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Can only be seen as good news our Partner in 2,3,4 is increasing their position / exposure / and hence net returns in the region
Bravo Addax
UPSTREAM NEWS ERHC/JDZ
BG shifts up gear on Africa targets UK company aims for acreage in jointly held area and off Nigeria
By Upstream staff
The UK's BG Group is targeting acreage in the joint development zone managed by Nigeria and Sao Tome, along with other blocks in the Nigerian Exclusive Economic Zone.
BG Nigeria project manager John Field would not be drawn on the move but simply acknowledged the company is "interested in all opportunities in the subregion".
JDZ blocks 5 and 6 will not be offered in a subsequent round but will signed up hopefully before the end of May, according to Lagos-based Joint Development Authority officials.
Signature bonuses for the two blocks will reach $37 million and $45 million respectively and the production sharing contracts will be signed before the end of May, officials claimed. BG is targeting Block 5, in which 75% equity was provisionally awarded to private Iranian consortium ICC-OEOC.
Houston-based ERHC Energy has the right to 15% of the block but must pay the full share of the signature bonus on it and on Block 6. That differs from other blocks where ERHC secured a bonus waiver alongside preferential rights negotiated under the bilateral accord which established the JDZ in 2002.
BG would have to acquire a 51% majority stake to secure Block 5 operatorship. Additional data will be required for the block, probably 3D seismic, in addition to the 2D seismic coverage undertaken by WesternGeco several years ago.
As part of its Nigerian expansion plans, BG has already signed up to participate in the OKLNG scheme in Ondo State along with Chevron, Shell and the Nigerian National Petroleum Corporation .
A project development agreement was signed in February and front-end engineering and design work on the four-train 22 million-tonnes-per-annum project is getting started.
The company has also signed a memorandum of understanding to buy gas from the proposed Brass LNG project, although its principal focus for securing upstream positions remains in the western delta.
Offshore, BG hopes to move swiftly on its freshly acquired OPL-332 plot in which it holds an operating stake of 45%.
Existing 2D seismic for the block has identified some leads but an additional 3D seismic shoot is planned for the fourth quarter.
BG is looking at the market for seismic acquisition and will probably go out to tender as soon as its in-house programme to re-interpret existing 2D is completed. There is one commitment well in the first exploration period.
OPL-332 has been described as "a strategic foothold" in Nigeria.
--------------------------------------------------------------------------------
12 April 2006 23:02 GMT | last updated: 12 April 2006 23:02 GMT
Addax on Sig. bonus to be paid this week
from Addax "signature bonuses are due by the end of the week and we will be paying in the next couple of days. Operating committees for each of the blocks are being formed. Typically we would expect to have agreement on work schedules and drilling plans by July/August."
Good JOB Bigger Coming News-check for your self
http://www.opinionatedgeek.com/dotnet/tools/Base64Decode/Default.aspx
VGhlcmUncyBiaWdnZXIgbmV3cyB0aGFuIHRoZSBvYm8gb25lIHJlc3VsdHMgY29taW5n
=DECODE=
There's bigger news than the obo one results coming
Nice to see ERHC tagged in the same CVX / XOM story
even though we were not mentioned our ticker was picked up
perhaps we should be getting used to this type of exposure
BTW 2 sources are confirming the Wall St Journal is researching a feature/follow up on us - members of the company and some shareholders were interviewed - could be in European or US edition - fingers crossed for a David vs. Goliath Story
Chevron is keeping the lid on this BigTime
We all here know what they have discovered is beyond everyone's expectations
They could have released the well logs weeks back
the corporate Chess game continues - still CVX's move
Thanks Rock
Occam's Razor states that the explanation of any phenomenon should make as few assumptions as possible, eliminating those that make no difference in the observable predictions of the explanatory hypothesis or theory.
???????? 1100100000++ ???????????
OILPHANT WHEN ?????????
Meridian 1/2 Mile+ of NET PAY ?????
[metric] 9/10 Kilometer of NET PAY
fingers crossed !!!!!!!!
Hopefully some of our friends at WSJ, Reuters or DJ can write a nice follow up on us -as our company PR seems to be on permanent vacation,
Hopefully the QUIET period will end soon [hey can you get a message to SEO ??? if so [How bout some PR bud!]
You would think they have a few tidbits for a story
Spoke to Mark last nite - was a close call but him and his family are ok - they are without power I understand
were some scary moments, apparantly the storm was very close to where they were.
again all are fine
Meridian the JDA today Blessed the Release of the CVX news
any idea when they [CVX / JDA] will PR the results !!!
Meridian if true this has to rank in the TOP OIL discoveries of all time
- its crazy how big this sucker is
Come on CVX - Give us the GOODS already
interesting BLOG report
Edmund Daukoru "Possibly more than 1 billion and more than originally thought Obo-1 is not a disappointment"
UPSTREAM JDZ bonus payments due soon
By Upstream staff
THE Joint Development Authority managing the Gulf of Guinea joint development zone between Nigeria and Sao Tome has indicated that all signature bonuses payable for production-sharing licences signed last month will be due by 14 April and that drilling on blocks 2, 3 and 4 should start before the end of the year, writes Barry Morgan.
Also, indications of a "possible billion-barrel find" in its debut wildcat on Block 1 by operator Chevron were cautiously backed by Nigerian Minister of State for Petroleum Resources Edmund Daukoru in Abuja this week.
"Possibly more than 1 billion and more than originally thought Obo-1 is not a disappointment though I am waiting to hear the final result," he said.
--------------------------------------------------------------------------------
06 April 2006 23:01 GMT | last updated: 06 April 2006 23:01 GMT
UPSTREAM JDZ bonus payments due soon
By Upstream staff
THE Joint Development Authority managing the Gulf of Guinea joint development zone between Nigeria and Sao Tome has indicated that all signature bonuses payable for production-sharing licences signed last month will be due by 14 April and that drilling on blocks 2, 3 and 4 should start before the end of the year, writes Barry Morgan.
Also, indications of a "possible billion-barrel find" in its debut wildcat on Block 1 by operator Chevron were cautiously backed by Nigerian Minister of State for Petroleum Resources Edmund Daukoru in Abuja this week.
"Possibly more than 1 billion and more than originally thought Obo-1 is not a disappointment though I am waiting to hear the final result," he said.
--------------------------------------------------------------------------------
06 April 2006 23:01 GMT | last updated: 06 April 2006 23:01 GMT
Meridian this is more like it thanks !!
Posted by: Meridian
In reply to: balance_builder who wrote msg# 38790 Date:4/1/2006 10:07:44 AM
Post #of 39150
nothing changed.
Today's share price should be USD 2-3 and in two years time also USD 2-3.
Value creation is a discrete process. For the next two years not much will happen.
The usd 2-3 includes some expectations as regards the size of the reserves. Let's first drill, wait and see if the expectations are met.
Spec Thnaks for this clarification
Waiting on CVX to Confirm the rumors already
"Fellas, I think Meridian's $2 to $3 dollar...
valuation is based on the original expected reserves in blocks 2, 3 and 4. He's not basing his numbers on a Ghawar sized field. Management's original valuation of ERHE's shares was $2 to $3. The current thought is a "possible" valuation of around $9."
OF NOTE : Completion of the latest JDA round paves the way for Sao Tome to belatedly start licensing acreage in its own Exclusive Economic Zone (EEZ).
Drilling on blocks 2,3 and 4 could get under way later this year.
BL 1 so-called Hercules structure could contain more than 1 billion barrels of oil
Among those set to benefit from the Block 1 find are partners Addax and Houston-based ERHC Energy, which together hold stakes in blocks 2 and 3 and operate Block 4.
Potential Lawsuits in STP EEZ coming
**UPSTREAM NEWS ERHC** MARCH 31
Hopes grow for big catch in Sao Tome
By Upstream staff
Hopes for an oil bonanza are building in the Gulf of Guinea Joint Development Zone (JDZ) managed by Nigeria and Sao Tome&Principe as indications strengthen that Chevron has made a significant discovery in Block 1.
The find comes just after blocks 2, 3 and 4 have been signed up by respective operators Sinopec, Anadarko and Addax Petroleum, which will net the two countries more than $200 million in signature bonuses, payable within a month and split between Abuja and Sao Tome on a 60:40 basis.
Drilling on blocks 2,3 and 4 could get under way later this year.
Chevron and partners ExxonMobil and a tie-up between Dangote, Energy Equity Resources and Afren, agreed a bonus of $123 million in 2003 for Block 1, and the operator aims to post positive results for debut wildcat Obo-1, which was completed this month.
The partners have remained tight-lipped on the details, but multiple sources have suggested the so-called Hercules structure could contain more than 1 billion barrels of oil and at least 1 trillion cubic feet of gas.
A Deutsche Bank report released this week is already touting a $3.2 billion development for Obo, with a 2013 start-up.
Analyst Wood Mackenzie suggested test results may be delayed by ongoing efforts by Chevron to enter Nigerian independent Conoil's neighbouring deep-water Block OPL-257, but the parties have declined to comment.
Among those set to benefit from the Block 1 find are partners Addax and Houston-based ERHC Energy, which together hold stakes in blocks 2 and 3 and operate Block 4.
However, Sao Tome's National Petroleum Agency posted a statement this week indicating that ERHC has lost its preferential and bidding rights to the remaining second-round blocks 5 and 6 after failing to comply with the JDZ Joint Ministerial Council's demands for signing effective joint operating agreements.
Despite intense negotiations by suitors to finalise a production sharing contract for at least one of these blocks, it is understood that the Joint Development Authority (JDA) may consider offering them in a third round, possibly later this year.
Completion of the latest JDA round paves the way for Sao Tome to belatedly start licensing acreage in its own Exclusive Economic Zone (EEZ).
However, discord is again brewing over conflicting claims to preferential rights to EEZ acreage, with ERHC claiming access to two blocks of its choice, and AIM-listed Equator Exploration insisting on similar privileges.
The Sao Tome National Petroleum Agency recently declared on its website that Equator has "acquired two blocks from Petroleum Geo-Services under the option agreement (dating back to) February 2001".
However, ERHC contests the legal basis of this assertion.
Equator also holds a junior equity stake in Sinopec-operated JDZ Block 2.
However, this, along with its EEZ claim, is subject to alternative claims by former ERHC partner Procura Financial.
Upstream understands that lawsuits related to the various claims are being prepared in a move that could further delay exploration and production in both Block 2 and Sao Tome's EEZ.
--------------------------------------------------------------------------------
30 March 2006 23:01 GMT | last updated: 30 March 2006 23:01 GMT
Morning ENERGY Discussion
Let me switch gears for a moment and talk about energy. We have record crude oil inventories and the price is going up. Gasoline inventories are up but so are gasoline prices. Why? For the answer, read the lead editorial in yesterday’s Wall Street Journal entitled “The Gasoline Follies”. If you recall, last summer Congress passed an energy bill. I assume the bill was intended to help either to increase oil supplies or to reduce prices. Of course, it did neither. Gasoline contains an additive called MTBE that serves as an oxygen additive.
However, there are environmental issues with MTBE and producers of the product would have severe liability exposure unless the government, which mandated its use in gasoline in the first place, didn’t provide a liability umbrella. That protection is expiring because Congress couldn’t come to an agreement to extend it or how to deal with the issue when it passed the energy bill last year. So, quite obviously, production of MTBE is grinding to a halt. Congress, still meddling where it doesn’t belong, has mandated ethanol as a replacement. Furthermore, it has mandated the consumption of 7.5 billion gallons of ethanol in gasoline by the end of 2012. It even granted ethanol manufacturers a subsidy of about $0.50 per gallon while providing oil companies huge tax incentives as an offset. Ethanol comes from refining grain and sugars. Of course, the government provides subsidies and price supports to corn and sugar producers with raise the cost of these ingredients.
Are you with me so far?
As it turns out there are a few problems with all this. First, while ethanol production is rising, it isn’t rising fast enough to offset the loss of MTBE production which will go from 1 ½% of the gasoline supply to zero almost overnight when liability protection disappears. In addition, while MTBE can be transported by pipelines like gasoline and crude oil, ethanol cannot. It must be transported by truck or rail and blended at the final terminal destination.
There could be an obvious solution….ethanol imports. Not so fast. Ethanol is subject to a 2.5% tariff and a second duty of $0.54 per gallon. This is done so that we don’t import “cheap” ethanol from Brazil which is cheap because it is not burdened with the costs of price supports and other government add-ons. If you remember back a few months ago, the United States couldn’t come to an agreement on free trade with Central and South America because Brazil wanted these tariffs eliminated as a quid pro quo. We said know. Oil and corn are both produced in red states.
East Coast terminals would be much better served importing ethanol from Brazil that paying to transport it inefficiently from the Gulf Coast. Thus, while we are awash with crude, America may be short of gasoline this summer because of an ethanol shortage and high costs related to subsidies and tax incentives for the producers. The winners will be the oil companies that reap the tax incentives and any domestic ethanol producer that can get capacity up and running. Do you have to guess who the losers are going to be? You’ll answer that question every time you fill up your gas tank.
By the way, I forgot to mention that low-sulfur diesel rules begin to take effect in June. All new large trucks next year will have to run on a new low-sulfur diesel fuel. The trucking companies are going to react by buying as many of this year’s trucks as they can. That will defer the low-sulfur diesel problem by will bloat current capacity. Next year, you won’t want to be in the business of making heavy duty trucks. Of course, refiners will have to make today’s diesel fuel for the old model trucks as well as low-sulfur diesel for the new trucks. That will add to costs and create further bottlenecks.
Dow Jones - Voters in Sao Tome Go to the Polls
SAO TOME, Sao Tome and Principe (AP)--Voters in Sao Tome and Principe cast ballots Sunday in the country's general election.
Though 10 political parties are standing, only two are likely to gain enough votes to win a majority in the 55-seat Parliament and form a government.
Prime Minister Maria do Carmo Silveira and her party, the center-left MLSPT/PSD, currently hold 24 seats.
The main opposition party, the right-of-center MDFM/PCD, has 23 seats. Its main figure is President Fradique de Menezes, who has had a stormy relationship
with the governing party.
About 70,000 people - around half the population of this West African nation
- were registered to vote.
Two small towns, Almeirim and Praia Gamboa, were boycotting the election to protest a poor infrastructure.
Political instability and corruption allegations have contributed to the collapse of four governments in five years and delayed efforts to develop offshore oil reserves in the twin-island nation.
The main parties have vowed to use expected oil revenue to improve infrastructure, especially roads and public energy supplies, and to reform the farming sector, which provides most jobs.
The parties have repeatedly accused each others' officials of misusing public funds and of entering into murky deals with companies in Nigeria, which operates the offshore Joint Development Zone in the oil-rich Gulf of Guinea
with Sao Tome.
Electoral results were expected Monday.
(END) Dow Jones Newswires
03-26-06 0739ET
Copyright (c) 2006 Dow Jones & Company, Inc.
07:39 032606
Dow Jones Chevron, Exxon Eye Big African Oil Discovery
LONDON (Dow Jones)--U.S.-based Chevron (CVX) and Exxon Mobil (XOM) have made an African oil discovery that could hold more than a billion barrels worth of oil and gas, the Business newspaper reports.
The find promises to be one of the largest this year off the shore of the West African State of Sao Tome and Principe.
The Business quotes a source who has seen the drilling results completed on March 15. "It is an encouraging result. Everyone is pleased," the newspaper
reports.
The source added that Chevron and Exxon will meet Tuesday to plan their next moves.
Chevron and Exxon weren't immediately available for comment.
Newspaper Web site: http://www.thebusinessonline.com
-London Bureau, Dow Jones Newswires; +44 (0)20 7842 9320
(END) Dow Jones Newswires
03-26-06 0632ET
Copyright (c) 2006 Dow Jones & Company, Inc.
06:32 032606
ok VERY VERY - here is a bit more good news
a source [not AMS-LOL] tells me ADDAX is "trying" for a SUMMER drill slot
- fingers crossed !!
NICE Find WD http://www.marketwatch.com Front Page scroll down to Latest News ....
4:15 AM ET 3/26/06 [CVX, XOM] CHEVRON, EXXON DISCOVERY MAY HAVE OVER 1B BBL: THE BUSINESS
Balance Great News - the "chatter" on this find has been intense for 2 months now and we are now seeing more confirmation of this - with the JDZ BILLION BBLS now in print -
As this is MAJOR and FAR REACHING news I would assume financial and oil industry researchers, analysts & reporters will uncover many more "Sources" prior to the official JDA/CVX release
all will help our PPS - BTW any weakness in our PPS has been met with swift buying ever since CVX started drilling - recall the Feb 24 signing fiasco - fell to .62 and rebounded to .80
funny ERHC management had the vision in 1997 to aggressively seek this opportunity out when no one else would
They knew 10 years ago STP was LOADED with OIL
STP will be forever changed -
Hoping ERHC shareholders will too according to UMBRA "VERY WEALTHY" sounds good - bring it on
Can someone Google the REUTERS authors who reported the PSC contract news
Camillus Eboh & Tom Ashby
I couldn't find their E mail
Perhaps they may be interested in a follow up on the big news
Chevron and Exxon strike it big in Africa
http://www.thebusinessonline.com/
US giants Chevron and Exxon Mobil have made an African oil discovery that could hold more than a billion barrels worth of oil and gas.
Great Article today - 1 Billion and counting
assume this is the first of many news stories
We are on our way
UMBRA -- Thx But HOW WEALTHY 2x 3x 10x
WSJ RESPONSE
RUBY
Thanks again for the feedback on the story and sorry for the delay in getting back to you. I'm traveling. As you can imagine I've been flooded with like-minded emails from other ERHC investors.
I stand by the story of course and I think it presents a fair picture of the state of play so far. But you're right, there's great potential for a follow-up and I plan on keeping an eye out for developments.
Chip Cummins, The Wall Street Journal, London Bureau,
Perhaps that story will PROMPT CXV to release the results !!!!!!!!!!!
Every CVX analyst will be glued to the screen for news !!!
and you can Bet the CVX friendly analysts who have contact with the company will call their sources to see whats UP
Cant wait to see the expression when they discover the majority of the discovery may lie at the BL 2 border or better YET IN BLOCK 2
Chip, Wall Street Journal
Chip.Cummins@wsj.com
UK cell: +44 780 886 1097
Great follow up story on W.African oil,
however I take issue you failed to mention the Sao Tome Attorney General’s Report was COMPLETELY REJECTED by the Sao Tome & Nigerian Oil Ministers [JMC]
See http://www.nigeriasaotomejda.com/ And click the first Press Release
Chip another great follow up may be the latest developments from ERHC Energy -
3 JDZ Contracts with Sinopec / Addax and Anadarko FREE FULL CARRY Ave. 20% of 3 prime blocks
See http://www.erhc.com/SECFilings.htm latest 8K
When Chevron announces the results would you consider a follow up ????
Kind Regards
Ruby
WSJ / reader
KUXE so if Total Drilled in 1,970 meters of water to a total depth of 3,370 meters, the Aurige Nord Marine 1 exploration well tested at 4,970 barrels of oil per day.
4,970 / day
1,814,050 / year
THIS IS A BIG FIND ???????????
Homeport Please explain a bit more "Despite possible confusion over implementation of the new law, I'm very pleased to see the debate. Looks to me like politicians are going to have a harder time syphoning off oil monies in the islands than elsewhere in Africa."
for the record at least they are arguing about the monies coming in vs. arguing about giving erhc it's rights !!!
MORE MONEY OF OIL FOR S.T.P possible re-post
17.03.2006-J.Vitrina-(S.Tomé) S. Tomé and Prince is going to insert us near days more of 28 millions of resultant dollars of the bónus of signature of adjudication of the oil-producing blocks 2,3 and 4 of the zone of joint exploitation with the Nigeria. The signature of the output share contract of these two blocks happened this Wednesday in Abuja in the Nigeria. The bónus of signature of these three blocks is set in 200 millions of dollars. Of the block two evaluated in 70 millions of dollars the Nigeria stayed with 42,6 millions, S. Tomé and Prince with 7,1 millions and to ERHC with 21 millions of dollars.
The block three was set in 40 millions being 24 millions for the Nigeria, 8 millions for S. Tomé and Prince and also 8 for the ERHC.
As regards the block four evaluated in 90 millions the Nigeria stayed with 54 millions, S.Tomé and Prince with 13,5 millions and to ERHC with 22,5 millions.
Distribution made in the proportion of 60 percent for the Nigeria and 40 for S.Tomé and Prince. Alone that the country see obliged it divide to his part with the ERHC according to the commitments established previously, fruit of the inexperience of the archipelago in these “leads” oil-producing.
What does with that of the three blocks the country entrance 28,6 millions of dollars.
The consortiums have now thirty days for pay the respective one bónus of signature and should initiate the drillings to the long one of the near four years.
21.03.2006-J.Vitrina-(S.Tomé) In The last session of the assembleia national that approved the general budget of the state, the representatives authorized the government it utilize 15 millions of dollars of the backup of the oil for expenses with the public investment. The matter went this of of denounced during the campaign for the legislative elections of 26 of March by the coalition Uê Quedaji, that appeals the president of the republic for do not ratify the decision taken by the assembleia national.
The leader of the coalition, Snow and Hisses to say this Sunday that “is not possible, in the eves of the elections to assembleia national give guarantee for the utilization of this budget to a government that is not going to continue in the governing after the elections”.
It hisses to say even if even when the country was affected gravelly by the rage was not utilized the bottom of the backup of the oil, by what “itself the president avalizar this operation is an against census. If had a natural catastrophe.
For Snow and Hisses treats-itself of an attack against the general budget of the state “to assembleia national made an error that is going to correct and the president of the republic cannot ratify that decision”.
However, in a notice of press the government desmente the leader of the coalition Uê Quedaji affirming that the budget was approved by the assembleia national but still was not promulgated by the leader of state.
To prime minister and leader of the government, Maria of the Carmo Silveira considered false the statements of Snow and Hisses, underlining that “even after published the budget, the transference of the 15 millions of alone dollars will be fixed after fulfilled the lawful formalities, or be, it collect of the signatures, included the of the president of the republica”. That want to say – explains still Maria of the Carmo Silveira – that is not possible that the money be transfered for the bill of the treasure before of the end of the month of April, at best”.
The prime minister reveals even if with the request of utilization of 15 millions of the national bottom of the oil the government so is only going to guarantee the normal operation of the state, avoiding the paralysis of the administration publishes, to the normal operation of the news I govern that leave of the elections.
“The country need a budget because is going to guarantee the payment of the salaries of the public members of staff, of the transferences for the students, the evacuation of patients, between others that cannot be postponed”concluded to prime minister in the notice of press read for the organs of the social communication. M. Clays
Signature for more JDZ blocks
by Barry Morgan Upstream
More blocks in the Nigeria & Sao Tome Joint Development Zone have finally been signed this week.
The production sharing contract for Block-3 was confirmed with Anadarko Petroleum while the Addax Petroleum and ERHC Energy tie-up took operatorship of Block 4.
Earlier fears that Nigerian player Conoil might not sign up a deal on Block 4, in which the Joint Operating Agreement (JOA) remained incomplete, while arguments raged over the final equity breakdown, turned out to be misplaced.
It is understood that the Joint Development Authority (JDA) was eventually persuaded that Conoil had in the interim acquired the entirety of fellow independent Godsonic Oil&Gas' stake and consequently allowed the deal to go forward.
Sinopec has now completed the process of getting Beijing to approve its operatorship of Block 2, where it also teamed up with ERHC Energy.
That approval then meant that Sinopec and ERHC were able to sign a PSC with Nigeria and Sao Tome for Block 2 on Wednesday.
It is understood that the remaining blocks, 5 and 6, offered under the JDA's second licensing round, may take a little longer as a UK explorer is understood to be negotiating a stake in one of the licences.
--------------------------------------------------------------------------------
20 March 2006 11:25 GMT | last updated: 20 March 2006 13:10 GMT
Off TOPIC REUTERS Chevron in Nigeria
Chevron gives up Nigerian oil exploration block
ABUJA, March 20 (Reuters) - U.S. oil major Chevron <CVX.N>
and its partners in Nigerian deep-water oil exploration block
250 have agreed to relinquish the acreage after failing to find
commercial quantities of oil, Chevron said on Monday.
Oil Prospecting Lease (OPL) 250 was hotly contested in a
Nigerian exploration licensing round in 2000 as it was thought
to be one of the more promising blocks on offer. Chevron and
Royal Dutch Shell <RDSa.L> battled hard for control of the block
before agreeing to be partners in the venture.
The firms' withdrawal from the block is a blow for Nigeria,
which hopes to boost its 2.4 million barrels per day crude oil
output thanks to deep-water production. Companies are also
looking to offshore blocks as safer to operate than the onshore
or shallow water oilfields in the volatile Niger Delta.
A quarter of Nigerian oil production is currently shut down
because of a series of militant attacks on oil sector
infrastructure in the Niger Delta.
"Chevron, along with its partners in OPL 250, have decided
to relinquish their holdings in the block," the company said in
a statement sent to Reuters on Monday.
"The unanimous decision follows the evaluation and
interpretation of exploration data collected from the field,
including results from drilled exploratory wells," it said.
Chevron and its partners Shell, Petrobras <PER.BA> and
ConocoPhillips <COP.N> had signed a production sharing contract
in 2001 for OPL 250 with state firm Nigerian National Petroleum
Corporation (NNPC).
Chevron said NNPC had been notified of the partners'
decision to relinquish the block.
The award of block 250 to Chevron as operator, in Dec. 2000,
caused controversy at the time because Shell had bid $200
million for the block, compared with Chevron's $60 million.
Nigeria said the choice of Chevron was in line with policy
considerations and the government's higher weighting of
technical ability over financial value.
(c) Reuters 2006. All rights reserved. Republication or redistribution of
Reuters content, including by caching, framing or similar means, is
expressly prohibited without the prior written consent of Reuters. Reuters
and the Reuters sphere logo are registered trademarks and trademarks of
the Reuters group of companies around the world.
20Mar06 12:28 GMT
Symbols:
ar;PECO ch;RDSA de;CHV de;CHVF de;CHVS de;CHVX de;R6CA de;R6CAF gb;RDSA
nl;CHV nl;RDSA us;COP us;CVX us;RYDA
Source RTRS Reuters News
BadDog specifically I meant once Chevron Announces BL 1
and the confirms i.e. 10-20-30 JDZ Billion perhaps even more in the zone as the Chatter on this board is indicating ALOT
also indicated by Dr. D today that hydrocarbons exist in multiple blocks [he WASN'T SPECIFIC]
my point was EVEN WITHOUT DIRECT DRILLING in 2,3,4, how much of the Speculation of oil in 2,3,4 would drive in new investors and would that be enough to attract more buying
or would the big money want to see specific drill results in our blocks
I assume yes
thanks - oh well XOM's loss
I was impressed to hear Dr D speak of a big find in not only BL 1 but OTHER BLOCKS
Assume BL 2 and perhaps 3,4 as been indicated here on the CHATTER Express and as they were the most sought after
looking for more evidence, Chevron confirmation and media coverage on this find - which if Dr. D is hinting at a VERY POSITIVE DEVELOPMENT for Nigeria and STP
most of all looking after announced for BUYING of oil Speculators who can put 2+2 together
something many of us here have done for years