In Africa, Refinable Oil Draws Interest from West and China
By Ashenafi Abedje
Washington, DC
14 June 2006


As instability in the Middle East threatens energy security, Western countries are increasingly turning to west and central Africa. The region stretching from the Gulf of Guinea to Sudan produces high-quality, easily refinable oil. This, and the gradual discovery of new oil fields, could bring the biggest influx of income in the continent's history. It also raises concerns that oil transactions will help prop up corrupt regimes and increase poverty.

Sam Okoroafo is professor of marketing and international business at the University of Toledo in the US Midwestern city Toledo, Ohio. English to Africa reporter Ashenafi Abedje asked him how he views the West’s growing interest in Africa’s oil.

“On balance, I probably think it’s a good thing whenever there is that kind of interest that will translate to investments. That’s tangible assets, immovable assets, that’s going to be beneficial. So it’s on balance, I think a good thing.”

Professor Okoroafo discussed the fears of heightened levels of corruption that are typically associated with oil-fed economies. “Definitely, once you have corruption, all bets are off. It will mitigate any kind of benefits, one expects. I refer to the Chad-Exxon-World Bank deal, which was set up in such a way [as] to mitigate corruption. But if you look at Transparency International’s ranking of corrupt nations, Chad is right at the bottom, worldwide. So that doesn’t seem to have alleviated corruption. So corruption, yeah, it’s a problem. And it’s easy money, oil is easy money and breeds corruption.”

Okoroafo said Africa’s participation in oil markets will enhance the continent’s stature “somewhat” on a global scale. “I’m not sure that the kind of numbers we’re looking at as far as oil production from Africa is really substantial, in any way comparable to what you have in the Middle East. But, yeah, it will obviously focus attention on Africa. Already it’s done that. We have Western interest; we have the Chinese going in, looking into investments in Africa in oil and in other areas. So it will enhance Africa’s prestige and interest in Africa in general.”

The professor commented on the parallels between US and Chinese involvement in Africa and whether one nation provides more benefits to the continent. “That’s tough to say. I see some of the same parallels. If you look at what the Chinese are doing, yes, they’re going in, investing and looking for oil. They’re doing some social investments, also. But they have also been engaged in military type transactions, which is definitely not in Africa’s interest. Those are the same MO [methods of operation] that the West has used. I think the Chinese are pretty much following the script of the West. I really can’t say one is better than the other, at this point.”

Let us know what you think of this report and other stories on our website. Send your views to AFRICA@VOANEWS.COM, and include your phone number. Or, call us here in Washington, DC at (202) 205-9942. After you hear the VOA identification, press 30 to leave a message. We want to hear what you have to say!

http://www.voanews.com/english/Africa/2006-06-14-voa40.cfm

06/09/06 15:43:29 0.46 0.455 0.46 5000
06/09/06 15:43:57 0.46 0.455 0.46 3260
06/09/06 15:45:10 0.46 0.455 0.46 15000
06/09/06 15:55:20 0.46 0.455 0.46 4300
06/09/06 15:58:59 0.46 0.455 0.46 5000
06/09/06 15:59:02 0.46 0.455 0.47 0
06/09/06 15:59:03 0.46 0.46 0.47 0
06/09/06 16:00:17 0.47 0.46 0.47 5000
06/09/06 16:00:18 0.47 0.46 0.47 5000
06/09/06 16:00:20 0.47 0.46 0.47 5000
06/09/06 16:00:25 0.47 0.46 0.47 10000
06/09/06 16:00:28 0.465 0.46 0.47 2000
06/09/06 16:01:08 0.47 0.46 0.47 50000

http://www.africaintelligence.com/

Sao Tome mentioned,
Nigeria’s post independence oil earnings hit $600billion mark

Adeyeye Joseph

Nigeria’s total earnings from crude oil sales in the last 45 years have been put at $600 billion by a recent report published by the African Development Bank. The report also says that Nigeria imports 70 per cent of her domestic fuel requirement despite being the world’s sixth largest producer of crude oil.

“In Nigeria, which has reaped an estimated US$600 billion in oil revenue since 1960, 70 per cent of the people live on less than a dollar a day. Notwithstanding its wealth of oil reserves, Nigeria is forced to import about 70 percent of its oil products,” the report says.

These findings were contained in a paper, “Ways of Using the African Oil Boom for Sustainable Development,” produced for the ADB working paper series by a staff of the Federal Republic of Germany’s Ministry for Economic Cooperation and Development, Mr. Geerd Wurthmann.

The paper, which main aim was to proffer sustainable ways of managing Africa’s oil wealth, also contained insightful statistics and information on the continent’s oil reserves. “The largest oil producer in sub-Saharan Africa is Nigeria, with an estimated production volume of 2.7 million barrel/day. This makes it the world’s sixth largest producer. Production is expected to rise to 4 million barrel/day by 2010. Projections suggest that national oil revenues will be at least 30 per cent higher in 2008 than they were in 2005, even after allowing for a downturn in world prices,” the report says.

Did Nigeria truly earn this much in 45 years? The General Manager, Group Public Affairs Department of the Nigerian National Petroleum Corporation, Dr. Livi Ajunoma, says he isn’t sure the country did, but he adds that earnings from crude oil is huge.

“I have no idea about figures. I am not the right person to talk to when it comes to figures. But I know that in June we will be marking 50 years of the discovery of oil in Nigeria. But I know that we have earned a lot from oil; we have earned a great deal of money from oil,” he says.

Some scholars have dubbed the discovery of oil in some African countries a curse, rather than a blessing. According to these experts, the discovery of oil has led to the neglect of other revenue generating avenues, mismanagement, under-development and corruption in many oil-producing states.

In Africa, in particular, the report says it has given rise to, “a rent-seeking mentality”. Other ills induced by the discovery of oil, according to the report, are the neglect of agriculture, impoverishment, low tax ratios, high consumption expenditures on imported goods, environmental degradation, violent conflicts and the encouragement of separatist movements, such as Biafra in Nigeria and Cabinda in Angola. “Political decision-makers may focus on distributing the income on the basis of private interests and not so much on putting it to use for productive development purposes,” the report says.

The report says Sub-Saharan Africa, which is considered the fastest-growing oil-producing region worldwide, is a region that needs to manage its oil wealth well. “In Angola, new evidence from IMF documents and elsewhere confirm previous allegations made by Global Witness that over US$1billion per year of the country’s oil revenues – about a quarter of the state’s yearly income – has gone unaccounted for since 1996. Global Witness (2004) also points out that the Democratic Republic of Congo has been treated like a colony by the French state oil company Elf Aquitaine (now Total). The government is bought, payment flows from oil production are not published, and none of the profits reach the government budget,” the report says.

The report advises countries like Sao Tomé and Principé, which just joined the group of African oil producing nations to guard against making the mistakes of Nigeria and others. “Sao Tomé and Principé oil sector and its overall national governing system operate very much in the shadow of Nigerian influence. It is unknown how much offshore oil wealth Sao Tomé and Principé possesses: estimates vary between 4 and 10 billion barrels. Regardless of what the actual level turns out to be, the country will remain a coir target of adventurers, and the management of wealth streams will remain a formidable internal challenge,” the report says.

The report lauds the new international initiatives (Nigeria is an active participant in these) to curb corruption in the oil industry. Some of these initiatives include, the Transparency Initiative, the Publish What You Pay campaign and the Publish What You Earn programme. It says that policymakers should actively work for the establishment of regulations for payment flow disclosure and the prioritisation of development goals.

“Another oil-related income source that must be disclosed is the government’s commercial borrowing backed by future oil revenue. This form of financing is a popular means of all Kleptocratic elites to get hold of financial resources within the period of their being in government., For instance, the Angolan government’s share in oil production over the next three to five years has largely been tied up for interest payments on past borrowings,” the report says.

THE PUNCH, Thursday May 25, 2006

OT OT REUTERS UPDATE 1-U.S. Rep. Jefferson refuses to give up panel seat [GBSWZKQ]

(Adds Jefferson filing, Pelosi/Hastert statement, law enforcement official)

By Andy Sullivan

WASHINGTON, May 24 (Reuters) - A Democratic lawmaker under investigation in a bribery scandal said on Wednesday he would not comply with his party leader's request to resign his position on an influential tax-writing committee.

Louisiana Rep. William Jefferson rejected a request by House of Representatives Minority Leader Nancy Pelosi to step down from the Ways and Means Committee while the Justice Department investigates whether he took more than $400,000 in bribes to promote Internet technology in west Africa.

The intraparty spat poses problems for Democrats, who have made Republican corruption scandals a central theme of their campaign to take back control of Congress in the November elections.

At the same time, the investigation has united House leaders of both parties who say the FBI's weekend raid of Jefferson's congressional office violates constitutional protections that shield lawmakers from executive-branch harassment.

Pelosi and House Speaker Dennis Hastert, an Illinois Republican, issued a joint statement urging the Justice Department to give back material seized in the raid.

"The Justice Department must immediately return the papers it unconstitutionally seized," the joint statement said.

Separately, Jefferson's lawyer asked the judge who approved the search to order the FBI to return the computer hard drive and two boxes of papers that they took from his office.

UNRELATED WORK

Jefferson told Pelosi that his work on the Ways and Means Committee is unrelated to the bribery investigation.

"I will not give up a committee assignment that is so vital to New Orleans at this crucial time for any uncertain political strategy," Jefferson said in a letter.

Jefferson said his committee post has enabled him to secure funds for his New Orleans-based district after it was devastated by Hurricane Katrina last year.

Jefferson cannot be forcibly removed from the Ways and Means committee without a vote of the full House, according to Pelosi spokeswoman Jennifer Crider.

Pelosi, of California, did not answer reporters' questions about whether a vote on Jefferson would take place.

The investigation of Jefferson has been known to the public since last August, when the FBI raided his homes in Washington and New Orleans. Two former associates have pleaded guilty to bribery charges, and the FBI disclosed on Sunday that it has videotaped Jefferson accepting bribe money and has found $90,000 in cash in his freezer.

Hastert has complained to President George W. Bush several times this week to discuss the raid, which lawmakers say violates the "speech and debate" clause of the Constitution.

A U.S. law enforcement official speaking on condition of anonymity said that clause only covers lawful actions, not suspected criminal activity.

The Justice Department hopes to resolve congressional concerns about the raid, spokeswoman Tasia Scolinos said, but added that "we have made extensive efforts since last August to obtain this important information through other means and were unable to do so."

(Additional reporting by James Vicini)

(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. 24May06 19:43 GMT
Source RTRS Reuters News
Categories: AFE APL CRIM DBT ELC IDS/TEXT INTEREST/ABN INTEREST/C INTEREST/D INTEREST/E INTEREST/G INTEREST/GRO INTEREST/M INTEREST/MNI INTEREST/MTL INTEREST/O INTEREST/OIL INTEREST/PGE INTEREST/RBN INTEREST/RNP INTEREST/SOF INTEREST/U JUDIC LA1 LAW MCE MUNI NG PKG/TDWPS PKG/USMKT POL TAX US WASH WWW MST/E/MKT MST/F/DBT MST/F/MKT MST/F/MUN MST/G/EXE MST/G/JUS MST/G/POL MST/G/TAX MST/G/TRE MST/I MST/I/CMT MST/I/CSE MST/I/CSV MST/I/ELQ MST/I/HPL MST/I/HPR MST/I/LAW MST/I/NET MST/I/SVC MST/I/TEL MST/L/EN MST/R/AFR MST/R/G7 MST/R/NG MST/R/NME MST/R/OPEC MST/R/US TGT/RON

News!!!

The Bellwether Report Updates Investors on
ERHC Energy Inc

M2 Communications via COMTEX


May 23, 2006 3:19:32 AM

May 23, 2006 (M2 PRESSWIRE via COMTEX News Network) --

ERHC Energy Inc (OTCBB:ERHE), is a company that our research team
will be tracking over the ensuing weeks. They recently came out with
a significant corporate development, causing a market stir. The BWR
Research Team will continue to bring its subscribers cutting edge
research tools, and second to none customer service.

ERHC Energy Inc a Business Development Company who invests in other
companies that acquire, develop, produce, explore, and sell oil and
gas a couple of Months ago announced that the number of members on
the board of directors was increased from five to seven.

Two new directors, Clement Nwizubo, CPA and Franklin Ihekwoaba, CPA
were appointed to fill the vacancies resulting from the increase.
Mr. Nwizubo shall serve as a non-executive director while Mr.
Ihekwoaba shall be an executive director.

The audit committee of the Company, made up of Walter Brandhuber and
Nicolae Luca, both not being independent directors within the
meaning of the regulations, was dissolved and a new audit committee
constituted. The new audit committee is made up of the Howard Jeter,
Andrew Uzoigwe and Clement Nwizubo. Mr. Nwizubo, being a person
qualified to be audit committee chairman and financial expert was
appointed the chairman and financial expert of audit committee.

A new executive position of "Vice President (Finance)" was created
in the Company's executive structure to subsume and replace the
current position and title of "Chief Financial Officer." The holder
of the new position of Vice President (Finance) shall be the chief
financial and principal accounting officer as well as treasurer of
the Company. The holder of the new position shall be a member of the
board.

Mr. Ike Okpala, the holder of the defunct position and title
of "Chief Financial Officer" resigned from the position immediately
before its vacation by the board and was re-assigned to the
Company's imminent operations in the Nigeria - Sao Tome & Principe
Joint Development Zone ("JDZ"). Mr. Franklin Ihekwoaba was appointed
the Vice President (Finance) of the Company, in which capacity he
becomes the chief financial and principal accounting officer as well
as the treasurer of the Company.

Earlier this morning, the company reported that its current focus is
to exploit its only assets, which are rights to working interests in
exploration acreage in the JDZ and the EEZ. The Company has entered
into agreements with upstream oil and gas companies to jointly
negotiate production sharing contracts in these JDZ Blocks. The
technical and operational expertise in conducting exploration
operations will be provided by the Company's co-ventures.

During the three months ended March 31, 2006, the Company had net
income of $26,061,664, compared with a net loss of $821,359 for the
three months ended March 31, 2005. The primary reason for the
$26,883,023 improvement in net income for the three months ended
March 31, 2006 is a $30,102,250 net gain from the sale of
participation interests in the three JDZ Blocks under production
sharing contracts with various joint venture partners. Interest
expense decreased by $100,090 due to the conversion of substantially
all debt to equity in the quarter ended March 31, 2005. General and
administrative expenses increased by $746,703 for the three months
ended March 31, 2006 as compared to the three months ended March 31,
2005 primarily due to $616,195 in consulting charges in the period
for the fair value calculation of options issued to consultants.

During the six months ended March 31, 2006, the Company had net
income of $24,832,680, compared with a net loss of $7,942,427 for
the six months ended March 31, 2005. General and administrative
expenses increased by $1,306,260 for the six months ended March 31,
2006 as compared to the six months ended March 31, 2005 primarily
due to $616,195 in consulting charges in the period for the fair
value calculation of options issued to consultants and due to
increased legal and professional services related to the Company's
negotiation of production sharing contracts.

Following this announcement, shares of this company enjoyed a bit of
a pop as investors jumped into this company driving volume up close
to a million shares. At its current $0.63, this could be a great
trading opportunity as they continue to focus on future growth and
expansion, which should lead towards strong shareholder value. Up
just over 3%, the BWR Research Team will continue to follow this
company in anticipation of a strong future.

To review research on small cap companies like ERHC Energy Inc as
well as many more exciting articles we encourage you to visit
www.bellwetherreport.com. You can find these reports under
the "Today's Articles" section. No credit Card Needed!!

The Bellwether Report will continue to research all of the markets
to bring you exciting opportunities!! If you are interested in
receiving more information on these small or large cap opportunities
as well as other features of our site, feel free to sign up for a
complimentary subscription to the #1 online investment tool
www.bellwetherreport.com.

Companies looking to advertise with Bellwether Report should email
jlee@bellwetherreport.com with the subject line (Advertising).

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.

Bellwether's affiliates, officers, directors and employees may also
have bought or may buy the shares discussed in this opinion and may
profit in the event those shares rise in value.

Bellwether will not advise as to when it decides to sell and does
not and will not offer any opinion as to when others should sell;
each investor must make that decision based on his or her judgment
of the market.

This release contains "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E the Securities Exchange Act of 1934, as amended and
such forward-looking statements are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of
1995. "Forward-looking statements" describe future expectations,
plans, results, or strategies and are generally preceded by words
such as "may", "future", "plan" or "planned", "will"
or "should", "expected," "anticipates", "draft", "eventually"
or "projected". You are cautioned that such statements are subject
to a multitude of risks and uncertainties that could cause future
circumstances, events, or results to differ materially from those
projected in the forward-looking statements, including the risks
that actual results may differ materially from those projected in
the forward-looking statements as a result of various factors, and
other risks identified in a companies' annual report on Form 10-K or
10-KSB and other filings made by such company with the Securities
and Exchange Commission.

Here Here Kobi good post! eom

Strat that will definitely be the best case senerio!

Soaring gas prices? Don't blame the oil companies

Wednesday, May 10, 2006


Beth Cody

Writers' Group


ADVERTISEMENT




Why exactly are gas prices so high? Are the big oil companies "gouging" us? Is there anything the government can do to help consumers? The issues are complex, but libertarians have the answers.

The price of gasoline, like the price of anything in a free market, is determined by supply and demand. This common sense is often forgotten, however, when politicians begin posturing. Many people blame the oil companies and their "outrageous profits," and politicians threaten "windfall taxes" and price gouging investigations.

It is true that the oil companies have profited from recent high gas prices, although Exxon's profit margin, at 10.7 percent, compares poorly to Yahoo's 45.5 percent. And returns in the oil industry over the last 20 years have been less than average, according to the Cato Institute. Gas companies make only about 8 cents per gallon of gas after expenses. Compare that to the nearly 40 cents you pay per gallon in Federal and Iowa taxes.

And when we grumble about "big oil" profits, who exactly do we mean? A company is really just the shareholders, who are mostly mutual funds. Since over half of U.S. households have pensions or 401k plans invested in mutual funds, the real owners of the oil companies are your neighbors. It's easy to find scapegoats for problems, but "big oil" isn't to blame here.

The oil companies don't cause high prices. They are caused by higher demand for gasoline, and not enough supply to meet that demand.

Higher demand comes from the world market for oil. Urging us to conserve energy has little result -- when we want to drive somewhere or turn up the heat, that's what we'll do and it's rightly our own choice. The only thing that will increase our desire to conserve is higher prices. We could carpool, ride bikes, take the bus, trade our SUVs for hybrid cars or move closer to where we work, but all those options are inconvenient. So demand continues to grow and prices rise.

Demand has been slowly growing for decades, however. Why then did prices rise so quickly?

Because of the supply side of the equation. Commodity speculators, who are the real price-setters, believe that oil supply may face disruptions due to the war in the Middle East and political turmoil in Nigeria and Iran. The speculators set the price through their bets in the commodities spot markets that oil prices will rise or fall. The oil companies sell gas to the stations at prices based on those commodity market prices.

So is it the evil speculators' fault that prices are high? No, it's the underlying world situation and our interventionist foreign policy that are causing prices to rise, as they should.

So what about the charges that consumers are being "gouged?" Price gouging is defined by some as charging "excessive" prices, especially during an emergency. But as long as more than one company exists, they will compete to sell at cheaper prices than each other. Talk of "gouging" is merely political fear-mongering.

So what, if anything, can the government do to help us? Well, the worst thing would be for the government to try to dictate the price of gasoline. Price caps led to very long lines at gas stations in the 1970s, because sane business people don't sell at a loss.

An idea almost as bad is threatening to impose special "windfall" taxes on oil producers. The goal should be to encourage more supply, to lower prices. Who would invest money in an industry with even higher taxes than other industries? U.S. supply would decrease, not increase.

Also, it is not the government's business to meddle in the development of alternative fuels. The federal government's heavy-handed attempts to encourage the use of ethanol instead of MTBE are great news for Iowa agri-business, but will cause fuel prices to rise even more, especially on the coasts, and will cost taxpayers billions in subsidies. Alternative fuels will sell themselves when they become cheaper and better than gasoline.

Something good the government could do is to eliminate gasoline taxes and subsidies. Consumers would pay less and companies would profit more at the same time, thereby encouraging more production and even lower prices. Big government needs to get out of the way and let the libertarian free market determine the price we pay at the pump.


Beth Cody lives in Iowa City and owns a small business in Coralville. She is a member of the Writers' Group, a corps of local residents who write regular opinion columns for the Press-Citizen.


Let us know what you think of this story...

http://www.press-citizen.com/apps/pbcs.dll/article?AID=/20060510/OPINION01/605100311/1018/OPINION

OT: This is what "fluff" pr's do to a company,




Press Release Source: Scott + Scott, LLC


Scott+Scott, LLC Files Class Action Lawsuit Against GlobeTel Communications Corp. on Behalf of Investors
Tuesday May 9, 4:56 pm ET


COLCHESTER, Conn., May 9, 2006 (PRIMEZONE) -- On May 9, 2006, Scott+Scott, LLC filed a class action lawsuit in the U.S. District Court for the Southern District of Florida against GlobeTel Communications Corp. (``GlobeTel' or the ``Company') (AMEX:GTE - News) and certain officers on behalf of GlobeTel securities purchasers during the period December 22, 2005 through April 11, 2006, inclusive (the ``Class Period'), for securities law violations. GlobeTel provides an integrated suite of telecommunications services. The complaint alleges that during the Class Period defendants made false and misleading statements regarding the Company's $600 million deal with Moscow-based LLC Internafta to provide internet services in Russia. As a result, the Company's stock price was artificially inflated, thereby harming Class Period investors.
If you purchased GlobeTel securities during the Class Period and wish to serve as a lead plaintiff in the action, you must move the Court no later than June 27, 2006. Any purported class member may move the Court to serve as lead plaintiff through counsel of its choice, or may choose to do nothing and remain an absent class member. If you wish to discuss this action or have questions concerning this notice or your rights, please contact Scott+Scott partner David R. Scott (drscott@scott-scott.com, 800/404-7770, 860/537-5537) or visit the Scott+Scott website, http://www.scott-scott.com, for more information. There is no cost or fee to you.

ADVERTISEMENT


Throughout the Class Period, the complaint alleges, defendants publicly touted the $600 million joint venture with Internafta to install wireless networks in Russia's 30 largest cities. The Company announced the ``binding agreement' in a December 30, 2005 press release. CEO Tim Huff stated: ``This presents an amazing opportunity for us, for Russia and for our Russian partners. The Russian Internet market is severely limited by a lack of infrastructure and by the high cost to individual users of obtaining high speed internet access, even in those relatively rare cases where it is available. The GlobeTel Wireless network will provide city-wide high speed, wireless connectivity . . .' On this news, GlobeTel's stock price surged from $2.19 to $3.68 per share, an increase of over 75%, on extremely heavy trading volume.

According to the lawsuit, however, the deal in reality was a sham. The complaint alleges that almost immediately after the deal's announcement, in January 2006, Internafta failed to pay GlobeTel the first $150 million installment required under the joint venture agreement. Over the coming months, Internafta repeatedly failed to meet the agreement's payment deadlines. On April 11, 2006, The Motley Fool published a shocking report, revealing that the Company's joint venture with Internafta lacked any real sense of credibility. With this news, the Company's stock price plunged 15%, on unusually high trading volume, falling to $1.78 per share.

The plaintiff is represented by Scott+Scott, a firm with significant experience in prosecuting investor class actions. The firm dedicates itself to client communication and satisfaction and currently is litigating major securities, antitrust and employee retirement plan actions throughout the United States. The firm represents pension funds, charities, foundations, individuals and other entities worldwide.

More information on this and other class actions can be found on the Class Action Newsline at http://www.primezone.com/ca



Contact:
Scott+Scott
David R. Scott
(800) 404-7770
(860) 537-5537
drscott@scott-scott.com


--------------------------------------------------------------------------------
Source: Scott + Scott, LLC

DJ ERHC Energy Says Texas Court Issues Search Warrant To Co

05/05/2006
Dow Jones News Services
(Copyright © 2006 Dow Jones & Company, Inc.)



WASHINGTON (Dow Jones)--ERHC Energy Inc. (ERHE) disclosed Friday
that it received a search warrant from a Texas court seeking
information related to the company's relationships in Sao Tome and
Nigeria.

According to a document filed by the independent oil and gas company
with the Securities and Exchange Commission, the U.S. District Court
of the Southern District of Texas, Houston Division, executed the
search warrant Thursday.

ERHC, based in Houston, said the court sought various records
including documents related to correspondence with foreign
governmental officials or entities.

The company said it cooperated fully with the government regarding
this matter.

The filing didn't provide further information.

According to a Wall Street Journal article in March, Sao Tome's
attorney general singled out ERHC for special scrutiny in an
investigation, alleging it may have provided bribes to hold on to
longstanding exploration rights it won in the late 1990s.

Sao Tome's attorney general forwarded the report to Nigerian
authorities and to the SEC and the U.S. Justice Department.

ERHC shares trade on the OTC Bulletin Board, but its majority
shareholder is a Nigerian oil concern.

-By Chad Clinton, Dow Jones Newswires; 202-862-1349;
chad.clinton@dowjones.com


(END) Dow Jones Newswires

nice post oilphant! eom

Thanks rocky. eom

red is this it


Knock Adoon sails for Nigeria

By Upstream staff


Norwegian floater specialist Fred Olsen Production’s Knock Adoon floating production, storage and offloading vessel is on its way from Dubai Drydocks to Addax Petroleum’s Antan complex in OML 123 off Nigeria.

The FPSO, which is capable of processing up to 60,000 barrels of oil per day and storing 1.7 million barrels of oil, will replace the smaller Knock Taggart FPSO. Knock Adoon has total liquids handling capacity of about 140,000 bpd.


Addax has chartered the vessel for an initial eight-year period with options for extensions.


--------------------------------------------------------------------------------
26 April 2006 07:11 GMT | last updated: 26 April 2006 07:20 GMT

History on erhe a good read!





http://web.archive.org/web/19980704044550/www.erhc.com/overview/3drstpjv.htm

CNOOC Speeds Up Offshore Exploration
by Jianguo Jiang and Wing-Gar Cheng Bloomberg News International Herald Tribune Thursday, April 20, 2006


CNOOC, China's biggest offshore oil and gas producer, plans to invest 100 billion yuan in the next five years, speeding up deepwater drilling off the coast of China and increasing output, a company manager said Wednesday. The amount is equivalent to $12.5 billion

CNOOC plans to increase partnerships with foreign companies and develop its own technologies for deepwater drilling projects in the next five years, Tan Dongling, a development and planning manager, said in a report distributed at an oil conference in Shanghai.

China, the world's biggest oil user behind the United States, is encouraging companies to secure energy supplies locally and abroad to meet domestic demand. China's oil consumption is expected to rise 5.5 percent this year to 6.95 million barrels a day, the International Energy Agency forecast on April 12.

"China's coastal areas are resource rich," Tan wrote in the report. "The aim is to accelerate exploration in the deeper waters offshore China to ensure steady increase in domestic oil and gas output."

CNOOC will complete more than 50 oil and gas fields by 2010, bringing its offshore production capacity to 50 million metric tons of oil, the official Xinhua News Agency said Wednesday.

CNOOC said on Jan. 23 it plans to increase capital expenditure 35 percent to about $3.06 billion this year. Spending on exploration is projected to increase 72 percent to $455 million, while investment in development and production may rise 30 percent to $2.59 billion

The company plans to boost output by about 9 percent to 170 million barrels of crude equivalent this year from 157 million barrels in 2005. Offshore production may reach 149 million barrels this year.

Crude oil reserves off the coast of China are estimated at 23.7 billion tons, or about 174 billion barrels, and natural gas at 15.8 trillion cubic meters, Tan said.

CNOOC's sister company, China Oilfield Services, and parent China National Offshore Oil said in March they plan to order a deepwater drilling vessel to help boost offshore production.


http://www.rigzone.com/news/article.asp?a_id=31432

OT: REUTERS Sinopec to de-list, absorb China units [FYVZKZZ]

SHANGHAI, April 20 (Reuters) - Three units of Asia's biggest refiner Sinopec Corp. <0386.HK> <600028.SS> said they would de-list from Friday after the parent firm takes them private to simplify its structure.

Zhongyuan Petroleum Co. Ltd. <000956.SZ>, Shengli Oil Field Dynamic Group <000406.SZ> and Yangzi Petrochemical <000866.SZ> will delist from China's Shenzhen stock exchange, they said in separate statements posted in official newspapers on Thursday.

"After Sinopec completed the takeover of our company's majority stake, shares owned by the public have dropped to less than 10 percent," said the statement by Yangzi Petro. "That makes us no longer qualified for listing, in line with rules."

The other two firms gave the same reason.

Sinopec <SNP.N> paid 12.12 yuan a share for Zhongyuan Petroleum, 1.8 percent more than its last price before trading in the firm's shares were suspended on April 7.

It paid 10.30 yuan a share to privatise Shengli Oil field, 1.8 percent more than its last traded level, and 13.95 yuan for each share in Yangzi Petrochemical, a 0.8 percent premium, according to their statements posted in the Securities Times.

Public shareholders could sell their holdings at the quoted prices, the statements said.

Another Sinopec unit, Qilu Petrochemical Co. <600002.SS>, is also being privated by the parent, but has yet to announce a delisting.

After Sinopec <SNP.N> unveiled a plan late last year to buy out Zhenhai Refining & Chemical Co. Ltd., analysts had calculated that Sinopec would need to pay over US$4 billion to buy 10 or so remaining "baby Sinopecs" listed in Hong Kong and China.

A sleeker corporate structure could prove crucial as Sinopec and larger rival PetroChina Co. Ltd. <0857.HK> <PTR.N> heed Beijing's call to buy and operate overseas oil resources, to alleviate the country's heavy reliance on imported crude.
($1=8.0138 Yuan)

(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. 20Apr06 04:54 GMT
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OT: Critics 'don't understand industry'

By Upstream staff


Former ExxonMobil chief Lee Raymond has hit out at his critics, accusing them of "not understanding the oil business".


In a 90-minute talk at Columbia University last night, Raymond was unrepentant for any past decisions he had made and he blasted politicians, the US car industry, Wall Street, environmentalists and other critics of the oil industry for what he said was their failure to understand the nature of the energy business, conceding only that he had been unsuccessful in getting his point of view across.

"People don't understand the time frame that we operate in. We operate in terms of 10-, 20-, 30-, 40-year cycles and to put that in context, that's 20 (US) Congresses. A single quarter or a single year, which may mean everything from a political circus point of view, is not really all that significant in the time frame that we operate in," Raymond said.

He added later: "It's not like we didn't say it. But the only conclusion I think you can come to is, it didn't penetrate."

Raymond denied having any role in formulating his $52 million 2005 pay package, the $98.4 million lump sum retirement payment he received when he left ExxonMobil on 31 December, or any other compensation he received over his 43-year career with the supermajor. He told his audience he had no influence over the pay decisions made by the company's board of directors.

"I have never had a conversation in my whole career about my compensation," he said.

Raymond defended the large payout, saying that it was ExxonMobil's policy that employees' pay and incentive payments were supposed to reflect the performance of the company.

"When the company does well, the shareholders and employees should do well, and when the company does poorly, then the shareholders and employees should do poorly. The facts are that when prices of oil collapsed, the incentive program went down, substantially," Raymond said.

According to his view of the oil industry, Raymond may well have picked the best time to retire, as he continues to believe that the current oil price environment is unsustainable and an eventual fall in prices is inevitable.

"The seeds are being sown right now for another turn in the cycle of the oil industry," Reuters quoted him as saying. "For those people who think there will not be a day of reckoning on the other side, and I hope I live long enough to see it ... it just takes a long time in this industry for supply and demand to react. This isn't like going out and producing a few more semiconductors."

Raymond said ExxonMobil's success during his tenure was entirely due to its focus on long-term goals and he had nothing but withering criticism for those who are proposing windfall taxes on energy companies, saying it would only serve as a disincentive to investment.

"Back in 1998, when prices went down to $10 (per barrel), I don't recall anyone in Washington calling me up and saying 'what can we do to help.' But I didn't want them to be calling up. That's our job. We are in that business. It's our job to manage the risk. I am not interested in hearing from (politicians) when prices are at $10 and I am not interested in hearing from them when prices are at $40 or $50," he said.

Addax boosts Block 4 stake

By Upstream staff


Addax Petroleum has boosted its interest in Block 4 of the Nigeria/Sao Tome Joint Development Zone (JDZ).


Addax said today it had acquired the 5% participating interest held by Overt Ventures, increasing its stake from 33.3% to 38.3%.

Addax will pay $10 million to Overt for the 5% interest plus $5 million to the Nigeria/Sao Tome & Principe Joint Development Authority, comprised of a $4.5 million signature bonus and $500,000 administration fee.


Addax president and chief executive Jean Claude Gandur said: "We believe that the JDZ offers world-class exploration potential. This acquisition follows our strategy of investing in the JDZ as a core exploration area for Addax."

jdubs I believe you can but the images are 3 years old.

maestro224 please keep ON TOPIC! Thank you eom

cardinal you right they took em out except two.

here you go rocky http://www.oilandgasinternational.com/directories/exploration_discoveries.aspx

150000 @ .90 eom

samgamon I saw that looks like 5 5000 share trades at .70. whats up with that?

stock peeker need a subscription. eom

Same article as rueters and dow jones.eom

Chevron keeps mum over Obo-1
11 April 2006 11:08 GMT

US supermajor Chevron has finished drilling Obo-1 wildcat, in Block 1 of the joint development zone jointly administered by Nigeria and Sao Tome, but the results of the well are under review, the company said today.


Ruby can you get the full article. Its from upstream. TIA carson

OT: Pioneer sees $42 mln first-qtr abandonment charge
Mon Apr 10, 2006 7:41 AM ET

NEW YORK, April 10 (Reuters) - Oil and gas explorer Pioneer Natural Resources Co. (PXD.N: Quote, Profile, Research) on Monday said it would take a first-quarter pretax charge of about $42 million for abandonment of a field lost during Hurricane Rita last year.

The company said insurance would cover most of the abandonment costs, and it would recognize recoveries in future quarters.
Pioneer also said exploration and abandonment charges for the quarter would run $80 million to $90 million.
© Reuters 2006. All Rights Reserved.

Mark glad you and your family are safe, and yes never take mother nature for granted. Looking forward to see what transpires this week.

carson

A thumbs up mrhodes:)

oilphant posted "side deal" on rb can anyone decipher?

Chevron Completes First Exploration Well Off Sao Tome
Xinhua Financial News Tuesday, March 28, 2006


Chevron Corp said it has completed an exploration well off Western Africa's coast in a discovery that's reported to have as much as 1 billion barrels worth of oil and gas.

A Chevron official said the company is evaluating the results of the drilling, completed on March 15. The official declined to give specifics about the well, other than to say it's in waters of Sao Tome and Principe, a tiny archipelago nation near the equator in the Gulf of Guinea. Related Pictures

Nigeria-Sao Tome - JDZ Block
(Click to Enlarge)



But initial geological studies of the well suggest there are around 1 billion barrels of recoverable reserves, according to a weekend report in The Business, a British newspaper, citing unnamed sources.

If the billion barrel mark holds true, it would put the discovery on par with the entire holdings of some large exploration and production companies, said Aliza Fan, senior equity analyst at John S Herold.

"That's a significant size," Fan said.

Even if the well found a thick column of oil, discoveries typically require several more wells to delineate the size of the field and its commercial potential.

For Chevron, a major discovery would come at a time when the San Ramon, Calif.-based company is struggling to expand its reserves. Its oil and gas holdings stood at 9 billion barrels of oil equivalent at the end of 2005.

Chevron acquired rights to explore the island nation's waters in October 2004 and began drilling Obo-1, the location of the well, last January.

It now has a 51% stake in the site, with ExxonMobil holding 40% and the rest owned by Dangote Energy Equity Resources, a jointly owned Nigerian-British company.

On Wall Street, Chevron shares were among the Amex Oil Index's top advancers on Monday, rising 1.1% to US $58.21. Exxon added 0.2% to US $61.29.

A former Portuguese colony, Sao Tome and Principe is eyeing its territorial waters in the oil-rich Gulf of Guinea as a way to transform its agrarian economy. It sold its first production licenses in 2004.

Ronald Gold, vice president of Petroleum Industry Research Foundation, said that while the Obo-1 discovery appears to be significant, it doesn't represent a big impact in market terms.

"When Prudhoe Bay was found [in Alaska], it was announced at 8 billion ... so 1 billion barrels is very nice but it's not going to change the world oil supply, " said Gold.

The JDZ Block-1 is located approximately 190 miles north of the city of Sao Tome and approximately 125 miles from the city of Port Harcourt in Nigeria.

This story was supplied by MarketWatch.

(C) 2006 Xinhua Financial News. All Rights Reserved


http://www.rigzone.com/news/article.asp?a_id=30719

Thanks dadd that is good news!!!! eom

OT REUTERS RPT-Oil majors take aim at Wall St's hedging business
By Jonathan Leff
SINGAPORE, March 21 (Reuters) - Oil majors seeking new ways to build on record profits have embarked on a mission to steal a bigger slice of the billion-dollar energy risk management pie from investment banks, reshaping the oil market in the process.
Long adept at managing their own risks, giants such as BP Plc. <BP.L> and Royal Dutch Shell <RDSa.L> are stepping up efforts to sell their expertise to other companies like airlines or utilities who want to hedge their exposure to volatile prices.
This will ramp up the competitive pressure on industry leaders Goldman Sachs <GS.N> and Morgan Stanley <MS.N>, who depend on customer business for the foundation of their trading operations, and could give the majors extra leverage in their core markets.
BP last year hired new risk experts such as quantitative structurers -- advanced mathematicians who construct and track complicated options and derivatives deals -- for its revamped risk management division, which has been around over 10 years.
Shell, which has offered oil, gas and power risk management services to U.S. customers for a decade, set up a team in London in 2004 to target Europe and Africa.
Chevron Corp. <CVX.N>, bred from a more conservative trading background than the European majors, is the latest entrant and hired two professionals last year to launch its risk business in the United States, industry sources say.
Total <TOTF.PA> has a strong franchise in French and African markets and two decades of experience, while top earner Exxon Mobil Corp. <XOM.N> is the black sheep of the group and eschews any form of derivatives trading for itself or others.
With profits of over $100 billion last year and market capitalisation above $1 trillion, they are a formidable bunch.
"I believe oil majors are a real competitive force against investment banks, as the overlap in services being offered... in the energy sector becomes smaller and smaller," says Tom James, principal of Deloitte & Touche's Energy Markets Practice and a risk management veteran of nearly two decades.

VALUABLE SERVICE
Goldman and Morgan, the biggest paper oil traders in the world, have dominated the energy risk industry since the 1980s and make billions each year by hedging for their customers.
But they are fending off threats from all sides.
Competitors such as Barclays Capital <BARC.L>, Deutsche Bank <DBKGn.DE>, JP Morgan <JPM.N> and Merrill Lynch <MER.N> are reentering the market, catering to a growing base of energy consumers seeking protection from steadily rising costs.
The stakes are huge -- investment banks made $7.2 billion trading commodities last year, Boston Consulting Group said.
Some of that are from proprietary activity by their own traders. But much of it derives from taking on customers' risks, and from the trading benefits that huge hedging deals offer, such as built-in long or short positions and valuable insight about paper flows in the notoriously opaque market.
The oil majors are far from novices. BP, whose Chief Executive John Brown who sits on Goldman Sachs' board, made $2.8 billion trading physical and paper energy markets last year, nearly double estimated commodity revenues at Goldman or Morgan.
"We have hundreds of traders optimising our assets and calling the market, so why not use this expertise to offer to the external world?" says Abdelatif Abada, regional head of bpriskmanager's global structured products group in Singapore.

NATURAL MOVE, ADDED LEVERAGE
Analysts agree that the move is a natural one, as oil companies can bundle strategies with supply or offtake deals for physical oil supplies and have unrivalled market intelligence from decades of dealing in spot markets.
"We have great potential in complementing relationships we have developed with our customers all over the world as a reliable physical supplier for many years," says Cynthia Obadia, global leader of risk marketing at Shell International Trading and Shipping Company Limited.
But the majors may also be looking at benefits that extend far beyond the direct revenue generated by hedging energy prices.
Uniting customer-based paper business with physical market positions is the holy grail of commodities trading, allowing a company to leverage one to maximise profits in another.
The oil majors have always traded paper markets, but lack the so-called "structure" that comes from having outside customers.
They are not the only ones searching for the chalice.
Goldman Sachs' trading arm, J Aron, and Morgan Stanley last year raised their profile in physical oil markets to better leverage their massive derivatives positions. Many banks already own power stations to aid electricity trading.
Credit Suisse <CSGN.VX> and Swiss-based Glencore, one of the world's two biggest independent oil trading companies, created a joint-venture to sell oil derivatives in February, a powerful platform for extracting the best of both sides of the market.

HURDLES
Prospects for selling risk management look strong in the near term as new players in fast-growing consumers such as India and China seek price protection and as more hedgers demand sophisticated instruments to help ensure profits while allowing them to gain from advantageous market changes in the future.
"Companies that had never hedged before are now hedging because their fuel costs have increased as a percentage of total costs," says Shell's Obadia. "In addition, we have seen a move to hedge with more complex products."
But the majors must overcome numerous hurdles if they hope to outpace equally aggressive banks in claiming new business, such as customers' traditional view of them as commercial companies and rivals, not financial partners or advisers.
Banks also retain the edge in bundling project finance or loan deals together with hedging, although industry sources say some majors are moving closer to committing more of their own windfall profits to external financing deals.
But the companies' typically conservative stance and rigid internal operations may be the toughest to surmount.
"The oil companies are not particularly facile at taking advantage of economic opportunities that operate across their organisational silos," says Brad Hintz, an analyst with Sanford C. Bernstein who has written extensively about Wall Street investment banks' commodity trading operations.
"Can the oil companies take share if they execute correctly? Yes. Will they execute correctly? No."
((Editing by Ramthan Hussain; jonathan.leff@reuters.com; Reuters Messaging jonathan.leff.reuters.com@reuters.net; +65 6870-3861))

(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.

nN21327534

23Mar06 16:00 GMT
Symbols: at;DBKA ch;CSG ch;RDSA de;BCY de;BCYF de;BCYS de;BCYX de;BPE de;BPEF de;BPES de;BPEX de;CHV de;CHVF de;CHVS de;CHVX de;CSX de;CSXF de;CSXS de;DBK de;DBKF de;DBKS de;DBKX de;DWD de;DWDF de;DWDS de;DWDX de;GOS de;GOSF de;MER de;MERF de;MERS de;MERX de;R6CA de;R6CAF de;TOT de;TOTF de;TOTS de;TOTX fr;BRPT fr;DB fr;FP fr;MRLL gb;BARC gb;BP gb;CRD gb;JPM gb;RDSA gb;TTA jp;8634 jp;8642 mx;GS mx;JPM mx;MS nl;CHV nl;RDSA us;CVX us;GS us;JPM us;MER us;MS us;RYDA us;VSD us;WSD us;XOM xt;CSG
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Art you mean this map http://i50.photobucket.com/albums/f346/CobraJet1/B1-FIELDS.jpg

Hi Meridian did conoil sign?

OT REUTERS FTC chief sees no need for oil merger crackdown

By Peter Kaplan

WASHINGTON, March 21 (Reuters) - The head of the U.S. Federal Trade Commission on Tuesday voiced skepticism about proposed legislation designed to crack down on mergers in the oil and gas industry.

FTC Chairman Deborah Majoras, whose agency is responsible for reviewing oil and gas industry mergers, said there was not enough evidence to justify singling out oil and gas companies for tougher merger enforcement, an idea proposed by Senate Judiciary Committee Chairman Arlen Specter in the wake of soaring gasoline prices and record industry profits.

"Where is the empirical evidence that these mergers are producing the high prices in the U.S.?" Majoras asked. "The evidence does not point to mergers as the reason."

Majoras made the comments while testifying before a government advisory commission that is studying possible changes to modernize U.S. antitrust laws.

The FTC shares responsibility for merger reviews with the Justice Department's antitrust division and can move to block a deal if it concludes it will be anticompetitive.

Some lawmakers, including Specter, a Pennsylvania Republican, have argued that industry mergers approved by the FTC in recent years have hampered competition and are at least partly to blame for rising gasoline prices.

Executives from oil giants Exxon Mobil Corp. <XOM.N>, Chevron Corp. <CVX.N>, ConocoPhillips <COP.N>, the U.S. units of BP Plc <BP.L> and Royal Dutch Shell Plc <RDSa.L>, and major oil refiner Valero Energy Corp. <VLO.N> testified under oath before the judiciary committee earlier this month.

The bill proposed by Specter would lower the standard the FTC uses in determining whether an oil or gas merger should be considered anticompetitive.

Specter's bill also would enable antitrust authorities to go after companies that purposely withhold supplies from the market to make a higher profit.

The legislation would also permit the government to take legal action against the Organization of Petroleum Export Countries for restricting oil supplies and fixing prices.

FTC officials have said rising gasoline prices are mostly the result of higher crude oil prices on the world market and have nothing to do with past mergers approved by the agency.

Majoras reiterated that stance on Tuesday, saying the FTC has maintained close scrutiny over the industry and saw no need for the provisions in Specter's bill.

"I'm just not sure that's going to be where we're going to get the best results for consumers," Majoras said.

Any future prosecution of OPEC would be the responsibility of the Justice Department, which handles cartel enforcement.

Barnett said the Bush administration had not taken a position on Specter's proposal. He reiterated the antitrust division's opposition to cartels. But he said Specter's proposal also raised a number of other, non-antitrust issues such as national security.

(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. 21Mar06 21:32 GMT
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can anybody tell me a quick summery of todays action. I was out all day. Thank you!!!

Meridian,


Thank you very much for all your insight and information that you provided on this board. It really prevented alot of people to pull the trigger on their sell buttons. Again THANK YOU!!

Question now that Addax is in, via erhe, do you think erhe will pursue the 2006 Nigeria licensing round later this year with Addax?

Contract Terms

The contracts are for 45 years and will be subject to
review in 30 years, according to information distributed by the
Joint Development Authority. Nigeria will get 60 percent of the
proceeds, and Sao Tome will get 40 percent.
Gandur said Addax aims to acquire more oil blocks during
Nigeria's 2006 bidding round, which will take place later this
year.
``We want to move to try to make a new model of what can be
done onshore,'' Gandur said. He said the company wants to ensure
that community development is fostered wherever Addax has a
presence.