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China invites Sao Tome and Principe to Sino-African head of state summit [ 2006-10-19 ]
Beijing, China, 19 Oct – China announced Wednesday it had invited Sao Tome and Principe to be an observer at the head of state summit of the Sino-African Cooperation Forum, despite the two countries not having diplomatic relations.
Bilateral contacts between China and Sao Tome and Principe are rare, as the African country has diplomatic relations with Taiwan, the island with its own government that has claimed independence from China since 1949 and is seen by Beijing as a separatist province, which should be unified with the rest of the country.
“In order to demonstrate our sincerity about cooperating with Africa, countries with which China does not have diplomatic relations have received an invitation to take part as observers,” said Xu Jinghu, director general of the department of African Affairs for the Chinese Foreign Ministry.
Xu was speaking at a press conference to present the Forum’s head of state and government summit, which will take place in Beijing from November 3 and 5.
As well as Sao tome and Principe, three other countries recognize Taiwan: Burkina Faso, Gambia, Malawi and Swaziland.
Xu noted that the summit would bring together ‘China and friendly countries in Africa, or, in other words, countries with which China has diplomatic relations,” but said that the other countries that did not recognize the People’s Republic were also invited to the Forum’s ministerial conferences in Beijing in 2000, and in Addis Ababa, in 2003.
In September, and at the Chinese government’s invitation, Sao Tome and Principe also took part as an observer in the ministerial conference of Forum Macau.
Last week, athletes from Sao Tome and Principe were present at the first Lusophone games held in Macau, which is autonomous in relation to Beijing for its internal administration, but not in diplomatic affairs. (macauhub)
Want Me To Play Devils Advocate? We're less than 40 cents because....
It's run by a Nigerian
Maybe this is a Nigerian Scam.
Maybe Offor will take all the money.
We've had to fight all along the way to keep our rights, and we're still fighting.
SEC
4 to 7 years to produce oil, pleanty of time to buy in later. When we're more sure what this company is all about. I told friends about ERHC 4 years ago. The ones that didn't buy in haven't lost a dime. They can still buy in today @ my cost average.
Almost No info what is really going on right now.
No solid proof how much oil is in the JDZ. Chevron says they're not sure yet if Block 1 will be profitable. Who do you think the big investors are gonna believe, a message board or Chevron?
Paid bashers been hounding the stock for half a decade, spewing their lies.
Maybe others can think of a few more reasons.
The Ides Of October. Hope to wake up this morning to find the board hot & heavy, discussing some GREAT NEWS. Right Oily??
9/30/2006 yes, major events on or before the Ides of October.
and it will be green on the way to it.
Sao Tome and Principe to produce 30,000 barrels of oil per day in 2013, IMF says [ 2006-10-12 ]
Washington, USA, 12 Oct – Sao Tome and Principe is expected to produce 30,000 barrels of oil per day in 2013, which will provide the country with US$92 million per year, the International Monetary Fund (IMF) said adding that this was a conservative estimate.
In a study of the Sao Tome economy published Wednesday, the IMF said that the oil production estimate was based on the conservative forecast that just two of the six blocs located in the joint development area (with Nigeria) will be commercially viable.
The projection is based on oil prices of US$30 a barrel, which many analysts see as very unlikely as oil is currently being sold at US$60.
The IMF said that if Sao Tome and Principe’s share of the joint area with Nigeria rose to 80,000 barrels per day revenues would triple.
In the study the IMF said that one of the challenges that Sao Tome and Principe is facing is “the need to administrate a potentially large oil income with weak institutional and absorption capabilities.”
According to the IMF “in the short and medium term one of the main tasks will be to develop institutions to ensure effective, transparent and responsible administration for oil income.” (macauhub)
Chcr. Could You Tell Me Has Oilphant Been Quite Since Last Week, Or Are His Posts Being Deleted? Thanks.
Production of offshore oil in Sao Tome and Principe may begin in 2010 [ 2006-10-10 ]
Sao Tome, Sao Tome and Principe, 10 Oct – Oil production in the joint development area of Sao Tome and Principe and Nigeria may begin in 2010, a Sao Tome spokesperson said this weekend.
Carlos Gomes,, executive secretary of the Gulf of Guinea, said that Chevron Corp may carry out a second test in the third quarter of 2007 after finding oil and natural gas in the first well.
“Production in the joint area could begin within 4 to 5 years if everything goes well,” Gomes said. Until last August Gomes was in charge of the joint area set up six years ago to manage the shared offshore area.
Nigeria has 60 percent and Sao Tome and Principe has 40 percent of the joint area.
The wider region, which includes Angola and Equatorial Guinea, produces over 4 million barrels of oil per day. (macauhub)
United States donate sea observation radar in Sao Tome and Principe [ 2006-10-09 ]
Washington, USA, 09 Oct – The United States confirmed Thursday that they would donate a sophisticated sea observation radar system to Sao Tome and Principe, to monitor activities in its waters and “neighboring areas.”
The system to be installed in Sao Tome has an estimated cost of US$18 million and, according to the US Navy includes radars, antennas and infra-red binoculars.
Military authorities said that the system would take two years to builds and that US technicians would remain in Sao Tome after its construction to ensure that Sao Tome’s “military and civilians” were qualified to operate the system.
These sources said, however, that most of the personnel involved in building the system would be civilian and that after it was built the system would be totally controlled by Sao Tome rather than by the United States.
The structure includes a radar system that can provide information about sea vessels within a 25 kilometer radius and antennas that can detect signals sent by large ships at a distance of up to 150 kilometers.
Pentagon spokespeople said that identical systems may be supplied to other countries in the region and that the United States were encouraging those countries to share information on activities in their waters.
The decision to donate the system to Sao Tome was discussed during a recent visit to Washington by President Fradique de Menezes and is confirmation of the growing importance Sao Tome has in the US strategy to increase its presence in the Gulf of Guinea. (macauhub)
CFTU urges Obasanjo, Atiku to resign
FOLLOWING the festering face-off between President Olusegun Obasanjo and Vice-President Atiku Abukabar in the last few weeks, the Congress of Free Trade Union of Nigerian (CFTU) has called for the resignation of the duo.
The organisation noted that the feud between the duo had caused the nation a national embarrassment in the last few weeks even as the masses continued to suffer in silence.
Although the National Assembly has continued to probe the contentious reports by the Economic and Financial Crimes Commission (EFCC) and the Administrative Panel of Inquiry that indicted Vice President Atiku Abubakar for abuse of office, CFTU, has however called on the Senate to impeach the duo so that proper investigation could be conducted on their counter-accusations.
It could be recalled that the on-going counter accusations between the president and his vice began after the president accused the vice president of diverting some of the petroleum Technology Development Fund (PTDF) funds for personal use.
However, the Federal Government, has resolved to release the gazette of the indictment of the vice-president by the EFCC and Administrative Panel of Inquiry as soon as possible.
According to CFTU, "what Nigerians should know is that the president and his vice are out to outwit each other in the struggle to clinch-power. Why is that? They are fighting only now when they have lived peacefully in corrupt collusion for more than seven years. They have their greed and personal ego to satisfy and we should not be rigged into their fight."
In the press release signed by the General Secretary of the organisation, Mr. Didi Adodo, the union urges Nigerians not to heed the diversionary attempt to sway them from important matters while they plan to supplant their stooge or take the lead in 2007.
� 2003 - 2006 @ Guardian Newspapers Limited (All Rights Reserved).
Sorry I Didn't See 10987654321 Was Saying The Same Thing. eom
What I Said Was.. "Oily Can't Post His RIDDLES" (Key Word "RIDDLES") And that was YOUR RULE the other day.
So Electick Took His Ball & Doesn't Want To Play Anymore, & Oily Can't Post His Riddles. Without any offical news, it's gonna get quite dull around here.
Building of Sao Tome free zones to start early 2007
CONSTRUCTION of two free trade zones in Sao Tome and Principe, aimed at turning the West African islands into a regional oil industry support hub, is set to begin in first quarter 2007, a top official said yesterday.
Arzemiro dos Prazeres, chief executive of the Autoridade
Zona Franca (AZF), the government agency handling the zones, told Reuters the groups behind the projects would be handing in their final plans by the end of October for approval.
These would include details of roads, apartment and office blocks and time schedules for the work.
The main project is for a 165 million euro ($210 million) zone on Principe island being constructed by Geolog, formed by Portugal's Somague and the Swedish Gulf Agency Company.
A smaller 10 million euro ($13 million) facility on Sao Tome and an offshore business centre are to be built by Sociedade de Desenvolvimento de Sao Tome.
Dos Prazeres said he was confident the tiny state, which has become West Africa's latest oil exploration hotspot, had the ideal location and conditions to become a base for the oil and shipping industry in the Gulf of Guinea.
"Sao Tome and Principe has social peace. This is fundamental for the oil industry," he said.
"Look at all the problems faced by oil companies operating in Nigeria. They need a peaceful place where they can operate and we have already had companies expressing an interest, keen to register ships and platforms with us," he added.
The twin-island state is situated in the Gulf of Guinea, which along with Nigeria, Angola, Gabon and Equatorial Guinea already supply 16 per cent of the energy needs of the United States.
That figure is expected to rise to 25 per cent by 2015 as Washington tries to wean supply away from Middle East producers.
Sao Tome and Principe has attracted attention as a promising oil prospect since a series of major finds in the Gulf of Guinea in the last decade.
U.S. oil major Chevron said in May it had found oil and gas in its first exploration well in an offshore block shared by Sao Tome and nearby Nigeria, but said it was too early to tell if it was commercially viable.
Questions have been raised about the potential market for free trade zones in the archipelago but Dos Prazeres said the find had fuelled confidence in the project's viability.
"The projects were conceived in the logic that there was oil here and in the Gulf of Guinea region," he said.
"Now it's even better because we know there is oil in the (Nigeria/Sao Tome) Joint Development Zone (JDZ). This gives us even more confidence," he added.
Studies on the environmental impact of the projects had been carried out and small-scale farmers and fishermen who would be affected were being compensated by the government.
"Within one year of the start of construction, we will be ready to welcome our first clients," Dos Prazeres said.
"Within two years we believe we will be totally up and running and prepared to offer all kinds of services," he added.
Eager for business to start, the AZF was waiting for government approval of a project offering limited services to the oil industry in Sao Tome's northern Neves port.
"We don't want companies to have to wait," he said.
� 2003 - 2006 @ Guardian Newspapers Limited (All Rights Reserved).
Mark It Makes More Sense With Punctuation...
10/3/2006 Deepwater Millennium is in the GOM and Anadarko is going to put the Belford Dolphin in the GOM also? It's headed for the JDZ!
Export Commission to showchase Nigeria 's trade, investment opportunities in U.S.
FROM EMEKA ANUFOR, ABUJA
The Chief Executive Officer of the Nigerian Export Promotion Export Commission, Mrs. Gladys Sasore will launch a new campaign tomorrow to promote trade and investment opportunities in Nigeria .
Public Affairs Manager at the Commission, Mr.Ndubueze Okeke said in a statement over the weekend that the campaign followed an invitation from The Whitaker Group in the US , which recently observed that Nigeria has enacted world-acclaimed reforms and has ushered in a new day for Africa .
Okeke announced that Sasore would introduce "A New Look at the New Nigeria" to the US business community, policy makers, media opinion leaders and other supporters at a luncheon in Washington firm, which developed the promotional campaign for NEPC.
The Nigerian trade and investment delegation led by Mrs.Sasore is also expected to participate in a host of meetings with US private sector leaders and government officials. The group will equally tour facilities of potentials private sector partners in the US .
President and CEO of The Whitaker Group, Mrs. Rosa Whitaker said in a statement that, "With a population of nearly 140 millions, Nigeria is the largest domestic market on the African continent. In April, the Obasanjo government eliminated $30 billion in foreign debt and instituted fiscally sound reforms. Nigeria has privatized five industries and brought in billions in foreign investments. The country's gross domestic product has been on a steady rise since 2001 and increased by a record six per cent last year. With strict, targeted reforms, the government has not only stemmed but also reversed a pattern of corruption that has marred Nigeria 's image for decades. In its first four years, reversed a pattern of corruption that had marred Nigeria 's image for decades.
"IN its first four years, Nigeria 's anti-corruption unit recovered more than 4$billion in assets that had been illegally acquired
"President Obasanjo, Sasore and other members of his team have championed a new era and the country deserves a new look. WE are honoured to be part of these pioneering developments in Nigeria and pleased that the nation is getting renewed recognition it has so devotedly earned. Our goal is to keep the world mindful of the ripe opportunities in Nigeria for trade and investment and work with the private sector to facilitate new opportunities."
Oily Talking About Shell
4/18/06 Shell showing an interest in the JDZ
4/22/2006 cvx shell snp wicked global politics
5/11/2006 A major company will partner with CVX/XOM in Block 1. Clues have been given that will identify same (I believe it to be Shell or BP). ERHC will either be acquired or sell a major interest.
CVX/XOM has advanced their Block 1 plans to include further exploration/production after expiration of the lease on 'Deepwater Discovery' drillship. Shell (or less likely, BP) will likely partner up with CVX/XOM in further Block 1 exploration and may provide the drillship - FPSO. Another JDZ player is going to be bought out. OBO-2 is closer to Block 4 than people realize.
9/12/2006 agbami-1 420'np agbami-2 534'np Bonga-1.
From idubs "With more than 300 ft of oil in at least five sands, Shell's Bonga-1, (WD, 1,100 meters), is the most significant find in the deepwater campaign offshore Nigeria."
US$5 million shortfall puts Sao Tome fuel company on brink of bankruptcy [ 2006-09-29 ]
Lisbon, Portugal, 29 Sept – Sao Tome and Principe’s state fuel company, ENCO is on the brink of bankruptcy as in August it had an operating shortfall of around US$5 million, which made it impossible to pay its suppliers.
The deficit ahs been steadily increasing this year due to fuel oil price rises, which ENCo has not been passed on by ENCO to its customers as prices are set through negotiations with the government, Sao Tome’s state television (TVS) reported, citing sources close to the company.
This situation is worsened by the depreciation of the Sao Tome currency, which is affecting the country’s immediate commitments and accumulated debts, which have left ENCO with difficulties in paying taxes and suppliers.
If the situation continues, the company, the only one of its kind on the archipelago, could be in danger of bringing its operations to an end.
ENCO is also faced with the problem of receiving debts owed by its retailers, which are currently valued at US$2 million.
Recently, ENCO stopped providing credit to EMAE, the public water and power company due to an accumulated debt EMAE says it is unable to pay. (macauhub)
I LIKE IT! $16 After Early Announcement
Com' On, Baby Needs A New Golden Bentley!
Sao Tome and Principe close to letting deadline for debt pardon slip [ 2006-09-27 ]
Sao Tome, Sao Tome and Principe, 27 Sept – Sao Tome and Principe is close to letting the deadline go by for obtaining a pardon for its foreign debt, valued at US$300 million, and may be forced to pay it in January, the country’s deputy prime minister said.
Maria Tebus Torres said that the government had not been able to fulfil the conditions agreed with the International Monetary Fund and the World Bank, due to delays in approving legislation and which, in a best case scenario, the debt will be approved in December.
“Without that the debt pardon will not be announced and Sao Tome will ose the right to a pardon this year. The process will end which means that as of January it will be chaos,” she told daily newspaper, Tela Non.
The government has not managed to approve on time the creation of an Court of Arbitration, demanded by the Bretton Woods organizations, and the diploma for which is still waiting for a date to be presented at the National Assembly.
“For the announcement of the debt pardon in December, we have to have the law of the Court of Arbitration approved, have the office inaugurated and then there has to be 45 days for the World Bank to assess the process,” Torres said.
“As of January we will have to pay all the debts. And if we want to obtain a pardon we will have to start the process from the beginning. But it will mean many years of tightening our belts. That is not what we want to give to the people of Sao Tome,” she said.
The only piece of good news that Sao Tome brought from the latest meeting of the IMF and the World Bank in Singapore, was the renegotiation of the inflation target for this year, which changed from 18 to 23 percent.
Currently inflation on the archipelago stands at 21 percent, which the Finance Minister said was due to the elections held this year. (macauhub)
Oily: I Sure Hope This Doesn't Mean You're Playing Golf Tomorrow.
Should I Get This Investor To Buy $12,000,000. Of ERHE???
Seems like he's willing to do whatever I suggest.
From Mr. Hasu Patel(Investment Offer)
Dear Sir/Madam
Greetings. I am
Mr. Hasu Patel, an International Consultant for Trade. I have a
reputable client under my custody who have substantial sum to invest in
your country,but our greatest problem remains that we do not know any
lucrative business to invest the fund and moreso my client is a novice
to International business.Hence my reason of contacting you is to know
if you can be of the assistance by introducing us to any lucrative
venture to invest the sum in your country or either make my client your
partner. In a suituation the above request does suits you, we demand
you to receive the fund in your designated account for us while we
compensate you awosomely. The money involved is ( Twelve million United
states dollars).
At your total resolution to assist, we demand you to
send to us your contact address which we shall use to process the fund
in your name as the benficiary based on my client lodged the fund in
open beneficiary statue name nor identity not disclosed.
Note: this
transaction is no child's play nor a hoax and I am assuring you risk
free transaction based on how fund was acquired (inheritance). Please
don't fail to include your phone numbers in your return message.
Thanks and Regards.
Hasu Patel.
Glad It Says It's "NOT A HOAX" I Was A Little Worried At First.
goheelz: Do You Really Know Something? Can't tell if you've gotten info from a reliable source, or you're just getting good vibes and hopes out of the ethereal. Posters ask Oily to be more forthcoming. If you know something, I ask that you be a little less elusive.
1. NEWS IMMINENT!!!
Do (NOT) know what it is, but I've been told we will hear something.
2. A little birdie just flew by.....
WE ARE GOLDEN
3. MarkGoVols call your source now. I bet you'll hear some very positive comments.
goheelz: Did You Mean To Say You Do NOT Know What It Is?
NEWS IMMINENT!!!
Do know what it is, but I've been told we will hear something.
ExxonMobil invests US$ 200 million in Angola’s offshore Bloc 15 [ 2006-09-18 ]
Luanda, Angola, 18 Sept – United States oil giant ExxonMobil is investing US$ 200 million in production equipment for the Saxi-Batuque undertaking in offshore Bloc 15, the company has announced.
The investment is on 16 underwater oil pipelines, to be produced and installed by Subsea 7 of the UK, a ExxonMobil said in a statement.
ExxonMobil predicts a total investment of US$ 10 billion over the coming years in Bloc 15, mainly in the extension of the Kizomba project, where it is the principal shareholder.
When completed, the Angolan project will produce more oil for the ExxonMobil than all of its projects in the United States.
Oilfields currently in production in Bloc 15, Xikomba and Kizomba A and B, have a combined production of around 500,000 bpd. (macauhub)
Sao Tome asks Nigeria for extension of loan repayment timetable [ 2006-09-18 ]
Sao Tome, Sao Tome and Principe, 18 Sept – Sao Tome and Principe has asked Nigeria to extend the repayment schedule for a US$ 15 million debt due to financial difficulties in the archipelago, a senior official has announced.
Natural Resources Minister Manuel Deus Lima said Saturday after a meeting of the Sao Tome-Abuja joint ministerial council for oil exploration that the request to Nigeria had been made due to his country’s pledges to the International Monetary Fund and World Bank aimed to get relief of the islands’ estimated foreign debts of over US$ 300 million.
Sao Tome’s debt to Nigeria was originally due to have been repaid in 2006 after the carve up of revenues from production sharing contracts for three offshore oil blocs, worth US$ 201 million, signed last March for the two countries’ overlap petroleum exploration zone in the Gulf of Guinea.
Sao Tome’s natural resources minister said his country would be able to pay its debt to Nigeria in 2007, noting “the sensitivity shown by Abuja”, and adding the issue will be formally concluded in two weeks’ time at a follow-up meeting in the Nigerian capital.
Sao Tome’s debt to Nigeria was run up by successive governments in the islands to fund a number of social development projects. (macauhub)
...How Jefferson Reported PTDF Deal to Obasanjo
09.10.2006
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United States Congr-essman, William Jeff-erson who is now at the centre of an investigation by the Fed-eral Bureau of Investi-gation (FBI) for alleged corrupt practices was the one who gave the first hint to President Olusegun Oba-sanjo on the alleged illegal use of Petroleum Trust Development Fund (PTDF) by some Nigerian businessmen. The businessmen were believed to be associates of Vice President Atiku Abubakar.
In a letter on his congressional office letterhead dated May 28, 22004 and addressed to Obasanjo, Jefferson who was reacting to allegations raised against him in a petition by Otunba Oyewole Fasawe explained that he learnt through Mr. Vernon Jackson, the Chief Exe-cutive Officer of iGate Inc that PTDF funds were to be used to pay for private business transactions bet-ween iGate and Fasawe’s Network Digital Television (NDTV).
Jefferson stated in the letter that “Mr Jackson reported to me that he was deeply troubled by comments made to him by the managing director of NDTV that the funds were delayed on the contract because they were expecting funds allegedly related to Petroleum trust development Fund (PTDF) fixed deposits to pay for the rest of the project. Mr. Jackson worried that this course of payment might be improper or perhaps even illegal.
“A final concern that Mr. Jackson reported to me, unrelated to the contract violations, nonetheless disturbing, was that he feared he would become involved in Nigerian politics. This is because two of the principals of NDTV continued to press him to agree to have their partnership provide funds out of upcoming operations for the 2007 elections for the current Vice President of Nigeria to become President,” he stated.
In the letter, the congressman presented himself as a man who merely helped to draw investment into Nigeria by facilitating a business relationship between an American company and a Nigerian partner.
“I have known you and have worked for the benefit of Nigeria and Africa in the United States for many years. I have vouched for Nigeria as a place for US investment, through my work as Chairman of the Nigerian Caucaus and brought investment to Nigeria... I have been careful to avoid conflicts and shady dealings,” he said.
Obasanjo in his reply to Jefferson’s dated June 9, 2004, promised to investigate the story of the use of PTDF funds for private transactions.
“On the aspect of your letter touching on a government agency, the Petroleum Development Trust Fund, I have taken immediate steps to ensure full investigation of its activities in order to establish the veracity of the allegation made on the use of its resources to settle the obligations of NDTV, a private company. I shall, of course, keep you informed of any findings from this investigation, as it is necessary for you to know that our anti-corruption strategy is focussed and without reservations,” he stated.
“Otunba Fasawe is someone I know but my Vice President with whom he has been associated for a longer time knows him better.
“I also have no knowledge of his business interests, including any that he may jointly pursue with any of his friends.
“I would have advised that you continue to encourage iGate and NDTV including Otunba Fasawe to take every step possible toward an amicable resolution of their current business dispute,” Obasanjo added.
Three oil majors set to beat gas flaring deadline
THE Chairman of the Senate Committee on Gas, Senator Inatimi Spiff, has said that Chevron, Agip and Elf have confirmed that they will end gas flaring in the country by 2008.
Spiff said in Lagos on Thursday at a seminar on "National gas monitisation mandate: The journey so far" organised by the National Association of Energy Correspondents (NAEC) that "Chevron, Agip and Elf have given us their words that the 2008 deadline to stop gas flaring will be met and that the date for them is not negotiable."
Gas flaring has been an issue in Nigeria for over four decades, prompting the Federal Government to set 2008 as deadline for the oil companies to stop flaring. The flaring is often cited as the main cause of environmental hazards to residents of the oil-rich Niger Delta, where militants are currently locked in a war with government and the oil companies.
Spiff said that the gas sector was still grossly under-developed, calling on stakeholders in the sector to collaborate to harness the huge resources in the industry.
He lauded government for enacting legislation that had opened up the sector, saying that Nigeria had about 187 trillion cubic metres of gas to place it as the fifth nation with the largest gas reserve in the world.
The Director of the Department of Petroleum Resources (DPR), Mr. Tony Chukwukere, frowned at the oil companies operating in the country of their inability to decrease their level of gas flaring in the last 10 years.
He said that government might adopt the option of closing down companies that failed to meet the 2008 deadline set for them to end gas flaring.
Chukwueke harped on the need to make the gas industry to be private sector-driven, saying that less than 20 per cent of the gas stock in the country was being utilised at present. "The DPR will be guided by the philosophy of transparency in its dealings with companies investing in the energy sector," he said.
He said that a unit had been created in the DPR solely charged with the task of finding ways to tap the country's huge gas resource.
Chevron plans 780mw power plant in Lagos
By Sulaimon Salau
CHEVRON Nigeria Limited (CNL), operator of NNPC/Chevron Joint Venture, has unveiled its plans to construct a 780 megawatts (mw) combined cycle power generating plant to be situated in Agura, near Ikorodu in Lagos State.
The Independent Power Project (IPP) plant, billed for start-up early 2009 will be built, owned and operated by the energy giant in a joint venture with the Nigerian National Petroleum Corporation, (NNPC).
This, when fully implemented, would bring relieve to electricity consumers in Lagos and its environs.
Disclosing this to energy stakeholders in Lagos on Thursday, the company's General Manager, Gas Marketing and Commercial, Mr. Charles Adeniji, described the development as part of Chevron's strategy to optimally utilise its gas resources and further business expansion.
He, however, noted that the power plant would require about 120 million cubic feet per day (mmcf/d) of gas, which is expected to be supplied by its Escravos-Lagos gas pipeline.
Adeniji pointed out that though the company has committed about 300 mmcf/d of gas to power stations in the country, still foresee more market opportunities for the next ten years, among which is the new power generating plant.
Commenting on the huge amount involved in the project, he noted that the funds would be raised 100 per cent through equity, and as could be further provided by the joint venture.
NNPC has the major stake of 60 per cent in the project, while Chevron retains the remaining 40 per cent.
The Chevron boss, who spoke on the topic "Investing in gas utilisation: Chevron's experience" said the company in its gas monetisation plan is presently is working on West African Gas Pipeline (WAGP), Liquefied Natural Gas (LNG) plant, Gas-to-liquid (GTL) among others, which are meant to be favourable to the atmosphere in Nigerian oil and gas industry.
On the 2008 gas flaring deadline, Adeniji expressed the company's commitment to meet the target, but with some conditions in place.
He said: "For the fact that Chevron Corporation is committed to routine gas flare around the world, Chevron Nigeria Limited also target 2008 for completion of routine flaring elimination, subject to adequate and timely funding, no disruption to project execution arising from community and labour disputes, and pragmatic agreement on Nigerian content."
He stressed that "special consideration must be extended to investors to ensure that development of gas resources are continued and the domestic gas market demand is continually met. Clear criteria must be established and communicated for determining the volume of national gas resources to be allotted to domestic, sub-regional and international markets"
As gas monetisation supports elimination of flares, he assured "CNL has a robust utilisation programme, which will achieve complete flare elimination."
"CNL and Nigeria are members of Global Gas Flare Reduction Initiatives and both believe in the environmental and economic benefits of timely elimination of flares," he stated.
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� 2003 - 2006 @ Guardian Newspapers Limited (All Rights Reserved).
MN: Couple Of Days Ago. eom
ERHC Energy Inc. (OTC:ERHE) -- Oil & Gas Operations/Energy Reuters Company Research
Performance Rating: Outperform
Reuters ratings are based on a proprietary model that leverages widely accepted statistical methods and financial concepts to select attributes shown to be strong indicators of future
stock price performance and applies these to rank stocks along a normal distribution curve. Ranks for Fundamental Quality, Value Catch-up, Operational Trends and Technical Factors
are combined into a Composite Rating of Outperform, Neutral or Underperform.
Business Summary
ERHC Energy Inc. (ERHC), formerly known as Environmental Remediation Holding Corporation, is an independent oil
and gas company. The Company is engaged in the exploration and exploitation of oil and gas reserves in the Gulf of
Guinea offshore of central West Africa. ERHC's focus is to exploit its assets, which are rights to working interests in
exploration acreage in the joint development zone (JDZ) between the Democratic Republic of Sao Tome & Principe
(DRSTP) and the Federal Republic of Nigeria (FRN), and in the exclusive territorial waters of Sao Tome (the Exclusive
Economic Zone (EEZ)). The Company has formed relationships with oil and gas companies to assist it in exploiting its
assets in the JDZ and EEZ.
Contact Info
ERHC Energy Inc. is headquarted at:
5444 Westheimer Road, Suite 1570, Houston,
TX, 77056
United States
(713) 626-4700
www.erhc.com
Insider Trading
Insider buying can be seen as bullish because,
presumably, their company knowledge is superior.
However, insider sales are less reliable because
insiders may sell for a variety of reasons that have
nothing to do with their opinion of the stock.
In the last 6 months, there have been no insider
purchases, and there have been no insider sales.
Net Change (6 months) 0 mil
6 Month Net Transactions 0
Institutional Ownership
It's worthwhile to know what institutions are doing
simply because their stock positions can be so
large. In the short term, stocks will perform well if
institutions are buying and perform poorly if
institutions are selling.
6 institutions own 0.0% of the 0.71 billion common
shares outstanding. This is lower than the average
institutional ownership of the Oil & Gas Operations
Industry at 47.9%, and lower than the average of the
S&P 500 as a whole which is 68.3%.
Net Change (3 month) 0.0%
Net Purchases (3 month) (0.04) mil
Shares Purchased (3 month) 0.01 mil
Shares Sold (3 month) 0.06 mil
Liquid Assets
Get a general sense of the extent to which the
stockprice is offset by the presence of assets that
can beconverted to cash immediately or in the near
future. Often, these ratios will not be meaningful.
Most companies are valued as ongoing businesses,
rather than liquidation/buyout prospects. If you're
lookingat an especially troubled company, be aware
that seemingly liquid-asset windfalls can be
dissipatedby continuing operating losses and/or
shutdown costs.
Price to ... ERHE Industry
General Working Capital 9.3 10.2
(current assets minus current liabilities)
Net Working Capital 9.3 (3.1)
(current assets minus all liabilities)
Cash (& cash equivalents) 6.9 27.4
Cash minus total debt 6.9 (10.0)
Cash minus all liabilities 9.9 (3.0)
Chad evicts Chevron Texaco, Pretronas over tax row
CHAD has ordered two major foreign oil firms, responsible for 60 per cent of Chad's production, to quit the country in a row over taxes.
President Idriss Deby gave the order to U.S. firm - ChevronTexaco and Malaysia's Petronas.
"ChevronTexaco and Petronas must leave Chad because they have refused to pay their taxes," Deby said.
However, Chevron says it has fully complied with tax demands and has not had "official notification" to leave.
Meanwhile, Petronas could not be reached for comment.
The decision leaves only Exxon Mobil remaining in the consortium, which handles the country's oil production.
Deby said his government would take control of the remaining reserves.
The BBC's Stephanie Hancock in the capital, N'Djamena, said the surprise decision has sent shock waves around the oil industry.
The government has recently been hinting it wants to join the consortium, she said.
Privately, many observers feel the firms may have been kicked out to make room for Chinese oil companies. Just three weeks ago, Chad resumed diplomatic relations with Beijing.
If this proves to be true, it will mark a turning point for relations in this region.
Rows surrounding Chad's oil revenues have been simmering for months.
Earlier this year, Chad threatened to stop oil production if it did not immediately receive several months' worth of oil revenues from the U.S-led consortium.
And last December the government fell out with the World Bank, after it changed a law which controlled how oil revenues were spent.
The bank, which financially backs the oil project, repeatedly asked Chad not to change the law but it went ahead anyway.
In response, the bank froze all payments of oil revenues to the government.
That row was settled with a deal in July, under which Chad agreed to spend 70 per cent of its oil revenues on development schemes, with 30 per cent going into its overall budget.
Guardian E Fileserver1a:2Tuesday:Text:Chad p.17 29/08/2006
Spec29 It Does Not Cost $50. To Get A Barrel Of Oil Out Of The Sand. Please see last paragragh.
Suncor's total upstream production averaged 302,400 barrels of oil equivalent (boe) per day during the second quarter of 2006, compared to 160,600 boe per day in the second quarter of 2005. Oil Sands production during the second quarter of 2006 averaged 267,300 barrels per day (bpd). This consisted of 258,800 bpd of synthetic crude oil and 8,500 bpd of bitumen, which was sold directly to the market. Production during the second quarter of 2005 averaged 128,200 bpd, including 9,600 bpd of bitumen. Natural gas production in the second quarter of 2006 was 189 million cubic feet (mmcf) per day, compared to second quarter 2005 production of 175 mmcf per day.
During the second quarter of 2006, Oil Sands cash operating costs averaged $18.30 per barrel, compared to $27.10 per barrel during the second quarter of 2005. The decrease in cash operating costs per barrel is due to operating expenses being spread over significantly more barrels of production.