Showing posts with label Gulf of Guinea. Show all posts
Showing posts with label Gulf of Guinea. Show all posts

Nigeria: The North Does Not Control Nigeria's Oil Blocks

ALLAFRICA.COM
PREMIUM TIMES [07/03/13]

Opinion

Senator Ita Enang's spirited claim at the National Assembly Wednesday to the effect that 83% of the country's oil block is in the hands of northerners appears to be inspired from assertions contained in an old article by a newspaper commentator, Mr. Ross Alabo-George whose famous essay was titled Poverty And Deprivation: Why The North Is Poor.

In the excerpted refutation below, Toyin Akinosho, a petroleum geologist with over two decades of work at Chevron and now publisher of the well-regarded Africa Oil and Gas Report, argues angrily that such lines of thought canvassed by the likes of Senator Ita Solomon Enang and indeed Mr. Ross Alabo-George are merely hysterical, and tendentious, designed to mislead the public. Mr. Akinosho characterizes the arguments as crappy and crummy. It is excerpted from the African Oil+Gas Report for the value it brings to the current debate about Nigerians oil resources and the National Question.

Alabo-George's article plays up so well the sentiments that a good number of Nigerians, especially middle class types excluded from the spoils of the petroleum subsidy, and allied deliverables, nurse about the kind of leadership we have suffered since independence.

Nigeria: Senator Saraki's Debate On the Principles of the Petroleum Industry Bill PIB 2012

ALLAFRICA.COM
Office of Senator Bukola Saraki (Ilorin) [05/03/13]


Press Release


PROTOCOL


PREAMBLE
There is little doubt that the Nigerian petroleum industry is in dire need of reform. On the face of it, having a system running on almost a half a century old law is bad enough. The fact that today we are here debating the PIB is essentially because most of us agree that the industry is performing sub-optimally compared to its counterparts around the globe. Aside international comparison, evidence of sub-optimal performance of the industry is legion.
• The endemic corruption in the industry

• The lack of probity and accountability

• Too much political interference

• Nepotism,

• Lack of transparency

OPEC crude price at USD 106.79

KUWAIT NEWS AGENCY (KUNA) [04/03/13]

VIENNA, March 4 (KUNA) -- OPEC daily basket price stood at USD 106.79 a barrel Friday, 1 March 2013, compared with USD 108.62 the previous day, according to OPEC's news bulletin on Monday.

Nigeria: The Challenge of Exploiting Nigeria's Marginal Oil Fields

ALLAFRICA.COM
DAILY TRUST [24/02/13]

Lagos — The agenda of successive governments in the country is to explore ways of increasing the country's oil production and its reserves to 40billion barrels few years from now.

Nigeria's current daily production hovers between 2.5million and 2.6million barrels.

This development came on the heels of the shrinking production which has not brought expected value addition to the revenue of government and the lives of people in Nigeria.

Last year, the country lost 500,000 barrels of oil to the flood which swept major parts of the country.

A recent report of ExxonMobil said the nation's oil production has remained stagnant in the last 40 years and that its new deepwater production has not buoyed its oil production during the period under review.

Nigeria: West Africa Remains Oil, Gas Destination - Seplat Boss

ALLAFRICA.COM
THISDAY [24/02/13]

The Managing Director, Seplat Petroleum Development Company, Mr. Austin Avuru, has described West Africa as a prime petroleum province in the world.

He made the submission in London in a paper he presented at the just concluded International Petroleum Week 2013 organised by the Energy Institute.

To buttress his point, Avuru pointed to the fact that "Africa's contribution to world reserves has increased from 7.0 per cent in 1995 to 8 per cent in 2011 with estimated 2.8 percent of world oil (68 bn barrels) in Sub-Saharan Africa and 44 bn barrels of those in the Gulf of Guinea."