However, further investigations revealed that De Menezes may toe the Nigerian line after-all for fear of losing support for his government.
Last year, while on a visit to Nigeria, some coup plotters sacked his government, but he was reinstated after intervention of the Nigerian government.
That little Gigwoof is just a bundle of joy today.
Here's the article from one of Nigeria's best newspapers:
Posted by: Gigwoof
In reply to: None Date:5/20/2005 9:47:26 AM
Nigeria, Sao Tome JDZ licensing round under threat
by Hector Igbikiowubo with agency reports
Posted to the Web: Friday, May 20, 2005
LAGOS—THE licensing round of the Nigeria, Sao Tome and Principe Joint Development Zone (JDZ) for crude oil and gas blocks is now under threat of abortion following criticisms from the Sao Tome National Petroleum Agency, that country’s petroleum regulatory body.
Inexperienced Nigerian independents have also been fingered by the Sao Tome regulatory agency as being capable of frustrating seasoned operator companies.
This was contained in a report compiled by the Sao Tome regulatory agency and there are indications that the development may force President Fradique de Menezes to reject awards recommended by the JDZ’s administrator, the Joint Development Authority (JDA). Under the JDZ arrangement between Nigeria and Sao Tome, De Menezes and Nigeria’s President Olusegun Obasanjo have to approve the awards.
The Energy Intelligence Group disclosed that in the report, Sao Tome’s National Petroleum Agency said the JDA did insufficient checking into bidders’ backgrounds. The report of the agency also noted that there were too many awards to inexperienced Nigerian independents and that this also could frustrate operators.
The process has been subject to tension for months, as Nigerian power brokers applied relentless pressure on Sao Tome officials to award coveted Block 4 to US Noble, a partner of ERHC Energy, run by Sir Emeka Offor, and to relegate US independent Anadarko to Block 3.
Sao Tome officials appear to favour Anadarko, which offered $90 million for Block 4, compared to Noble’s $57 million offer. Anadarko also put in a $40 million bid for Block 3, the second highest bid. Dr. Mike Adenuga, the billionaire Nigerian businessman also put up the highest bids for Blocks 2 and 4 through various companies.
Influential Sao Tomeans are not too happy about the list of proposed winners which has a prevalence of well-connected Nigerian independents. Most of the influential Sao Tomeans claim that the Nigerian independents are largely profiteers who seem very unlikely to add value to the process.
Some of these Nigerian independents include Momo Petroleum and Equinox Oil and Gas, which are thought to be controlled by Mohamed Asebelua, a power broker once linked to trader Arcadia.
Investigations revealed that Nigerian companies have started cashing in already, with funds from the first bonuses paid by Chevron and ExxonMobil for Block 1 deposited in Island Bank, an affiliate of Nigeria’s Hallmark Bank.
The bank is controlled by the family of recently sacked Senate president, Chief Adolphus Wabara and there are indications that the bank got its operating license after intervention from the Nigerian presidency.
The Energy Intelligence Group further said the deposit flouts JDA rules, which call for cash to be paid into triple A-rated banks, Sao Tomeans said.
De Menezes has clearly been subject to pressure from Nigerians, too, and a key question is whether he’ll reject the awards or toe the Nigerian line. The report could enable his opponents to force the presidential hand. De Menezes is thought to be concerned that former presidential oil adviser Patrice Trovoada, whose family has political influence in Sao Tome, could make common cause with opposition parties in parliament.
However, further investigations revealed that De Menezes may toe the Nigerian line after-all for fear of losing support for his government.
Last year, while on a visit to Nigeria, some coup plotters sacked his government, but he was reinstated after intervention of the Nigerian government.
Under the JDZ arrangement, Nigeria’s share of the reserves in the region is 60 per cent and the remaining share of 40 per cent is held by Sao Tome and Principe. Sao Tome and Principe is a tiny island nation located in the oil-rich Gulf of Guinea, off the coast of Nigeria, Africa’s largest oil producer with a daily output in excess of 2.5 million barrels. In earlier 2002, the Nigerian government offered Sao Tome and Principe a loan of $50 million to develop its oil and gas
http://www.vanguardngr.com/articles/2002/cover/
may05/20052005/f520052005.html
2 comments:
You are a puppet for the media Joe.
Your headline here is just what they want you to believe.
Joe everything in that story is old news. Its about a week old.
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