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Offshore politics
July 16, 2008 at 7:06 a.m.
There he goes again.
On Monday, President Bush lifted the long-standing executive ban on oil drilling on the Outer Continental Shelf - contending that his action was an effort to help American families and businesses "feeling the squeeze of rising prices at the pump."
Bush knows that linking new offshore drilling to today's gas prices is pure bunk. Monday's symbolic gesture (federal law still prohibits such drilling) was just his latest attempt to get consumers to blame Democrats in Congress for the high cost of fuel.
If the president were being honest with the American people, he would acknowledge that:
1. His own Energy Department's Energy Information Administration reported last year that "access to the Pacific, Atlantic and eastern Gulf regions would not have a significant impact on domestic crude oil and natural gas production or prices before 2030."
2. Of the 90 million acres of federal land - offshore and on-shore - already being leased by the energy industry, less than a quarter are producing oil or gas. The 68 million unused acres include areas in the eastern Gulf that Congress opened in 2006 - after drilling proponents contended that they were needed to increase oil and gas supplies.
3. The U.S. has only 3 percent of the world's oil reserves but it consumes 25 percent of the world's supply. Even if the untapped offshore sources could produce 60 percent of current U.S. reserves, as the U.S. Geological Survey estimates, it would barely make a dent in America's demand.
Obviously, any hope of reducing U.S. dependency on foreign oil involves reducing consumption and developing alternative energy sources. And there are things Bush and Congress can do along those lines that might have an immediate effect, such as:
Further increase vehicle fuel-efficiency standards. Even though they were upgraded last year - for the first time since 1975 - the standards are still far below the mileage attainable by current technology.
Push for and pass pending legislation that would extend tax credits for producing and using alternative energy.
Lower the speed limits on interstates and federal highways.
These actions might not be politically shrewd, but they would constitute an honest effort to deal with today's energy crisis.
http://www.gainesville.com/article/20080716/OPINION01/643484422/0/OPINION05&title=Offshore_politics
Saudi king wants lower oil price
Jul 16, 2008 07:07 AM
Reuters
ROME/RIYADH – The world's top oil exporter Saudi Arabia wants to see lower oil prices, Saudi King Abdullah said in an interview with Italian newspaper La Repubblica.
The price of oil hit a record of $147.27 (U.S.) a barrel on Friday and has doubled in a year, sparking fuel protests worldwide and stoking inflation.
Asked whether Saudi Arabia wanted to "soften the price" of oil, the Saudi monarch was quoted as saying.
"Of course that is the case: we did not want and do not want the price to be this high. It is not in our interest because it is not in the interest of the rest of the world."
Saudi Arabia was pumping at 9.7 million barrels per day in July, the fastest rate for 27 years an increase of 550,000 bpd from two months ago.
"Listen to me. I am speaking for myself and for the Kingdom of Saudi Arabia. When the price of oil hovered around $100 a barrel, we were already unhappy. Imagine what we feel like now, when there is talk of $200," the Saudi ruler said.
Speculation was the main factor behind the surge of oil prices, Abdullah reiterated in the interview, which was also published in pan-Arab daily Asharq al-Awsat.
The global oil market has not responded to output capacity increases by the kingdom and other producers, he said.
"Despite the implementation by the kingdom and a number of producing nations of production capacity increases, we did not feel a response from the global oil market," the monarch said.
This showed the price of oil was affected by factors other than supply and demand, he said.
"The most important of which (factors) is speculation in the global oil market and the imposition by many consuming nations of additional taxes on oil," he said.
DIALOGUE
OPEC officials have repeatedly blamed factors beyond their control such as speculation and the weak dollar for oil's rise.
Saudi Oil Minister Ali al-Naimi said last month that the world's biggest oil exporter was ready to pump more for the rest of the year if there was demand from customers.
Saudi Arabia is on track to boost capacity to 12.5 million barrels per day by the middle of next year, a Saudi oil official said on Tuesday. Current capacity is around 11.3 million bpd.
Abdullah called an emergency meeting of consumers and producers last month in Jeddah to address high prices. At the meeting, the kingdom outlined plans to take capacity to 15 million bpd if needed in the future.
Abdullah said that Saudi Arabia, like other producers and consumers, wanted to see stability in global oil markets.
Cooperation between producers and consumers needed to be strengthened, he said.
While the G8 summit in Japan called for dialogue between producing and consuming countries, Saudi Arabia had already created the Riyadh-based World Energy Forum to promote that dialogue, he added.
"We'd like the G8 to support existing initiatives instead of duplicating efforts with similar projects."
http://www.thestar.com/Business/article/461106
OT: More Companies Explore Oil In Ghana
Eleven oil companies which have petroleum agreements with the Ghana National Petroleum Corporation (GNPC) and the Ghana Government are now operating off-shore the coastline from Keta, Tano and Saltpond basins to explore oil and gas.
http://www.graphicghana.com/default.asp?sourceid=&smenu=1&twindow=Default&mad=No&sdetail=4125&wpage=&skeyword=&sidate=&ccat=&ccatm=&restate=&restatus=&reoption=&retype=&repmin=&repmax=&rebed=&rebath=&subname=&pform=&sc=2364&hn=graphicghana&he=.com
unbelivable,
'The best thing that could happen to the country is if no oil is found'Bribery, bullying and bad deals shatter poor nation's dreams of petroleum boom
Xan Rice in São Tomé The Guardian, Monday July 14, 2008 Article history
Children outside their shack in the tropical forest in Riba Mato, a suburb of Sao Tome. Photograph: Armando Franca/AP
Luis Prazeres was the first native-born airline captain in São Tomé and Príncipe, and the country's first minister of natural resources. He knew a lot about flying and nothing about oil. But neither did anyone else in the tiny African island nation, which had just been told it was on the verge of a petroleum boom.
"There were all these foreign companies telling us that we had huge oil reserves, and bringing us agreements to sign," said Prazeres, who took up his minister's post in 1999. "Nobody here understood how complex it was."
Other governments are now finding themselves in similar situations. Rising oil prices have led to a surge in exploration in countries with little or no petroleum experience. Hopes of petrodollar bonanzas have already been raised in Ghana and Uganda, while prospecting companies are crawling over Gambia, Madagascar, Tanzania and Somalia.
Yet São Tomé's bitter experience should serve as a cautionary tale. In the decade since a little known Texas oil firm wandered into government offices with an audacious plan, the 160,000 inhabitants of the lush, somnolent islands have seen dreams of their country becoming the next Brunei or Kuwait melt away in the equatorial sun.
Their leaders have signed some of the most lopsided petroleum contracts in history. Bribes have allegedly been offered and pocketed. Regional bullies have muscled in, and in May the government fell to a no-confidence vote. "We have already seen everything that goes with an oil boom," said Rafael Branco, the newly appointed prime minister. "Everything, except a single drop of oil."
Offshore reserves
The twin islands of São Tomé and Príncipe squat in the Gulf of Guinea. Their nearest neighbours are Nigeria, Cameroon, Equatorial Guinea and Gabon. All have found significant reserves of oil, much of it offshore.
In 1997, a tiny Houston-based company called Environmental Remediation Holding Corporation (ERHC), which had no history of oil finds or production, decided São Tomé might have its own deep-water deposits. In return for near-exclusive mineral exploration and exploitation rights for 25 years and a half share of profits, ERHC offered São Tomé $5m and its marketing services.
São Tomé, heavily in debt and reliant on donors to fund most of its $30m budget, was desperate for cash. The deal was signed. Industry watchers such as Mohamed Yahya, of the UK-based peacebuilding NGO International Alert, would later describe the contract as "one of the worst in the history of oil". And ERHC's gamble paid off. Seismic data showed there could be up to 11bn barrels of oil under the sea around the islands. The most promising area was north of Príncipe, in waters also claimed by Nigeria.
Nigeria, with decades of oil experience, agreed to establish a joint authority over the oil zone, but insisted the profits be split 60:40.
When São Tomé's current president, Fradique de Menezes, was elected in 2001 he threatened to have ERHC's contract torn up, but by then the US company had been bought by Chrome, a Nigerian firm headed by a businessman with strong ties to Nigeria's ruling regime. Though the contract would be renegotiated twice, pressure from Nigeria ensured ERHC's deal remained vastly disadvantageous for São Tomé.
Meanwhile, the potential oil reserves were causing excitement abroad. After the 9/11 attacks, the US government was seeking ways to reduce reliance on oil from the Middle East. Democratic, largely stable, and with a US-friendly president, São Tomé seemed ideal.
Several top US lawyers soon arrived to offer assistance in managing the oil contracts. A team from Columbia University's Earth Institute helped draft model legislation that would ensure transparency and hold back some of the oil revenues for future generations.
"All people could talk about was oil, oil, oil. The politicians made it sound like it would start flowing tomorrow, and everyone was just sitting back and waiting for the proceeds," said Arlindo Carvalho, who was oil minister from 2003 to 2005.
The best blocks in the joint São Tomé-Nigeria oil zone had been put up for auction in 2003. In the first round, only one consortium, led by Chevron and ExxonMobil, emerged with a successful bid. São Tomé's share of the fee was $49m - a lot to a tiny country, but far less than expected. Late in 2004, more than two dozen companies competed for the remaining blocks. Many were Nigerian-linked firms with no experience of oil production.
Manipulation
A report by São Tomé's attorney general a year later concluded the auction had lacked transparency, was subject to "serious procedural deficiencies and political manipulation", and had resulted in winning bids from unqualified firms. ERHC's preferential rights had discouraged the more reputable companies from bidding, and cost São Tomé up to $60m in fees, it said.
Even more damning, to São Toméans, were allegations in the report that their politicians had been bribed. One of the president's top advisers was revealed to own a stake in ERHC, while a company controlled by Menezes was found to have accepted $100,000 from Chrome. Menezes and Chrome said the payment was a legitimate election contribution.
Public anger was followed by disappointment at the oil drilling results. When Chevron tested its deep-water block in 2006, it struck oil but not in commercial quantities. Other companies plan tests next year. The government also intends to sell exploration rights in its exclusive territorial waters in 2009.
Even if commercial quantities of oil are discovered, it will be at least six years before production starts.
"There is a lot of exhaustion with the whole process," said Paulo Cunha, who managed the Columbia University project. "But I think it would be wrong to brand São Tomé's oil experience a failure. It still has time on its side."
Others are not so certain. There is still very limited oil expertise on the islands. And given the alleged corruption, many local people have serious doubts that oil revenues could be managed properly, regardless of the good laws in place.
"São Tomé's institutions remain among the weakest in Africa," said Yahya. "The best thing that could happen to the country is if no oil is found."
http://www.guardian.co.uk/business/2008/jul/14/oil.internationalaidanddevelopment
Addax Petroleum will be drilling up to 25 exploration and appraisal wells in 2008 in every major area of its property portfolio.
http://www.africanoiljournal.com/07-10-2008_addax_petroleum.htm
Here is a link for todays confrence schedule(pdf form)
http://www.energycorporateafrica.com/conference_program_june_2008.pdf
Red here you go http://www.growthcompanyinvestorshow.co.uk/show/
thanks ruby eom
12% of 2 trillion = ? eom
Mark God bless your son and your family.
Happy memorial Day to all.
Carson
Ruby I agree. eom
Ruby can we say "good bye to the OTCBB" and Hello to the....
Thanks for the rundown petemantx!eom
Strass
imo the 3D was not available at that time.
Strass
I believe the "3D" was finished just recently
I could be wrong.
carson
Red
looks like alot of oil. Check this out I believe this is new too.
http://www.nigeriasaotomejda.com/pdfs/PGS%20Data%20Tom%20Ziegler2.pdf
You Guys want to see what the " meandering Stream" looks like?
Page 2 of 11 were it says "Timeslice".I dont think this was posted.
http://www.nigeriasaotomejda.com/pdfs/PGS%20Data%20Tom%20Ziegler2.pdf
On a slow day: This post is a reminder on how we got our blocks, shows transparancy.
PRESS STATEMENT
ISSUES ON NIGERIA-SAO TOME AND PRINCIPE JDZ BLOCK
AWARDS ANNOUNCED ON TUESDAY,31st MAY 2005.
Reference is being made to the Editorial of the Washington Post of 1st
June 2005 captioned ‘’CORRUPTION IN NIGERIA’’, with particular
reference to the recently concluded 2004 Nigeria/Sao Tome and Principe
Joint Development Zone (JDZ) Licensing Round. Below are comments
on the salient issues regarding the recent Block awards in the JDZ
The Washington Post editorial of June 1, 2005 relied on unnamed
Nigerian press reports which it appears were not substantiated by the
Washington Post. Also, the article is devoid of any factual information to
support its unfounded allegations of corruption in the conduct of the bid
round process.
At no time did the Washington Post contact the JDA for factual
information concerning the bid evaluation process.
PREFERENTIAL RIGHTS
In 2003, the JDA conducted its first bid round which concluded with the
award of equity in Block 1 to Chevron-Texaco and Dangote – Energy
Equity Resources. ExxonMobil exercised its pre-existing preferential
rights which resulted in award of 40% equity to ExxonMobil in the same
Block. ERHC Energy also exercised its pre-existing preferential rights,
but was not awarded any equity in that bid round.
Both ExxonMobil and ERHC Energy are US publicly quoted companies.
The JDA announced the second bid round in November 2004, in which it
offered equity in Blocks 2, 3, 4, 5 and 6. This was without prejudice to
the pre-existing preferential rights of both ExxonMobil and ERHC
Energy, a fact that was disclosed in the Guidelines to bidders for the
second licensing round. Additionally, ExxonMobil did not bid while
ERHC partnered with other world reputable independent oil companies
such as Devon and Pioneer to bid for block 2 and Noble for block 4.
The bids for the second licensing round were submitted and opened on
December 15th, 2004. At the bid opening ceremony, the bidders and
their respective signature bonus bids were announced. However, other
details pertaining to the commercial and technical aspects, including the
work program, were not announced at the bid opening ceremony, but
were given due consideration during the exhaustive bid evaluation
process.
In line with the earlier mentioned pre-exiting rights, ExxonMobil was
given 30 days within which to exercise its preferential rights to take up
25% equity in any two Blocks of its choice.
ON OPERATORSHIP OF THE BLOCKS
Out of the five Blocks on offer in the second bid round, US companies
submitted bids for equity in only three Blocks, namely Blocks 2, 3 and 4.
The results of awards in these Blocks are as follows:
Block 2: 35% equity and operatorship has been awarded to a
consortium of US companies comprising Devon Energy, Pioneer
Resources, and ERHC Energy. In addition, ERHC Energy has been
awarded its pre-existing preferential right of 30%.
Block 3: 51% equity and operatorship has been awarded to Anadarko, a
US publicly quoted company. In addition, the US consortium of Devon,
Pioneer, and ERHC has been awarded 25% equity, which includes
ERHC’s 20% pre-existing preferential rights.
Block 4: 35% equity and operatorship has been awarded to a US
consortium of Noble Energy and ERHC Energy. In addition, ERHC has
been awarded 25% equity, being its pre-existing preferential right.
In arriving at these awards, utmost effort was made to spread the award
of operatorship to financially and technically capable companies to
ensure fast track exploration and development of the Blocks. In this bid
round, in no case has an award been made to a Nigerian company over
a US contender that bid substantially more.
Other partners (including Nigerian companies) in the Blocks were
awarded based on the subsisting policy of transfer of technology in the
oil industry. In fact, most companies that submitted bids during the 2004
Round got some stakes, after meeting the minimum requirements, as
stipulated in the guidelines. This is a means of encouraging and
rewarding their confidence and faith in the JDZ.
At no point did any of the state parties interfere in the process. The
process went through transparent and competitive bidding. Bids were
evaluated according to set guidelines and criteria. Following from these,
the Joint Development Authority (JDA) submitted its recommendations
to the Joint Ministerial Council (JMC), which exhaustively deliberated on
the report and arrived at a position acceptable to the two countries. In
that light JMC observed with satisfaction that the process of the 2004
Licensing Round was conducted in conformity with the Abuja
Declaration on Transparency and Good Governance signed by the two
Heads of State in June 2004.
ON PAYMENT OF SIGNATURE BONUS INTO HALLMARK BANK
This bank was duly vetted in 2003 and later approved by the JMC in line
with the JDZ Treaty. This was long before the first Licensing Round
results were announced.
ON PUBLICATIONS REGARDING THE PRODUCTION SHARING
We are in full compliance with the requirements of the JDZ Treaty as
well as the Abuja Declaration on Transparency and Good Governance
and have consequently published the payments of Block 1 signature
bonus on the JDA website: www.nigeriasaotomejda.com .
Nigeria-Sao Tome and Principe
Joint Development Authority
Abuja
2nd June 2005
Sinopec profit rises 5.5pc
Kathy Wang
Monday, April 07, 2008
Asia's biggest refiner, China Petroleum and Chemical Corp (0386), or Sinopec, reported yesterday its net profit in 2007 increased 5.5 percent to 56.5 billion yuan (HK$62.7 billion).
Turnover jumped 13.4 percent to 1.2 trillion yuan.
The board declared a final dividend of 11.5 fen per share, up slightly from 11 fen for 2006.
Meanwhile, Sinopec announced it is proposing to issue up to 20 billion yuan of domestic corporate bonds.
The final rate of the five-to-10-year bond will not exceed 90 percent of the rate for yuan loans as announced by the People's Bank of China for the same tenure at the time of the issue.
The mainland's largest integrated oil and gas producer reported its production of crude reached 291.7 million barrels, up 2.3 percent year on year.
Output of natural gas increased 10.2 percent to 282.6 billion cubic feet.
Total production of refined oil products reached 93.1 million tonnes, an increase of 6.7 percent.
Exploration expenses reached 11.1 billion yuan, rising 39.1 percent. Crude oil purchase expense was 483.9 billion yuan, up 8.9 percent over 2006. Crude purchase expense accounted for 43.1 percent of the total operating expense, a drop of 2 percent.
Riding on the high oil price, Sinopec reported external sales in 2007 amounted to 20.4 billion yuan, an increase of 2.5 percent over 2006, accounting for 1.7 percent of turnover.
Sinopec plans to raise its capital expenditure budget by 11 percent to 121.8 billion yuan for 2008.
http://www.thestandard.com.hk/news_detail.asp?we_cat=2&art_id=63978&sid=18381041&con_type=1&d_str=20080407&fc=1
Taxes are less
new jersey $2.97 per gal regular eom.
Abuja set to put NNPC reforms on table
By Upstream staff
Proposals to reform state-run Nigerian National Petroleum Corporation (NNPC) will be presented to President Umaru Yar'Adua by the end of this month, the country's Oil Minister Odein Ajumogobia said today.
"They are just putting the final touches to the report and very soon, I suspect within this month, it will be presented to the president," Ajumogobia told Agence France-Presse .
He told the news agency that the move was designed to make NNPC "an independent oil company... like any other", adding that Saudi Arabia's Aramco, Malaysia's Petronas and Brazil's Petrobras Energia were seen as the corporate models for the revamped outfit.
The move to reform NNPC came after allegations of corruption at the state-run giant surfaced shortly after Yar'Adua took power last year.
In August last year the president sacked NNPC's then-director general Funsho Kupolokun and set up a national energy council to look at reforming the company.
A Thomson Financial report said the company could be broken up into five separate units.
Nigeria is believed to have lost billions of dollars to fraud involving figures close to political power, with a finance ministry inquiry also having been ordered by Yar'Adua.
OT: 02.04.2008
Afren Signs Another Marginal Oilfield Deal In Nigeria And Eyes Further Development Candidates
Afren has started April in fine form, signing its sixth partnership with an indigenous firm in Nigeria and gunning for first oil from a new field there in around 18 months. The indigenous firm in question is Oriental Energy Resources, a privately held Nigerian firm that has brought in Afren to help develop the Ebok marginal field in the prolific southeastern producing area of the Niger Delta.
Oriental, which is also developing the adjacent Okwok field in partnership with London-listed Addax Petroleum, secured a 100 per cent interest in Ebok in May 2007 through a farm-out with previous operators ExxonMobil and the Nigerian National Petroleum Corp; at the time, the Abuja-headquartered firm was looking for a technical partner to take on 40 per cent of the equity in the project.
AIM-listed Afren is that partner. It plans to replicate at Ebok the fast-track success it has enjoyed at Okoru Setu, its first oilfield development project in Nigeria, which is due onstream within 20 months of the indigenous agreement at a rate of 15-20,000 barrels per day, with its second such project, Eremor, due to start pumping 3-4,000 bpd in the fourth quarter.
Ebok was discovered in 1968 when the Ebok-1 well found 83 metres of net oil pay in four sands between 800 and 1,100 metres. The oil sampled was 24-degrees API. Two follow up wells were drilled in 1970. None were production tested. Afren reckons the field holds between 77 and 167 million barrels of oil in place, with a mean of 118 million barrels. Based on recovery factors of 20-45 per cent, there are recoverable reserves of more than 25 million barrels with additional low risk upside in the adjacent undrilled Ebok West fault block, which could hold 63 million barrels of oil in place. The Ebok North prospect could hold another 30-50 million barrels, with additional upside in the deeper Qua Ibo sands.
The AIM firm intends to chase down this potential, following a similar fast track schedule to its Okoro Setu project. Appraisal drilling is scheduled to get underway in the fourth quarter of this year to better understand the reservoir and well deliverability, which, if successful, would lead to submission of a Field Development Plan in 2009 and first oil in Q1 2010.
Afren and Oriental have agreed to collaborate on further development opportunities in the region. Alhaji Mohammed Indimi, chairman of Oriental, said the area was home to “a large number of undeveloped discovered oil fields similar to Ebok [which] are good candidates for future development”.
Afren is keen to stitch together a portfolio of these undeveloped discoveries, which offer a relatively low-risk route to growing production and reserves. As the company pointed out in its prelims released earlier this week, the Nigerian Government is looking to more than double production from 2.1 million to 5 million barrels per day and these ambitious production targets are leading to a sharp focus on undeveloped assets, the majority of which are still owned by the major international oil companies.
“We are on the verge of witnessing the emergence of a secondary market, similar to that previously seen in the North Sea and the Gulf of Mexico,” chairman Rilwanu Lukman said in the prelims statement. “Additionally, acreage is being increasingly awarded to indigenous companies who, in turn, are looking to partner with independents who can offer a combination of technical expertise and/or financial resources. This presents a compelling opportunity for Afren to make a significant contribution to the country's production ambitions, through its partnership approach."
or Upside Gap Three Methods....
http://www.candlestickchart.com/indicators/2149.html
I can't believe Iam green!! Ave cost 51.5 its been a long time. Congrats to ALL LONGS for hanging in there.
I am sorry to the board with my last post I did not realize it was last year.eom
Has this been posted before?
Block 2 JDZ Drillship Contracted For Participants in Block 2 of the Nigeria and São Tomé & Príncipe Joint Development Zone
Thursday, March 08, 2007
Equator Exploration Limited announces that Sinopec, as operator on behalf of the participants in Block 2 of the Nigeria and São Tomé & Príncipe Joint Development Zone (“JDZ”), has entered into an agreement with Aban Abraham Pte Ltd (“Aban”), for the provision of the Aban Abraham deep water drillship to drill a well in the second half of 2008.
The agreement, which has been entered into jointly with Addax Petroleum, has secured the Aban Abraham to drill up to ten wells in total. These wells will be shared across those blocks in which Addax and Sinopec respectively operate. The agreement contemplates five firm well slots and five optional well slots. Under a separate rig sharing agreement, Sinopec will be allocated one of the firm well slots which will fulfil the commitment well as agreed under the Block 2 Production Sharing Contract. Additionally, and as required, a share of the optional slots may be available. The day-rate for the rig is a maximum of $410,000 per day.
The JDZ was created through an agreement between the governments of Nigeria and São Tomé & Príncipe in 2001 whereby revenues derived from the JDZ will be shared 60:40 between these governments respectively. Block 2 was awarded to Equator and the other participants in March 2006. Subsequent to a farm-in to the interest of another participant, A & Hatman, Equator has a 9% interest, of which 0.25% is allocated to another partner. The other participants are Sinopec, ERHC Energy and Addax Petroleum, who together have 65%, ONGC (13.5%), A & Hatman (2.5%), Amber Petroleum (5%) and Foby Engineering (5%). In its News Release of 11 January 2007, the Company reported the Best Estimate Prospective Resources for its net interest as prepared by Netherland, Sewell & Associates Inc. On an un-risked basis net to Equator they are 121 million barrels of oil and 168 billion standard cubic feet of gas, while on a risked basis they are 32 million barrels of oil and 50 billion standard cubic feet of gas.
http://www.oilvoice.com/n/Block_2_JDZ_Drillship_Contracted_For_Participants_in_Block_2_of_the_Nigeria_and_So_Tom_Prncipe_Joint_Development_Zone/128c08d1.aspx
hello doug, yea I know, thought oilphant might of missed it today.
oilphant is it this?
ERHC Energy Corporate Brochure Describes Company's Deep Opportunity
ABUJA, NIGERIA, Feb 19, 2008 - ERHC Energy (OTCBB: ERHE) has begun to distribute its new coprorate brochure, which advances the company's theme: "Deep Opportunity." The brochure is being distributed at the Nigeria Oil & Gas 2008 conference at which ERHC is a sponsor and exhibitor. Nigeria Oil & Gas 2008 continues through February 21, 2008 at the International Conference Centre in Abuja, Nigeria.
The new brochure can be downloaded by clicking here. It features background about ERHC Energy and its operations. Its four inserts describe company milestones, its activities in the Joint Development Zone (JDZ) and the Sao Tome & Principe Exclusive Economic Zone, and ERHC's commitment to community outreach.
The Company's sponsorship of Nigeria Oil & Gas 2008 is part of the ERHC's efforts to raise awareness about our ongoing operations and the progress being made toward eventual drilling in the JDZ. ERHC Energy has a visible presence among the more than 4,000 corporate executives, vendors and service partners in the region’s oil industry, as well as the more than 600 senior delegates who are participating.
About ERHC Energy
ERHC Energy Inc. is a Houston-based independent oil and gas company focused on growth through high impact exploration in the highly prospective Gulf of Guinea and the development of undeveloped and marginal oil and gas fields. ERHC is committed to creating and delivering significant value for its shareholders, investors, and employees; sustainable and profitable growth through risk balanced smart exploration, cost efficient development and high margin production. For more information, visit www.erhc.com.
OT: Its interesting to see whats going on in the Venezuela
dispute. todays article, at the end there is comments on the article about exxon, enjoy,
http://www.marketwatch.com/news/story/exxon-mobil-takes-hard-line/story.aspx?guid=%7B50AED756%2D680F%2D4B1C%2DBE4B%2D61AAABF4271B%7D&siteid=yhoof
For everyones information, for last 1-2 years the JDA site, on the " press release links" did not open, so I e-mailed them requesting why those links don't open? And sure enough I went to the site today and ALL the links work! I did not recieve a reply from the JDA. Here is the link.
http://www.nigeriasaotomejda.com/
13.02.2008
Equator Exploration Wins Support From Creditors As It Seeks To Emerge From The Bilabri Debacle To Focus On Opportunities In The Deep Offshore
Life remains challenging for AIM-quoted Equator Exploration Limited, which, as its name suggests, is focused on the Gulf of Guinea in West Africa. By now the company should have been enjoying production and cash flows from its debut project, the Bilabri development in Nigeria, but a perfect storm of problems - local community violence, partner disputes, funding shortfalls and an aborted merger with Camac Energy - mean Bilabri remains on hold and Equator is under pressure to stay afloat.
To keep its head above water, the company has successfully negotiated deferments on a series of loan repayments in return for discounting outstanding warrants. The US$4.1 million interest due on a US$65 million loan dating from summer 2006 has been deferred until a farm-out agreement with BG, that will earn Equator up to US$75 million in cash and cost carries, is completed. In return for the deferment, Equator has agreed to cut the price of warrants issued to the lenders from 40 pence a share to 30 pence a share. The oil junior has reached new agreements with other creditors, including Ingalls & Snyder Value Partners and Robert Gipson, a partner in Ingalls & Snyder, that have seen the company raise a further US$700,000 this week and US$1.17 million last week. Following these transactions, Gipson and companies related to him hold 21.46 per cent of the issued shares.
Equator’s problems stem from the Bilabri development in the Western Niger Delta, which was due onstream in the second half of 2007. Drilling had taken place and an FPSO contract signed. But ongoing security issues, including kidnappings of rig personnel, led to protracted periods of inactivity and the rig and FPSO contracts were terminated.
There are now doubts about the successful completion of the development and in September 2007 Equator agreed to transfer responsibility to its local partner Peak Petroleum Industries, retaining a 5 per cent net profit interest in the project. Peak, which has been a serial defaulter on its share of the costs, agreed to reimburse Equator for all costs incurred since June 2007. But, true to form, it has failed to meet the terms of September’s settlement agreement, prompting Equator to initiate arbitration proceedings in London. This has been a costly exercise for Equator: the AIM firm reckons it has invested a total of US$270 million in the block since 2005, and has duly made a provision in its accounts of US$70 million in the first half of 2007 in addition to the US$200 million provision made in 2006.
As the oil majors realized some time ago, things run much more smoothly in Nigeria when you operate in the deep offshore, far away from the gun-toting youths in the near-shore and where the billion-barrels fields offer some compensation for swingeing signature bonuses and the slow-workings of the Nigerian National Petroleum Corporation (NNPC). Here, lies the big hope for Equator shareholders for the fact is this little E&P has a pretty impressive asset mix, with stakes in two deepwater blocks offshore Nigeria, one in the highly prized JDZ and rights to two blocks in the Exclusive Economic Zone in neighbouring Sao Tome & Principe.
These assets will be key to Equator’s future survival. By attracting industry heavyweights as partners, Equator should be able to negotiate terms that enable it to participate in some world-class deepwater prospecting. Last year, for example, it bagged BG as a 20 per cent partner in OPL323 offshore Nigeria, a farm-out that will earn Equator a life-saving US$75 million in cash and cost carries (this is subject to final approval from the NNPC), leaving it with a 10 per cent interest. It has also received expressions of interest from other companies wishing to take on some of its 30 per cent equity in OPL321. These two blocks, both operated by the Korean National Oil Corp, are home to several very large mapped prospects: independent consultants Netherland, Sewell & Associates put Equator’s 30 per cent share at 877 million barrels of oil and in excess of 3 billion cubic feet of gas of risked recoverable resource. The co-venturers are currently studying the 3D seismic ahead of two commitment wells on each block, with the first due to spud next year.
Equator has a 9 per cent interest in Block 2 in the Joint Development Zone between Nigeria and São Tomé & Príncipe. The block, operated by Sinopec of China, is adjacent to OML 130, which hosts Total’s giant Akpo field (600 million barrels of oil and 1 tcf of gas). During 2007, the co-venturers re-processed existing 3D seismic and contracted the Aban Abraham drillship to drill at least one well in 2009.
The company also has the right to 100 per cent of two blocks in the Exclusive Economic Zone of São Tomé & Príncipe. This tiny nation is still working on new petroleum legislation and a model PSC and has yet to delineate the blocks in its offshore EEZ. Once this work is complete, it will open up highly prized undrilled waters to international investment: Equator is already in preliminary discussions with international oil companies about collaborating in the EEZ.
This is heady stuff: as long as it can secure further farm-in deals along the lines of BG in OPL323, the company will have exposure to a number of high impact wells next year. Success in any one of these would go someway to eclipsing the lingering and expensive taint of the Bilabri debacle. The big challenge will be keeping its creditors onside until then...
http://www.oilbarrel.com/home.html
The google map is 6 years old eom.
can anybody verify if this (unknown ship) is poking around the JDZ? It sure looks like it, check it out, its call sign is TBWUK32.
http://www.sailwx.info/shiptrack/shipposition.phtml?call=TBWUK32
Bellwether Market Watch: ERHC Energy Inc. Getting Ready for Nigeria oil and Gas 2008
Tuesday, January 15, 2008; Posted: 02:09 PM
Jan 15, 2008 (M2 PRESSWIRE via COMTEX) -- GTRY | news | PowerRating | PR Charts -- Today Bellwether Report has identified ERHC Energy Inc. (OTCBB: ERHE), a company that our analysts will be tracking over the ensuing weeks. They recently came out with a significant corporate development on Monday, January 14, 2008, causing a short term market correction. For a full report on the below mentioned company, and many more, feel free to visit www.bellwetherreport.com for a free 90 day no obligation trial.
ERHC Energy Inc. is a Houston-based independent oil and gas company focused on growth through high impact exploration in the highly prospective Gulf of Guinea and the development of undeveloped and marginal oil and gas fields. ERHC is experiencing a shy lift today, as shares grows a fraction of a percent to $0.208 on volume of over 148,000 during the early hours.
Monday, January 14, 2008 ERHC Energy Inc., an independent oil and gas company with assets in the Gulf of Guinea, is sponsoring Nigeria Oil & Gas 2008 and will be exhibiting at the event, which runs from February 18-21, 2008. Organizers have announced that the President of the Republic of Nigeria, H.E. Umaru Mousa Yar'Adua, will deliver the inaugural address at Opening Ceremony on Monday, Feburary 18th.
The three-day conference will feature senior decision makers from government and industry organizations to discuss pressing issues that will shape the future of Nigeria's energy industry and economic transformation.
To view the full unbiased report on ERHC Energy Inc. (OTCBB: ERHE | news | PowerRating | PR Charts ) feel free to visit our site. This article and many more are available for review under the Today's Articles Section. No credit Card Needed!!
The Bellwether Report will continue scanning the markets for true emerging growth opportunities that will show subscribers optimal entry points with profitable exit points. If you are interested in receiving more information on feel free to sign up for a 3 month complimentary subscription to the #1 online investment resource www.bellwetherreport.com.
All material herein was prepared by the Bellwetherreport.com, (Bellwether) based upon information believed to be reliable. The information contained herein is not guaranteed by Bellwether to be accurate, and should not be considered to be all-inclusive. The companies that are discussed in this opinion have not approved the statements made in this opinion. This opinion contains forward-looking statements that involve risks and uncertainties. This material is for informational purposes only and should not be construed as an offer or solicitation of an offer to buy or sell securities. Bellwether is not a licensed broker, broker dealer, market maker, investment banker, investment advisor, analyst or underwriter. Please consult a broker before purchasing or selling any securities viewed on or mentioned herein. Bellwether may receive compensation in cash or shares from independent third parties or from the companies mentioned.
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http://www.tradingmarkets.com/.site/news/Stock%20News/991682/
condor1
Google "Donald Mintmire erhc" alot of info.
tryoty,
My Prayers are with you and your family.
John
thanks chcr JackCB will be remembered,
Rest in peace Jackcb my condolances to the family.
John
obo 1 talk at bottom of article
http://www.proactiveinvestors.co.uk/articles/art.php?AFR3