted, was directed to conduct an assessment of health and environmental consequences of continuation of routine flaring and to integrate individual company plans into a Nigeria Flare Reduction Plan and Nigeria’s Gas Master Plan.
The GGM added that the gas committee would look for opportunities for co-operation between operators and for demand clusters and amend the Flare Reduction Plan as required following agreement with all stakeholders.
Other tasks before the committee include developing and implementing of a communication strategy that clearly lays out how and when flare reduction will take place; agree on clear milestones and action plan with the assistance of the Department of Petroleum Resources (DPR) and monitoring the implementation of the integrated Nigeria Flare Reduction Plan.
“In an effort to achieve the gas flare-out target set for 2008, major stakeholders recently came together in a newly created forum for cooperation that will develop a road map for the elimination of flaring within a realistic time frame, taking into account the complex challenges that inhibit a faster reduction of gas flaring in Nigeria.
“High-level representatives from several ministries and sector companies agreed at the meeting to establish an ad hoc Flare Reduction Committee to reduce routine flaring to a minimum within the shortest possible time frame. The work of the Committee, which is being facilitated by the World Bank Global Gas Flaring Reduction Partnership (GGFR), aims to be forward looking, act quickly, with a clear deadline and mandate to manage flare reduction in Nigeria," Ajuonuma said.
“In the process of oil production, Nigeria flares or burns about 24 billion cubit meters (or 0.84 trillion cubic feet) of associated natural gas every year. The World Bank GGFR estimates that globally, 150 billion cubic meters (or 5.3 trillion cubic feet) of associated natural gas are being flared and vented annually. That is equivalent of 25 per cent of the United States gas consumption or 30 per cent of the European Union gas consumption per year. It is also estimated that global gas flaring releases about 400 million tons of CO2 per year into the atmosphere," he said.
Some of the major inhibitors to a faster gas flaring reduction in Nigeria include: lack of adequate infrastructure to transport the gas, inequitable gas pricing, lack of capital for gas utilisation projects, security issues in the Niger Delta.
Speaking on the issue, Minister of State for Gas, Mr. Emmanuel Odusina, who is also the chairman of the committee, assured Nigerians that government and the industry remained fully committed to the elimination of routine flaring.
"We share responsibility for not achieving bigger results, some progress in flaring reduction has been achieved but it is clearly not enough. That is why we have created this Flare Reduction Committee to come up with a road map for elimination of routine flaring within a realistic time frame, in a joint effort by government, industry and other stakeholders so we can attain bigger gas flaring reduction," Odusina said.
The World Bank had at the last December Global Forum on Flaring Reduction and Gas Utilisation in Paris, called on oil producing countries and companies to step up efforts in reducing the flaring of natural gas as a way of mitigating the impact of climate change and lowering greenhouse gas emissions.
The Gas Flaring Committee is made up of heads of Ministry of Energy (Gas), Ministry of Energy (Petroleum), Ministry of Finance, Department of Petroleum Resources, National Planning Comm-ission, Special Advisors to the President on Petroleum, Revenue Mobilisation Allocation and Fiscal Commission, NNPC, World Bank GGFR and all the multi-national oil companies.
OPEC Blames High Oil Price on Nigeria
By Fidelia Okwonu, 01.07.2008
The Organisation of Petroleum Exporting Countries (OPEC) has linked the Niger Delta crisis to rising crude oil prices, despite denials by Nigerian officials.
The latest rise in price had coincided with renewed violence in the Niger Delta on New Year’s Day in which 16 people were killed following attacks in Port Harcourt, Rivers State.
OPEC has also warned that the high price of oil would continue until the end of March 2008.
OPEC President and Algerian Energy and Mines Minister, Chakib Khelil, said at the weekend that the steady rise in prices was due to “escalating violence in Nigeria”.
Khelil also said two other factors were responsible – tension in Pakistan following the assassination of former Prime Minister, Benazir Bhutto, and a fall in oil inventories in the United States.
Algerian state news agency, APS, quoted Khelil as saying the world had sufficient oil supplies for now and no decision could be made to increase production before the next OPEC meeting in February.
“The surge in price will probably endure until the end of the first quarter of 2008, before stabilising during the second quarter," Khelil said on the sidelines of a conference on the security of hydrocarbon pipelines in the Algerian capital.
Khelil said a second quarter stabilisation was "probable".
On Wednesday, the price of a barrel of crude reached $100.09 in New York, before retreating at the close $99.18.
Khelil estimated that the oil market is currently "sufficiently supplied" but did not rule out an increase in production by the cartel at its next meeting in February.
That meeting will take place in Vienna on February 1. It will closely study predictions for world economic growth, notably in the US, which has been seriously affected by the credit squeeze from the sub-prime mortgage crisis.
"If a US economic recession takes hold, OPEC is not going to increase its current offering only to be called upon, later, to reduce it," he said.
OPEC, which currently produces 27.2 million barrels per day, accounts for about 40 per cent of world oil output, the rest coming from producers who are not part of the organisation.
At the last OPEC meeting, at Abu Dhabi on December 5, OPEC decided to leave its current level of production unchanged.
Meanwhile, the Saudi Oil Minister, Ali al-Naimi, said yesterday that the rise in oil prices to a record high had been determined by market forces.
“The market fixes the price of oil," Naimi told reporters at an energy conference in Riyadh when asked to comment on oil's surge to a record above $100 last week.
Naimi declined further comment on the price or what the OPEC would decide at its next meeting. Saudi Arabia is the world's largest oil exporter and the most influential voice in OPEC.
High energy costs have caused concern among some members of OPEC about the potential impact on the global economy. But ministers say there is little they can do to tame the price, which is driven by political tension and speculators and not supply and demand fundamentals.
Libya's top oil official, Shokri Ghanem, said last week that the producer group could do little about $100 oil as most members were already pumping flat out.
Senate to Declare N’Delta Disaster Area – Ekweremadu
From Francis Ugwoke in Enugu, 01.04.2008
Deputy Senate President, Senator Ike Ekweremadu, yesterday said the Upper Legislative House will declare the Niger Delta region a disaster area, as part of Federal Government efforts at finding lasting solution to the problems of the zone.
Expressing disappointment that the Federal Government has made several efforts to address problems of the Niger Delta to no avail, Ekweremadu said by declaring the area a disaster zone, government will then pay “undiluted attention to its development.”
In doing this, he said government will be seeking the support of the international or development partners to work with it to develop strategies for the Niger Delta question, adding that whatever government plans would be in addition to plans contained in the Niger Delta Development Master Plan, which would be an improvement to the plan.
“I have looked at the Niger Delta Development Master Plan, and I think we can improve on that. But what is important is the determination and zeal in dealing with this issue once and for all," he said.
Ekweremadu, who spoke in Enugu during a cash award of N25,000 each to 200 students from his constituency, Enugu West Senatorial District, said what the people of the Niger Delta need was infrastructural development that will touch their individual lives.He said it was regrettable that government's efforts have not been felt when compared to the amount of money that has gone to the area for development.“We need to show transparency, because a lot of money has been spent by the Federal Government in terms of the Niger Delta, but I don’t think that has translated meaningfully to the well-being of the people. If you look at the amount of money they received state by state and see what is on the ground, you begin to wonder where the money went to. So we need to bring in people whom we can trust, including development partners," he said.
MEND Vows to Cripple Oil Exports
•To provide arms to Ateke Tom
From Ahamefula Ogbu in Port Harcourt, 01.04.2008
The Movement for the Emancipation of the Niger Delta(MEND) yesterday vowed to cripple oil exports from the Niger Delta region by providing arms including anti-aircraft gunships to the leader of the Niger Delta Vigilante Movement, Mr Ateke Tom in what it said was a renewed bid to counter any possible offensive by Federal Government's Joint-military Task Force against it.
Specifically, the support, MEND said, would be in form of providing him their fighters and making available heavy duty war machines including anti-aircraft to ensure that they present a formidable front to counter Federal troops.
They, therefore warned that “Civilians inside capital cities in the Niger Delta states of Akwa Ibom, Bayelsa, Delta, and Rivers are advised to avoid milling around army check points and armouredpersonnel carriers as they have become targets for attacks by explosive devices”.
They also announced the coming together of all factions of MEND for the common purpose of protecting the interest of the Niger Delta, adding that the common enemy to all the groups was the Federal Government.
In an online statement issued by Gbomo Jomo, MEND condemned the destruction of properties belonging to Ateke Tom especially the burning of his houses and boats which they explained led to the New Year attack and vowed to continue with similar attacks.
“In its characteristic manner, the undisciplined Nigerian army resorted to an unnecessary scorched earth policy during a raid on the camp of Ateke Tom in Okrika.
“ The burning of vehicles, boats, houses and looting was uncalled for in the first place, which resulted to the New Year reprisal attack on Port Harcourt.”
“Our call for unity amongst every fighting force inthe Niger Delta against a common enemy makes itimperative that MEND take sides in spite of ourdifferences with Ateke Tom and will support him withfighters and heavy weapons including anti- aircraft.Today, the main factions in MEND are back together asone formidable force ready to fight against injusticeand criminality” they vowed.They claimed that they were not criminals as werebeing branded and pointed at former leaders of thecountry and corrupt politicians who steal both oil andrevenue accruing from it as the problems of thecountry.The militants reiterated their allegation thatinjustice in the sharing of the national wealth most owhich come from their land as justifiable reason forthe resort to arms in the face of grossunderdevelopment.MEND commended their men within the armed forces ofthe country for their infiltration of the intelligencechannel which enabled the leakage of the documentprepared on how to annihilate them. “We salute our agents inside the Armed Forces for ajob well done! The leakage of classified informationmeant to annihilate us during a fraudulent peaceinitiative has prepared us for the bloody fightin 2008. Our goal remains to paralyse 100 percent ofNigeria’s oil export in one swoop” they boasted.Meanwhile, the gubernatorial candidate of the ActionCongress in the April polls, Prince Tonye Princewillhas appealed to both the government and Ateke toresort to dialogue rather that take actions thatimpact negatively on the residents of the region. “My latest angle on the Rivers violence is that JTF,the Rivers State government and Ateke know that thisRivers State will remain even after they have gone.Innocent people therefore cannot be victims ofwhatever disagreements they have. I urge all partiesto declare an immediate ceasefire and cessation ofhostilities to allow the area to regain its sanity andfor reason to prevail.“Enemies today will be friends tomorrow. Dialogue isthe only way and whether today or tomorrow eventuallyit will be used. The difference between the options iswhat will determine how many more (innocent people)will die. Ateke should not further justify the actionsof the JTF by killing innocent people".“You have shown you can do peace. Now more than everbefore, show us you can do peace again, then you leavethe rest to God. Don’t give them an excuse to pursueyou. The whole world is watching. Those that don’tknow what you did before must see what you do now. JTFand Rivers State also need peace”, Princewillcounseled. Meanwhile, the State government has debunked rumoursthat it had reintroduced curfew after the New Yearraid by Ateke where over 14 people died.Refuting the rumour, Secretary to the StateGovernment, Mr. Magnus Abe said that while theyacknowledge the security challenge, they were bracingup and ensuring there was safety of lives andproperties in the state while criminals who disturbpeace would be dealt with.According to him, the only place there is still curfewin the State was in Okrika, the home place of Atekewho has owned up to carrying out the attacks in theNew Year.
If You Owe Too Much At The End Of The Year (I Think It's More Than 10% Of Your Total Tax) You Will Be Penalized, Unless Withholding Equals At Least As Much As Your Previous Years Tax.
Businesses have to pay Quarterly/Monthly taxes cause Uncle Sam does not wish to wait until April of the next year to get payed.
Uncle Sam wants to WITHHOLD YOUR money. He doesn't like you WITHHOLDING HIS.
Crude Oil Tops $100, Closes in on All-Time Record
Issue of Energy Security Deserves Top-Tier Status This Primary Season
WASHINGTON, Jan. 2 /PRNewswire-USNewswire/ -- As crude oil prices breached the symbolic $100 barrier today for the first time in history, Securing America's Future Energy (SAFE) urged the nation's political leaders to focus on oil dependence as a threat to economic and national security.
"Oil prices are a good indicator of our dependence on petroleum," said Robbie Diamond, SAFE's founder and president. "Almost 70 percent of our oil goes into the transportation sector, which is 97 percent reliant on oil for its energy needs. In other words, there are no readily available substitutes. So as the price goes up, billions of dollars flow out of America and into places like Venezuela, Nigeria, Russia, and the Middle East. With most of the world's crude oil supplies controlled by national oil companies in unstable parts of the world, surging oil prices negatively impact America's strategic position and prosperity."
"We are facing very real dangers, and $100 oil is a warning sign our leaders must not ignore. The economic fundamentals say the price will only continue to rise over the long term. To avoid increasing imports, America needs to become more efficient, utilize alternative energy sources, and start pumping more of our own oil as soon as possible," Diamond said.
"The historic energy legislation recently signed into law is an important step that will improve the demand side of the energy security equation, but our leaders must now muster the political will to address the supply side in a meaningful and responsible fashion. Global economic and political factors are transforming energy security into a top-tier priority during America's presidential primary season."
The U.S. imports approximately 60 percent of its oil each day, and that figure is set to grow in the coming years according to Department of Energy estimates. The price of oil has soared in recent months. To pay for this increasingly expensive energy, U.S. wealth has been flowing to major oil-producing countries at astounding and growing rates. Experts estimate that each $1 increase in the average price of oil costs Americans $4.6 billion each year. A recent study by the Oak Ridge National Laboratories estimated that oil dependence has cost the U.S. more than $4 trillion since 1970.
Dollar may extend two-year decline against Euro on slower growth
(Before You Delete This, I Believe A Falling $ Effects Everybody Including ERHE's R.M.)
THE dollar may extend a two-year decline against the Euro on speculation that a slowing economy will make U.S. assets less attractive to investors.
The U.S. currency fell versus 14 of the 16 most-actively traded currencies in 2007 as the Federal Reserve reduced borrowing costs three times to temper the worst housing slump since 1991. The unemployment rate probably increased last month to the highest since July 2006, according to the median forecast in a Bloomberg News survey before the government reports the data on January 4.
"The U.S. economy will be pushed close to the recession level," said Greg Salvaggio, vice president of capital markets in Washington at currency-trading company, Tempus Consulting. "There will be further dollar weakness in early 2008."
The dollar lost 9.5 per cent against the Euro in 2007, dropping to $1.4588, following a 10.2 per cent drop in 2006. It increased 0.9 per cent yesterday after a report from the National Association of Realtors showed purchases of existing homes unexpectedly rose in November.
The difference in the number of wagers by hedge funds and other large speculators on a decline in the dollar versus the Euro, compared with those on a gain - so-called net shorts - fell to 30,641 in the week to December 25, from 31,149 the previous week and a record of 120,000 in May, figures from the Washington-based Commodity Futures Trading Commission show.
"One of the larger positions in the market" in 2007 was bets the Euro would rise versus the dollar, "and that's being reduced," said Robert Fullem, manager of corporate foreign exchange sales in New York at Bank of Tokyo-Mitsubishi UFJ Ltd.
U.S. payrolls rose by 70,000 last month after increasing 94,000 in November, according to the median forecast of economists surveyed by Bloomberg before the Labor Department's report. The jobless rate probably increased to 4.8 per cent from 4.7 per cent in November.
The U.S. currency fell 6.3 per cent for the year to 111.55 yen, dropping 0.7 per cent yesterday. The Euro increased 3.5 per cent to 162.78 yen for its eighth straight yearly increase.
Since October 31, the yen has appreciated against all of the 16 most active currencies as exchange-rate volatility discouraged carry trades funded in Japan.
In the carry trade, investors borrow in countries with lower lending rates and use the cash to buy assets in nations that offer higher returns. Currency fluctuations can erase the profits.
Implied volatility on the three-month dollar-yen option, a gauge of the risk associated with currency bets, reached 10.58 per cent yesterday, the highest since December 5.
Japan's benchmark interest rate of 0.5 per cent, the lowest in the industrialised world, compares with 11.25 per cent in Brazil, 8.25 per cent in New Zealand and 4 per cent in the 13 nations sharing the Euro.
The dollar fell 17 per cent versus the Brazil real in 2007 on speculation that growth in U.S. gross domestic product will slow.
The economy will increase at a 1 per cent yearly rate in the fourth quarter, down from 4.9 per cent in the third quarter, according to the median forecast of 63 economists surveyed by Bloomberg News.
The Fed cut its benchmark lending rate by a total of 1 percentage point to 4.25 per cent in three steps in 2007 beginning in September. The European Central Bank increased its rate two times last year to 4 per cent.
The chance the Fed will cut the target rate for overnight lending between banks a quarter-percentage point at its meeting has risen to 92 per cent from 76 per cent a week ago, according to futures on the Chicago Board of Trade.
The U.S. currency will trade at $1.45 against the Euro and 110 against the yen by the end of March, according to the median forecasts of 42 analysts and brokerages surveyed by Bloomberg.
Brazil: China’s BDC and Sinopec involved in building of gas pipeline [ 2008-01-02 ]
Brasilia, Brazil, 2 Jan - Petrobras subsidiary Transportadora Gasene has obtained a US$ 4.51 billion reais loan with Brazilian federal development bank BNDES to build a gas pipeline connecting southeast and northeast Brazil, the bank announced last Thursday.
The total loan granted to Transportadora Gasene is equivalent to US$ 2.25 billion, some US$ 750 million of which will come from the China Development Bank, which has signed an accord to provide the loan through BNDES.
The Gasene project is strategic to ensure supplies of natural gas to networks in southeast Brazil from gas fields in the Espirito Santo basin.
The pipelines will total 1,400 kilometers in length and have an installed capacity of 20 million cubic meters daily, linking the Cabiunas terminal, in Rio de Janeiro state, to the city of Catu in Bahia state.
The project involves the building of the following stretches: Cabiunas-Vitoria, due for completion in 2008; Vitoria-Cacimbas, which began operating in November; and the Cacimbas-Catu pipeline, around 940 kilometers long and whose construction will start in the first quarter of 2008.
Petrobras has contracted China’s Sinopec to construct the Cabiunas-Vitoria and Cacimbas-Catu pipeline sections. (macauhub)
Nigeria: Our Stand On African Command - U.S.
Vanguard (Lagos)
10 December 2007
Posted to the web 11 December 2007
Adekunle Aliyu
The first Commander of the US African Command, General William "KIP" Ward says the purpose of setting up the US Military Command Centre for Africa, Africa Command (AFRICOM), is to establish good governance across the continent and not to undermine the sovereignty of any country in the continent.
The United States Africa Command, also known as AFRICOM, is a new US Military headquarters devoted solely to Africa. It is the result of an internal reorganisation of the US military command structure, creating one administrative headquarters that is responsible to the Secretary of Defence for US military relations with 53 African countries.
Addressing journalists in Abuja with the Deputy Commander for Civil-Military Activities United States Africa Command, Ambassador Mary Carlin Yates, on the misconceptions surrounding the setting up of AFRICOM by the US command, Gen. Ward said effort to establish the command was to consolidate the activities of the three combatant commands under US Defence Department (European Command, Pacific Command and Central Command) into one headquarters organisation in order to serve African Partners better.
According to him, unifying the three commands will enable US to be more effective and proactive in helping African Countries, adding that the primary purpose of AFRICOM as a command was to help in building Africa nation partnership and strengthen existing bilateral relationship and activities.
His words: "Like the peace keeping, supporting training, military education, IMF training, HIV/AIDS awareness and treating programmes as well as finding new way of continuing to work with regional organizations here in Africa like ECOWAS etc.
"The focus of AFRICOM is not on military operations. It is on capacity building of the priorities of the military and security operations and organisations in Africa.
"USAFRICOM does not intend to station operational units across the African continents. It is not necessary to do because it may hinder partnerships in governments.
Relevant Links
West Africa
Arms and Military Affairs
Conflict, Peace and Security
Nigeria
United States, Canada and Africa
The activities going on today with US and African partners is under the auspices of the three US commands, more number of countries come up to the continent to do some activities and then depart. That will be same with the establishment of US African command."
"USAFRICAN Command can only be established in a country that invites us and through consultations. USAFRICOM has no intention whatsoever of undermining African sovereignty nor cause instability anywhere on the continent," he said, stressing: "US AFRICOM is at the development stage, but we recognize that we have unique opportunities to perform beyond traditional military command structure to better meet our mission and desires and interest of our African partners.
"This is the first time US agency as a civilian government is taking a position like this, in recognition to achieve the goal of better economic prosperity for the peoples of Africa. We are ready to stand beside you and help you in your security need, and that is the purpose of establishment of AFRICOM," he added.
`Thanks Manti. eom
Question; I Had A GTC Order With Ameritrade. Got a partial fill Friday & the rest on Monday. I'm being charged 2 commission fees. Is that as it should be??
Happy New Year (Web Site)
http://www.icq.com/img/friendship/static/card_16961_rs.swf
P.S. This IS Our Year!
O.T. "Get A DOUBLE Tax Deduction Every Time You Put Money Into Your IRA" (That's the heading from a Bottom Line Magazine) The story is...
"Next time you contribute money to your IRA, don't just use any old cash. Instead, sell a stock that has declined in value...and use THAT money. You'll be able to fund your IRA and write off a capital loss at the same time."
"BONUS: If the stock is one you want to hold on to, you can have the IRA buy it back. Since you and your IRA are considered separate entities, the IRS's "wash rule" will not apply."
With ERHE as low as it is, this sounds like useful information some board members could use.
Centre attributes rising tension in Niger Delta to misappropriation of fund
MISAPPROPRIATION of funds has been identified as a major source of people's grievances against government and oil companies in the Niger Delta.
Professor Adele Jinadu, executive director of Centre for Advance Social Science (CASS), Port Harcourt, made the observation at the weekend in Kaduna.
He was speaking at a training workshop organised for civil society organisations on the Nigeria Extractive Industry Transparency Initiative (NEITI) Act.
Jinadu said that the situation had resulted in vandalism of oil pipelines, illegal bunkering activities, hostage taking and communal conflicts.
``The resultant insecurity and conflict have adversely impacted on Nigeria's production capacity, with government acknowledging that it lost a quarter of revenues in 2006,'' he said.
He argued that the declining oil revenues could further undermine development efforts in the region, ``thus sustaining and aggravating the `resource curse' in its viciously seamless web of poverty,
resentment and violence''.
Jinadu commended the Civil Society Legislative Advocacy Centre (CISLAC) for organising the training which, he said, would raise popular awareness about NEITI and other topical economic
issues.
He, however, noted that state and local governments, which had a substantial portion of oil revenues, had shown little commitment to the NEITI process.
"It is at these sub-national tiers of government, which are also the closest to the people, that much requires to be done to complement and strengthen the initiative launched by the Federal Government,'' he said.
© 2003 - 2007 @ Guardian Newspapers Limited (All Rights Reserved).
What's Nice About Our Price, It's The Surest Best Bet Going. Any Shares Bought Now Will AT LEAST DOUBLE By This Time Next Year. Can't say that about too many other stocks.
MERRY CHRISTMAS TO ALL
AND A HAPPY 2008 (AS I BELIEVE IT WILL BE FOR ALL OF US ERHE'S)
ERA flays extension of gas flaring deadline
By Roseline Okere
ENVIRONMENTAL Rights Action/Friends of the Earth, Nigeria (ERA/FoEN) has condemned the capitulation of the Federal Government to pressure by oil companies to extend the deadline on zero flaring of gas in the Niger Delta.
This, the Executive Director of the association, Mr. Nnimmo Bassey, said has cast a shadow of doubt on the current administration's sincerity in tackling the Niger Delta crisis.
The group, in a swift reaction to the recent announcement of the extension of the deadline from January 1, 2008 to December 31, 2008, said the move would further worsen pollution in the Niger Delta, escalate poverty and make a mockery of the country's judicial system.
Bassey stated that the latest development has also shown that the Nigerian government lacked the political will and commitment to ending gas flaring and its attendant health and environmental costs.
Recently, there have been conflicting media reports about whether government has accented or not to oil corporations' request for another shift in the deadline.
Minister of State for Petroleum, Mr. Odien Ajumogobia, in Riyadh, Saudi Arabia was quoted as saying government had agreed to extend the deadline to 2010 after a meeting with the oil companies.
But the Department of Petroleum Resources (DPR) had insisted there would be no further extension of dates from January 1, 2007.
Bassey insisted: "We are shocked by this sudden volte-face by the Nigerian government. This has confirmed that government prefers to pitch its tent with corporations that seek nothing but illegitimate profit at the expense of our national economy, the health of the people and the environment.
"Nigeria flares about 2.5 billion cubic feet of natural gas yearly which translates to over $2.5 billion revenue loss. Capitulating to the dictates of the oil corporations that have never kept faith with dates they themselves proposed in the past is a recipe for further losses and costs on the environment and further escalation of the Niger Delta problem."
The ERA/FoEN, he insisted, believed that there was no middle-of-the-road approach to putting an end to the practice as it is not only a monumental waste of the nation's resources but also a testimony to the belief of the oil corporations that petro-dollars far out-weight the wellbeing of oil-bearing communities.
Bassey noted that the Federal High Court sitting in Benin before Judge V. C Nwokorie, had on November 14, 2005 ordered Shell to stop gas flaring in Iwherekan community, Delta State by April 2007, saying it violates the fundamental right to life and dignity.
In the suit brought by the Iweherekan community of Delta State, Judge Nwokorie ruled that gas flaring was a gross violation of their (plaintiffs') fundamental right to life, including healthy environment and dignity of the human person.
© 2003 - 2007 @ Guardian Newspapers Limited (All Rights Reserved).
Oil prices rise as U.S. crude supplies drop
OIL prices rose yesterday after a United States (U.S.) agency reported that supplies of crude oil and heating oil fell sharply last week, a drop that was expected to be temporary.
Crude stocks fell 7.6 million barrels in the U.S. last week, the Energy Department's Energy Information Administration reported Wednesday in its weekly inventory snapshot. The decline was five times more than the average 1.5 million barrel drop expected by analysts surveyed by Dow Jones Newswires.
Light, sweet crude for February delivery rose 67 cents to $91.91 a barrel by midday in Europe in electronic trading on the New York Mercantile Exchange. The contract rose $1.16 overnight to settle at $91.24 a barrel after the decline in crude stocks was reported.
In London, February Brent crude futures rose 86 cents to $92.34 a barrel on the ICE Futures exchange.
Analysts said that much of the crude inventory drop was due to a sharp fall in imports, almost a million barrels a day, because fog closed the Houston Ship Channel last week.
Traders expect supplies will rebound in next week's report, reflecting crude oil deliveries delayed by the fog. Still, Vienna's PVM Oil Associates noted that present total U.S. stocks of crude, at about 297 million barrels, represent "the lowest point since February 2005."
The rest of the report was mixed. Heating oil supplies dropped 2.1 million barrels last week, more than the expected 500,000 barrel decline - a development PVM said was "supported by a snow storm that swept through the East coast last week." Gasoline inventories, meanwhile, jumped 3 million barrels, more than four times the 700,000-barrel increase analysts had forecast.
Crude stocks at the closely watched Nymex delivery terminal in Cushing, Oklahoma, rose by about 100,000 barrels last week to 17.4 million barrels - an increase that pressured prices. Falling supplies there are seen as a symptom of a tight market, and those concerns ease when Cushing inventories rise, as they have for several weeks.
Oil prices have fallen from a record high near $100 a barrel as OPEC boosted production and several forecasters lowered their predictions about how fast demand for oil and gasoline is growing.
Concerns that a slowing U.S. economy might reduce demand for oil have also weighed on prices.
Heating oil futures spiked by more than three cents to $2.6282 a gallon (3.8 liters) and gasoline rose by over two cents to fetch 2.353 a gallon. Natural gas lost two cents, selling for $7.159 per 1,000 cubic feet.
Militants Attack NNPC Jetty, Burn Ship
From Ahamefula Ogbu in PortHarcourt, 12.20.2007
In what seems like a worsening situation in the Niger Delta, militants in the early hours of yesterday attacked the Nigerian National Petro-leum Corporation (NNPC) Jetty in Okrika and the Okrika Local Government headquarters.
The Joint Military Task Force in the Niger Delta were able to repel the attack and has since brought the situation under control.
The militants reportedly set fire on a ship which was within the NNPC Jetty, though all the 18 Filipinos on board were rescued and have been handed over to the Rivers State Government.
Confirming the attack, spokesman for JTF, Lt. Colonel Musa Sagir, said the militants launched the attack at their own out post at about 4 am but were repelled.
He also confirmed that the Okrika Council came under attack, as two civilians -- a man and a woman -- were killed and about five vehicles burnt by the hoodlums, adding that the soldiers had brought the situation under control.
Musa said the hoodlums were armed with automatic weapons such as AK 47, General Purpose Machine guns, Rocket Propelled Grenades and dynamites.
The Head of the JTF in the state, Brigadier General Sakin Yaki-Bello, THISDAY gathered, had taken a tour of the area immediately the attack was reported.
Yaki-Bello assured the people in the area of their safety and urged them to go about their businesses as the JTF would ensure the protection of lives and property.
“Militants attacked the location at Okrika LGA at about 4 am today (yesterday). JTF troops repelled the attack. The militants were armed with AK 47, GPMG, RPGs and some quantity of dynamites” he said.
The Secretary to the Rivers State Government, Mr. Magnus Abe, in a statement said the fire incident and attack arose from the refusal of the JTF to allow militants carry out bunkering activities at the NNPC jetty near Okochiri.
He, however, warned those behind the attack to desist from such negative action.
“The Rivers State Government would want to use this medium to appeal to all those involved in negative and criminal activities, including kidnapping, bunkering, sea piracy, armed robbery and cultism, who have done so much in the past, to discredit and destroy our beloved state, to please, in the name of God, cease all such activities forthwith, and surrender all illegal arms in their possession to the relevant law enforcement agencies,” Abe said.
A militant group, the Joint Revolutionary Council (JRC) said it was angry that in spite of the efforts by Ijaw elders to free Professor Nimi Briggs, the militants had refused, insisting that they wanted ransom.
JRC said: “We wish to condemn in very strong terms the recent kidnap of a distinguished Ijaw son and leading Niger Delta academic, Professor Nimi Briggs, by bandits, hooligans and criminals who have for so long now hidden under the toga of the struggle for the liberation of the Niger Delta to commit strong acts of atrocities that today threatened to undermine all the successes that we have enjoyed thus far and call to question the integrity of all heroic combatants in the struggle for a liberated and emancipated Ijaw and Niger Delta territory.
“In spite of ongoing efforts by the President of the Ijaw National Congress, Professor Kimse Okoko, to seek a ransom-free release of Professor Nimi Briggs, these bandits still refuse to yield to reason. They will be damned.”
The Federal Government about two weeks ago signed a ceasefire agreement with the militants. The Rivers State Governor, Hon Chibuike Amaechi, represented the Federal Government, while about 12 groups represented the militants.
About a week ago, the militants kidnapped Briggs and demanded a N100 million ransom, which was later reduced to N10 million.