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post# 237532 you stated: "I calculated that once. Total bought JDZ B1 for something like $500 million, if I recall, using NSAI numbers from the past that equates to something like $.50 cents a share for ERHC for Blocks 2, 3, and 4." now you state: "So even if you claim that the JDZ Block 1 expenditure was made later on in Q3 or Q4, the numbers above indicate that at no time was the ENTIRE capitalized exploration costs for ALL projects in a given quarter greater than $628 million. Hence, by logic, JDZ B1 could not have been purchased for more than that.".
ok I see Brazil, Yemen, Indonesia, and JDZ. Where is the cost associated with just the JDZ. eom
None of the entities involved with the sale or transfer of % in Blks 1 or 3 have released specific details. Any figures associated with the sale or transfer of Blks 1 or 3 is conjecture. If TOT paid CVX more than triple the initial signature bonus as suggested....Please provide a link with a credible source. IMHO thank you
To this day I have never located the $ amount Total paid CVX for their % of JDZ blk 1 . Also APC's deal in blk 3 was kept under wraps....we can postulate from here to eternity and it won't translate or transfer value.
thanks ach, eom
Major Integrated Oil & Gas with transparency that delivers..TOT is in the JDZ !! Bahrain violence will have domestic Indie O&G's and alternative prospects to Mideast popping today ! To bad we don't have something for Mr. Market to sink his teeth into.
Say a prayer for Japan and give if you can. eom
Dr.J, I have never seen this pdf posted on this board. It was published 5-9-09 by Total through Bliss. Homeport broke Akpo news via The Gaurdian June 3 post # 164016. GLTA Peter has spoken......
If it has I appologize for the redundance. I've already expended too much energy on the hypotheticals here today. The market is telling us......
My focus is not worry, it is the realization of the overall implications of the PIB. We are talking about the restructuring of the Nigerian government to deal with the O&G industry in the region. ERHC's assets and influence in JDZ/EEZ etc. are representative of political alliances, influences, special interest, etc. Part of doing business in the region depends on what we have to
Offor ;)
my perspective is from the IOC's motivation to profit and reinvest in other projects in the region through purchase of operating %, acquisition, or partnering etc. Also my interest lies with the substantial finds of OML130 adjacent to the JDZ which details the process of developing a field in our region.
Total would be a professional , experienced , operator in the JDZ/EEZ. Perhaps partner was the wrong p-word ..perhaps participant lifting the entire prospect's potential. Remember our spike in SP when there acquisition of CVX's interest in JDZ blk 1 was anounced ?
Seek & amj: a second FSPO being constructed for the Egina field is in the works.Pazflor was servicing AKPO . Total's plans to expand opps in the GOG are directly affected by their profitablility in projects adjacent to the JDZ. Yes immediately we are concerned with proven but going forward depends on the interest and participation of major players. I will not pretend to understand fully the implications of the PIB pro or con but I will recognize it's potential financial impact and subsequent impedence for liquidity and funding of future projects of the IOC's we are trying to attract & partner with in the JDZ/EEZ.
could apply to Total's OML130 : Additionally under the PIB, Oil Prospecting Licences (OPLs) and Oil Mining Leases (OMLs) will be renamed, Petroleum Prospecting Licences (PPLs) and Petroleum Mining Leases (PMLs) respectively which would only be granted by the Minister through a “truly competitive” bid process which would be open and accessible to all qualified companies. Further to this, the PIB separates oil and gas licenses and leases. Therefore, the holder of a PPL or PML can only explore for and mine either oil or gas and not both as is currently permitted. Thus under the PIB we will have the curious and cumbersome event of two different operators in one field.
Also Nigeria has crafted new all encompassing hydocarbon legislation which is currently moving towards passage of a new hydrocarbon bill that will restructure the sector, with the objective of improving efficiency for its national oil company, raising government take and increasing natural gas utilization. The draft bill has been under Legislative review since last September, and various stakeholders have sought to influence provisions of the text. Indeed, the draft law has a number of implications for operators throughout Nigeria—both in the onshore and deepwater—that will impact the pace of project development and overall investment attractiveness.
Also: At the heart of the reform bill is the government’s desire to remedy key fiscal, operational and sectoral challenges. Abuja wants to increase government take, particularly for deepwater PSCs. The government wants to create a new joint venture structure that allows NNPC to seek
external financing, rather than be subject to congressional budget appropriations each year. Finally, a key driver of the reform is to encourage
development of natural gas over crude oil—which the government believes will spur economic growth via increased local utilization and complements the Gas Master Plan, approved in 2008.
There are more onerous items which I have not been able to relocate in order to bring to the boards attention . But I will eventually
what is up? We are in a down market and share the honor with issues such as THWI
The particular developments in the PIB with regard to offshore gas development are of great concern to us all. eom
Jan 23 2010 i posted #196116. eom
More on the PIB : http://www.petroleumafrica.com/en/newsarticle.php?NewsID=10127 plenty of blame to go around for the snail's pace at which we proceed .
PIB progress: http://digitalizednigeria.com/directory/2011/03/08/senate-fails-to-form-quorum-postpones-passage-of-pib-bill/ with all of the uncertainty and drilling results held close to SNP's vest.....it's no wonder other venues in the region are garnering more attention. Here's more for your edification
http://www.intexinvest.co.uk/index.php?option=com_content&view=article&id=73&Itemid=67
Akpo description: http://www.ng.total.com/media/pdf/Akpo_leaflet.pdf
our intro box has an excellent map showing the proximity of OML130 property to the JDZ.
Akpo,Egina,Egina South are in OML130 which comprises an area of 500 sq.miles
(northern border of JDZ Blk 1) Total has 24%,CNOOC 45%,Petrobras 16%,NNPC 10%,Sapetro 5% . The Egina field has 5 wells with a 150,000 bopd projected online by 2015. Akpo's #s added to this.......What are we sitting on just a stones throw away? Nothing....???
Mar 8, 2011
Gulf Of Guinea To Get Second Wind In The Next Five Years
?Due to a reallocation of assets and a redirection of policy, the West African offshore market will diversify more in the next five years than it has ever done before.
(excerpt)
The unrest affecting Nigeria’s offshore market is due largely to the Petroleum Industry Bill (PIB). This legislation, which is yet to be passed, would restructure the Nigerian oil industry with the aim of improving the role and efficiency of the national oil company. The delay in doing this so far has meant that potential investment from foreign investors has been put on hold due to uncertainties over the implications and timetable of the proposed legislation. One of the bill’s proposals that has stirred up particular concern among international oil companies (IOCs) is the plan to increase the government take on deep offshore projects, an area that is expected to see a great deal of growth in the coming years.
Although there have been significant delays, the passage of the legislation might have taken a big step toward completion in November 2010. A Joint Senate Committee, which had been considering the bill over the past year, completed its work and presented the bill to the upper house of Parliament, which now can begin voting on the legislation clause by clause. Once the legislation is passed, one can expect a major new licensing round where domestic companies and foreign companies – some new to Nigeria – could be presented with the opportunity to gain a foothold in the Nigerian offshore market. Recently both Chinese and Russian companies have shown great interest in investing in Nigeria.
Total’s Egina field development is one of the latest examples of conflict between IOCs and the Nigerian government. The Egina field, located off the Niger Delta, is scheduled to come onstream in 2014 with reserves estimated at a healthy 550 MMbbl. Unfortunately for Total, development of this project has been restricted by the government, which refuses to budge over the local content it has demanded for the newbuild deepwater floating production, storage, and offloading (FPSO) unit. Technical bids to provide Total with a massive FPSO vessel started in October 2010, but Nigeria is insisting that 17,000 metric tons of the topsides must be built by indigenous companies. Total faced similar problems for its Usan project, which is scheduled to come onstream in 2012, but in this instance the operator was able to negotiate some flexibility into the nature of the local content provisions. It now seems that with the PIB on the horizon, Nigeria could want companies to start facing up to its stringent demands to do more of the actual construction work in local yards.
http://www.epmag.com/Magazine/2011/3/item78470.php
French giant Total has started the bidding process for a newbuild floating production, storage and offloading vessel destined for its deep-water Egina project off Nigeria.
Prequalification documents have been released covering a vessel designed to store 2 million barrels of crude and with a topsides weight of about 34,000 tonnes — at least 4000 tonnes more than some sources had been predicting.
The oil and gas-handling specifications have yet to be defined although earlier expectations were that the floater would be equipped to process about 220,000 barrels per day of crude and 360 million cubic feet per day of gas.
Source: http://www.upstreamonline.com/Total_rolling_on_Egina
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"Move along, nothing to see here" eom
look at T&S from 12:33:58 ... eom
speak of Calling it off...150k sh dump @ 12:34 eom
Umbra...review #237287 :)
you left out: there will not be news.....eom
friday before extension vol says it all.....eom
what will this company do to revitalize investor confidence. the oil trade is cooling off absent some geopolitical wildcard and another opp slips away. the volume is a tell.....another non-event is on the way. imo
Pete, if positive phase2 developments were to be anounced in this environ the upside would be substantial IMO. We know the story and are well versed on the fortnight and have tempered our expectations accordingly.
We need INFO OF SUBSTANCE eom
Opportunity is HERE NOW
finally rolling over. eom
where is the discussion for this spectacular short squeeze ? eom
Dew D, looking for your input here .
Thnx
i held forever with a substantial position. i sold because of health,skepticism,and offset against gains. i am now in remission and retired!
SNP could be the catalyst here....since like you i have little faith in timely execution (for whatever reason).
If ERHC could release positive news here....
timing is everything .
3.57 9:15AM
pre-market $4.07 will open gap up