ERHC Energy Inc (ERHE)

[monkeytrots]

I have no idea WHY the following post was removed from this board.

It is a reply to statements posted by oilman, and accurately reflects precisely what was stated in the Houston Chronicle article this morning.

The relevant portion of that article is excerpted following a repost of a very valid, and truthful post.

Posted by: monkeytrots
In reply to: oilman57 who wrote msg# 1040
Date:3/13/2005 1:47:30 PM
Post #of 1045

Oilman - I will disagree with you about the 'raping oil companies'. Nigeria is an excellent example. The oil companies cut very fair deals - especially the majors.

The employment and money that was brought in to those countries, by mostly honest oil companies, did the local economies and the people incredible good. Industries grew that never existed before, commerce, farming, health care, infrastructure that was not possible before was built. So, please don't attempt to play the 'big evil oil card' here. It doesn't wash.

The problem in the African countries has been, and continues to be, thugs and criminals in those countries who suddenly have incredible amounts of money that they are able to get their hands on. And they use that money for very, very bad purposes. Nigeria shows just how easily corruption can occur - the piracy, the stealing of oil revenues received by the government, the thuggery, the funding of terrorism. Now, you want to blame the 'big bad oil companies' for that - but you are very much mistaken. Big oil plays by the rules, but they can't and don't control the countries. That corruption arises from within - after money that is flowing precisely because the deals with the oil companies were fair exchange.

The excerpt ...
http://www.chron.com/cs/CDA/ssistory.mpl/front/3082404

The long-running controversy over ERHC's activities in São Tomé helped prod international experts to help the tiny country protect its natural resources.

A group of international law experts at Columbia University crafted an oil-management law to help ensure any new oil revenues don't end up in the pockets of corrupt officials, as has often been the case in West Africa.

Using this blueprint, São Tomé passed a law hailed as a model for resource-rich, Third World countries. "We are in a position to do better than other countries did," the National Petroleum Agency's dos Prazeres said.