JDZ Nigeria-Sao Tome e Principe

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Another way to look at it, if you're Sinopec, is that for every profit dollar oil brings you, ERHE takes 22 cents (referring only to Block 2 where Sinopec is about to drill). ERHE has to pay you back out of the 22 cents up to the cost of drilling, payable over time. But every penny is money you already had (and had to pay the cost of drilling) but have to pay out to ERHE. There was a day when ERHE brought something to the table but that is past history (except for EEZ). Now, they are a 22% cost to carry. And the 22% cost to carry does not end until the last drop of oil. If you were Sinopec, right now, what would you pay to get rid of the 22% tax rate? And that's just in one block.