There are a few errors in the story; the name of Patrice Trovoada is misspelled, and the largest block option ERHC Energy hjas is 30 percent, in Block 2.
Here is the Daily Trust report:
NIGERIA-SAO TOME JOINT DEV ZONE
Sao Tomean President fires adviser on petroleum
President Fradique De Menezes of Sao Tome and Principe on Monday dismissed his special adviser on petroleum and energy, Mr Patrice Traovoda for alleged gross misconduct.
The dismissal which is with immediate effect came via decree 4/2005, a copy of which was made available to the News Agency of Nigeria (NAN) Monday in Abuja.
The new decree has abrogated decree 23/3 which appointed Traovoda.
The president explained that recent developments in Sao Tomean petroleum ministry made it imperative for him to effect changes in the sector.
According to the president, Traovoda’s behaviours in respect of the Nigeria-Sao Tome Joint Development Authority (JDA) 2004 licensing round as unacceptable.
“It has been discovered that Traovoda has interest in some companies having stakes in the licensing round,” the president said.
The sacked adviser promised to assist some companies who had participated in the 2004 bid round to acquire equity in the final award.
The president has vowed not to allow anybody to jeopardise the activities of the JDA.
NAN learnt that Patrice Traovoda is the son of the former Sao Tomean President, Mr Miguel Traovoda, who was one of the founding fathers of the JDA.
NAN recall that Exxon-Mobil had exercised 40 per cent right on block and has reserved 25 per equity right on two blocks for the next licensing round.
ERHC energy, a US based company in which indigenous oil firm, Chrome Energy has major stake has pre-emptive rights on four blocks ranging between 15 per cent to 35 per cent and has exercised those options.
The company also partner with other US oil giants, Pioneer and Noble and bid for blocks two and four in the 2004 licensing round.
A reliable source in the JDA confirmed that winners of the JDA 2004 licensing round would be announced next week.
8 comments:
How many times have they said next week, does anyone know? Barry Morgan said fortnight only once 1 year ago. If fortnight is one year, next week is six months? Wonderful development indeed.
When you post a report like, Daily Trust , could you please print a date it was published or at least give a link to the article.
It's today's, 5/11 that is.
I believe what Mutwadadi said a few days ago was correct.
Nobody knows when awards are going to be announced because it is impossible to tell with the political climate in Sao Tome.
The JDA continually leaks that it will be a few days from now or next week so they can string people along.
They are not doing it maliciously but they themselves do not know when awards will be announced because they can not read de Menenez's mind.
The sad thing is the delays only hurts everyone involved including Sao Tome and Nigeria. Who will want to do business with Sao Tome again? Do they really think all of this infighting is helping their cause?
It is only making them look foolish to the rest of the world and it is already damaging their credibility and their upcoming EEZ licensing round.
They better get ther house in order soon or the damage will be irreperable.
Listen to the pompous Ruby on RB. He says this is all BS anyhow.
Really Ruby?? So there is no turmoil in Sao Tome? Oh well then I have a question....
Where are the awards??
If this was all BS then there would have been awards already Ruby. They didnt just delay them for the hell of it.
Take off your blinders for a change.
STP was already hurt by the Nigerians who are known worldwide for their scams. This is not a scam, but they have taken advantage of STP due to their non experience in this arena, and their need to alleviate cronic poverty. Nigeria is no country to hold up on a pedestal as they have taken in over 340 billions dollars in oil revenues over the years, and their country is no better off than a third world country with no oil. STP does not want to end up like the rest of their neighboring countries with oil, i.e. Equatorial Guinea, Nigeria, Gabon, etc... I commend the STP people for having these meetings so they can air their complaints & greivances in a democratic fashion. Awards will happen, but leave them alone and let them hammer in out in a way that they feel is in their own best interest. You people/investors who can't wait are just greedy for your own personal reasons and do not have integrity.
Hey you bleeding-heart liberal, you are right I could care less about how well off Sao Tome is, or how democratic their process is. All I expect is for their leaders to step up to the plate and get this done. Screw them and screw you!
For the low life that posted the 8th comment. Why don't you just sell your shares now, and please start seeing a psychiatrist and take your proxac in the morning.
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