Archive for nigeriang

ENVIRONMENT FOCUS: Poor people plant trees, rich folks build houses

ENVIRONMENT FOCUS: Poor people plant trees, rich folks build houses

Massive planting of
vegetation in any country will surely contribute to mitigating global
warming. However, it is an impaired perception of reality to believe
that once planted, trees will thrive on their own, even when surrounded
by poor and landless people.

No reforestation
project in any part of Nigeria has been successful in the long term.
Naturally, I would be delighted if any state or local government in the
country could make me eat my words by producing a post-project impact
evaluation to prove the contrary.

Tree-planting
campaigns for all the huge sums tossed in that direction, have been
more symbolic than substantive in Nigeria. We have seen it time and
again (a dignitary plants a seedling in a community, then washes his
hands like Pontius Pilate and disappears in a hurry. Goats later do
justice to the plant.

Maybe our
politicians know it, but perhaps they don’t). Trees need an
environment, not only of soil nutrients and good weather to grow, but
also of economic opportunities for people that live in the vicinity. I
often look at the drainage map of Nigeria, and wonder why vegetation
growth should be a problem. Even the supposedly semi-arid North is
blessed with enough rivers, lakes and wetlands to drive agriculture and
other livelihoods. Sadly, it appears the pre-occupation of politicians
in that part of the world is the search for oil in the Chad basin.

If trees provide
vital ecosystem services such as: Carbon sequestration and regulation
of climate to all humankind, why is it always the poor that are called
upon to do the planting? Do the rich breathe other gases? When will we
see a reversal or merging of roles (the rich planting trees, and the
poor constructing houses to live in)? What happened to that radio and
TV jingle: housing for all by the year 2000, that we all believed in
during the 1990s? Ten years into the millennium, and many Nigerians
still have nowhere to sleep. Out of curiosity it would not be a bad
idea to know how many Nigerians own a house, or can afford to pay for
rented accommodation, and what percentage of the adult population that
is.

But what does a
tree mean to a Nigerian? Once a plant is not a so-called “cash” or
“food” crop, or used as medicine, it is easily converted into firewood,
or simply destroyed for fear that “useless” thickets could harbour
snakes and scorpions, rodents and insects or assist destructive locust
and quelea birds.

Some ancient groves
in the south of our country are either left intact or destroyed out of
fear that “evil spirits” could be lurking in them. Why must spirits be
evil in much of our mythology? With so much crime in Nigerian cities,
it makes one wonder why these “evil spirits” have not migrated to urban
centres from rural forests.

The north of
Nigeria by contrast is facing a serious crisis of vegetation loss, and
the more I drive around this portion of our country the more I think I
have strayed into the Sahara desert. In the absence of trees, the sun
is practically baking humans in their huts, and drying out soil
moisture outside, leaving a dust bowl of disease that the winds
circulate at a rapid rate in the atmosphere. So much dehydration is the
result, and doctors here are reporting more and more cases of kidney
stones incidence.

You would not wish your worst enemy to suffer from the pain of kidney stones!

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TATFO: Agenda for Lagos

TATFO: Agenda for Lagos

It is back to the
politics once again after the much welcome break of romance and love
the past week. I thought to myself, what do I want in Lagos come May
2011. Sometimes, it is better to go to the market with your list in
hand so that you will not be swayed away by the sweet words of our
brothers from the East who have got the patent on making you feel good
as you depart with your hard earned cash. So back to my list and
hopefully the politicians will be reading or at least their staff or
friends. Let me start with the big guns before moving to my personal
favourites.

1. Power

Solve this and we
are on a fast track to becoming a global force to reckon with. It is
not only because constant power will be a life jacket to many start ups
that spend so much money on generated power in addition to P.H.C.N. but
the side effects of constant power will go a long way in treating other
issues. We all know that green is high on the agenda whether it is
planting trees or discussing climate change; our governor is all about
protecting and preserving nature but all his efforts would eventually
be checkmated by all the pollution caused by the toxic fumes being
emitted by generators. Then there is also the issue of noise pollution
and little by little Lagosians are going deaf. Have you noticed how we
are always shouting at each other just to get ourselves heard above the
din?

2. Water

By water I mean
access to clean potable drinking water. I remember when I used to live
in Abuja and the water we fetched from the tap or bought from the
Meruwa was good enough for drinking. Water is so essential for life’s
activities not just consumption and many families have to pay so much
from the little they earn for just a pail of water. One thing I would
propose is drinking fountains in all government owned public facilities
as well as schools.

3. Housing

This is a real
issue in Lagos that needs to be seriously addressed. There needs to be
affordable housing for not just the high, rich and mighty. And more
importantly, flexi-payment options not just the usual two years in
advance that most landlords demand of their tenants. While billions of
naira is being pumped into the choice parts of Lagos such as Banana
Island and Eko Atlantic City, we should not forget the other areas in
Lagos that need to be invested in especially those that are more prone
to flooding and erosion and those on the fringes like the water
communities. It is not good enough for the government to constantly be
patching up things and compensating people. Prevention they say is
better than cure.

4. Healthcare

I am really
getting tired and disillusioned with the whole doctors’ strike. It is
fast becoming the latest scarcity in town after petrol. Enough of the
dialogue, things need to be fixed as a matter of urgency as it is human
lives that are on the line here. How can we expect to become a mega
city if our human capital is dying off like flies because of inadequate
health care facilities and resources? My advice to the government, see
health care as a long term investment; if people are constantly sick,
how would they work and pay their taxes?

5. Transport

I want to see the
trains and I want to see them now. I want more work to be done on the
waterways. Traffic is another thing killing Lagosians slowly but
steadily. While we are working on improving existing infrastructure,
work needs to begin on developing newer and more technologically
advanced alternatives. I want to be able to go to the Island in one
piece and in peace without plotting a graph of my movement hours and
days in advance.

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MEDIA & SOCIETY: New media and the fall of Mubarak

MEDIA & SOCIETY: New media and the fall of Mubarak

For the eighteen
days that the revolution in Egypt lasted before achieving its core
objective of ousting President Hosni Mubarak, Nigerians like the rest
of the world were glued to satellite television and the Internet to
monitor history unfold.

The traffic of
information from chat rooms of social media, media websites, and
Tweeter twits guided what satellite television aired and has been
acknowledged as contributing its fair share to the ousting of the
Mubarak administration. Many have solely credited this alliance with
Mubarak’s fall. Wael Ghonim, Google executive in Egypt, who was
detained during the uprising, lavishly proclaimed after: “If you want
to liberate a government, give them the Internet”.

While the jury is
still out debating the forces at play in the overthrow of the ancien
regime, we hold that the new media alliance helped to define the
struggle, but the courage to defy, confront, and resist provocative
acts of intimidation belongs to the Egyptian people. Put another way,
the Internet did not bring down Mubarak but it served as catalyst for
change.

The people of
Egypt, who employed social media tools to coordinate their resistance
and mobilise others, worked for the change. The existing conditions in
the polity, ranging from youth unemployment, to high cost of food, lack
of say in the affairs of their country, insensitivity of the privileged
class, and absence of hope in the near future were necessary
ingredients for the uprising.

Mubarak may have
been acclaimed in the West as the bastion of stability in the Middle
East, the dependable ally in the fight against international terrorism
and the containment of radical Islam, but domestically his policies
were not putting food on the table. The little that was available was
too expensive. His family and leading figures in his government
radiated opulence in the face of biting poverty. Faced with a future
that was anything but inspiring, the people snapped, propelled no doubt
by news of happenings in their part of the world, especially
neighbouring Tunisia.

Technology per se
does not cause uprisings; the drivers of the uprising and the contexts
in which they operate shape them and are in turn shaped by the
uprising. Over time the Egyptian media’s loss of credibility among the
people through its slavish support for the state had forced the youths
to rely more on mobile telephones and the Internet as alternate means
of sharing information on issues concerning their welfare. In its panic
response to the protest by shutting down the Internet, disabling sms on
mobile telephones, Mubarak’s regime only succeeded in strengthening a
bond that already existed.

Having succeeded in
occupying Tahrir Square as the fort of resistance the people were
unintentionally herded into a conspiracy of underground messaging and
rededication to their cause to overthrow Mubarak. This development also
gave the new media expanded influence.

The collaboration
by Google and Twitter in launching Speak to Tweet at this juncture
restored Egypt to cyberspace by allowing voice mails in Arabic to be
shared. That in turn propelled an outfit, Small World News to create a
site, Alive in Egypt, which translated the posts to English, thus
allowing further internationalisation of the resistance.

Every move the
Mubarak government then made was too little, too late: the xenophobic
card of blaming the protests on foreign interests; his agents’
molestation of journalists and protesters; the offer that neither he
nor his son, Gamal, touted as his heir apparent, would run for office
in September when his term was to end; his appointment of spy chief,
Omar Suleiman, as his first vice president in thirty years; the
increase of civil servants’ wages, and mandate to Suleiman to open
negotiations with the opposition.

The Egypt uprising
offers some lessons for Nigeria. It advertises the need for good
governance as the perfect insurance for stability. It tells that if we
can overcome our artificial divisions the people can make a lot of
difference to their fortunes. It informs us that a cohesive army
appeared to side with the people even as it gave its own a safe landing.

It also reminds us
that in our growing reliance on the new media our perspectives on the
Egypt crisis were shaped in the main from outside. Missing was the
decidedly Nigerian voice articulating Nigeria’s viewpoints in the
crisis. Except for the reportage of the commendable initiative of the
federal government in ferrying out of Egypt a thousand Nigerians out of
the 200, 000 resident there during the crisis, and an editorial in
NEXT, neither the federal government nor the mainstream media openly
brought a Nigerian perspective to bear on the crisis in the first
eighteen days.

No on the spot
reporting from any Nigerian news medium, yet Nigeria, Egypt, and South
Africa are the power bases in Africa. For a country that prides Africa
as the cornerstone of her foreign policy the reporting of the Egypt
uprising was a humbling reminder that ours is still a mute voice in
critical matters of international significance.

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(ON)GOING CONCERNS: Choosing the next president

(ON)GOING CONCERNS: Choosing the next president

Former Australian
Prime Minister, Kevin Rudd recently told the Financial Times: “I
believe in politics for the two questions it asks of us. One is: ‘What
do you stand for and why?’ And the second is: ‘Do you know what you are
talking about?”

These are excellent questions to carry over into the Nigerian situation.

Think of Nuhu
Ribadu. What comes to mind is a man who came into public reckoning on
the strength of his fearlessness, and determination to rid Nigeria of
financial crime. Think Fola Adeola and Pat Utomi, and their impressive
resumes speak for them, evidence of a consistently-manifested genius
for visionary thinking, and for the management of people and resources.
Tunde Bakare brings “conviction”, “fearlessness” and “integrity” to
mind.

I think of Dele
Momodu and of a certain drive and eclectic ambition; a man who, once he
sets his eyes on a goal, will work to make it happen. Muhamadu Buhari
evokes frugality and (to borrow from Wole Soyinka) “dis’plin” –
qualities sorely needed in a country ravaged by lawlessness and
recklessness.

Now think of
Goodluck Jonathan, and what comes to mind? Perhaps it’s time to confess
my confusion. Has Mr. President done a great job of letting us know
what exactly he stands for, and to what extent he knows what he’s
talking about. I honestly can’t say for sure.

Maybe it’s simply a
personality issue. Mr. Jonathan does seem to be an introvert, which in
itself is not a bad thing. But I fear that he is not doing a good
enough job of asserting himself in the office he occupies. (Now, sadly,
this is one of those lines that I fear someone in one of the
anti-Jonathan camps will seize and proclaim on Facebook, for campaign
purposes).

Nigeria’s
challenges demand presidents with a certain verve, an awareness both of
the intimidating challenges they face, and the intimidating power they
wield to bring transformation.

Ribadu, Buhari,
Bakare, Adeola, Utomi, Momodu have all clearly demonstrated that verve,
that ambition, in one way or the other, even if it has sometimes played
out in flawed ways. I suspect that there are quite a number of
Nigerians frustrated by President Jonathan’s ten months thus far in
office – for one who came to the presidential palace by way of a most
unusual path, as an ‘outsider’ in a system dominated by complicated
tribal and cabal ties, there is too much same-old-same-old in this
presidency.

Come April we will
know if he’ll get a second chance or not. What is most important for
now is for him to realise that, unlike in 2007, or 2003, Nigerians now
have the kinds of alternatives we’ve dreamed about for long.

I think Nigerians
deserve to celebrate the fact that in theory Nigeria has perhaps never
had it this good in terms of choice of presidential palace material.
That Nuhu Ribadu, Fola Adeola, Tunde Bakare, Dele Momodu, and even Mr.
Jonathan himself (in the face of the tribal challenge by the so-called
‘Northern Elite’) can seriously aspire to be President or Vice
President, is a sign of how far we’ve come from, say, 1998, when Sani
Abacha was the only man “whom the cap fit.”

I think – or should
that be ‘hope’ – events of this election season, that have thrown up
this impressive array of candidates – constitute strong evidence that
Nigerians are ready to sing ‘Nunc Dimittis’ to our long-cherished
tradition of ‘anything goes’ in our political space. Everyone who
remembers how an ailing, uninterested Yar’Adua was arrogantly foisted
upon us in 2007 ought to weep again and again for this country.

It appears (alas
for now one can only say ‘appears’) to be dawning on Nigerians that
there is a connection between the ‘quality’ of those who roll around
town in lengthy, noisy convoys, and the ‘quality’ of life lived in the
country.

For too long, our
matches have been played by ball boys, whilst the ‘first eleven’ remain
seated on the bench, watching helplessly, sometimes even cheerleading.
Now, hopefully, a revolution beckons.

But I still have
one fear: that after the dust has settled, and April’s spoils of
victory have been shared, everyone who is not a winner will immediately
go to sleep beneath a “Wake me up in 2015” banner.

Surely no country
that is serious about its destiny treats its politics like a ‘Leap
Year’. In sensible countries, every day counts. Politicians are judged
not by the last-minute promises they manufacture, but by how they have
conducted themselves, in and out of power, since the last elections. In
Nigeria however, politicians – winners and losers alike – go to sleep
as soon as election results are out.

In the event that
the Ribadus and Adeolas and Bakares and Shekaraus and Momodus and
Utomis do not win come April, I do not expect them to return to
“personal life.” And if they do, Nigerians should not take them
seriously next time. Ribadu for example has a strong youth movement
that should seek, whether its candidate wins or not, to blossom into a
force as significant in Nigeria as the Tea Party is in America.

Hopefully no one thinks it’s too early to start talking about 2015.

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Exchange says trading platform functional

Exchange says trading platform functional

The management of
the Nigerian Stock Exchange (NSE), yesterday, reiterated that its
current trading platform is functional, against insinuations that it is
outdated following the Exchange’s move to replace it.

Emmanuel Ikazoboh,
interim administrator of the NSE, had announced last month that the
Exchange’s council approved the acquisition of a new trading platform.

“An ad-hoc
committee of management and council engaged with various vendors to
ensure that a new platform, which would address all concerns relating
to equities, derivatives, bond trading and dissemination of data, was
put in place,” Mr. Ikazoboh said.

The development,
however, generated concern among some market watchers who believed that
the existing trading platform may be outdated and not equipped,
particularly for bond trading.

Meanwhile, the
Exchange, in a statement yesterday, said the current “trading platform,
Horizon, designed and maintained by NASDAQ OMX, has capacity to support
trading in equities, fixed income securities (bonds, debentures,
treasury bills, etc) and derivatives.”

“The platform
supports two-way quotes (that is, price to buy and price to sell), as
against what is being claimed in some quarters. The trading platform,
which was installed at the inception of Automated Trading System on the
Exchange in 1999, has been very effective. It combines auction-style
trades, direct trading, negotiated deals and quote market,” the
statement said.

Quote market

“The quote market
is an implementation of a quote-driven market model where market makers
place a two-way quote that is a bid (buy) and an offer (sell) price at
the same time. These quotes are matched against orders from market
participants on a price-time basis. This means that the basis of
allotment is on price and time of entering the order.

“As against what
obtains in the Over-the-Counter (OTC) Market where transactions are
between two parties (that is the buyer and the seller), the Quote
market supports many-to-many call auction where many dealers trade at
the same time. This encourages transparency in price discovery,” the
statement further said.

It added that the
NSE Bonds trading platform has various means of trading, depending on
the options acceptable to the market operators and regulators.

“The trading
options include: Order Driven Market for Retail Traders and Quote
Driven Market for Market Makers. With these options, the trading
facility on the Exchange has the ability to cater for both the
wholesale and retail markets for fixed income securities,” it also said.

The statement added
that the current trading platform has “the facilities that allow
brokers/dealers to change a former order, cancel un-filled orders,
check outstanding orders, suspend and resume an order. It also supports
both Dirty and Clean Pricing.”

The Dirty Price of
a bond is the value of a bond exclusive of accrued interest, while the
Clean Price is inclusive of accrued interest.”

The Exchange said one of the advantages of the NSE Bonds trading platform over the OTC market is price discovery.

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Shell opens bids for oil blocks

Shell opens bids for oil blocks

Shell Petroleum
Development Company (SPDC) has declined to speak on the progress of the
bidding process of its oil blocks that have been offered for sale.

Although names of
interested companies have already been mentioned in newspapers, local
and foreign, the bidding process for the sale of its oil blocks have
started, and the planned sale of some oil blocks belonging to the
company got underway in its London office last week with the opening of
negotiations with some of the companies that bid for the oil blocks.

However, Precious
Okolobo, one of the spokespersons of the company, said a statement
would be issued at the right time. “At the right time, the company
would let the public know exactly what is happening,” adding that most
of what have been reported so far is based on speculations.

Shell has been embarking on some divestures since last year with some oil experts saying several reasons may have led to this.

Dragan Trajkov, an
analyst at Renaissance Capital, an investment bank, says there are
several reasons why Shell might have decided to shift its operations
towards deep offshore and divest some of the onshore assets.

He added that it is
no secret that Shell has had a very difficult time to establish a
healthy working relationship with the local population. For instance,
its stations in Ogoni in the Niger Delta are still shut.

Experts believe
that the potential Petroleum Industry Bill and the already passed Local
Content Bill might have had some impact on their decision, especially
the fact that the early version of the PIB proposed that the majors may
be required to relinquish some of the undeveloped fields.

Last January, Shell
sold some of its Nigeria assets to a consortium led by local companies.
The company then stated that it agreed to transfer its interest in
three production licences and related equipment in the Niger Delta to a
consortium led by two Nigerian companies.

“This sale of
assets supports the Nigerian government’s goal of expanding
opportunities for local energy companies,” Mutiu Sunmonu, managing
director, SPDC, said.

In October last
year, Afren announced the acquisition of the OML26 block in Nigeria,
from Shell, with its shares gaining about 14 per cent the same day.

What’s up for sale?

Although not
publicly announced, a Renaissance capital report states that in this
round, Shell is looking to divest its 30 per cent interest in the
following Nigerian blocks: OML30, OML34, OML40 and OML42.

“We estimate that
on a gross basis these blocks combined may contain approximately 2.5mn
barrels of remaining oil resources (750mn barrels net to Shell) aside
from gas,” Mr. Sunmonu said.

According to him,
some of the discoveries on these blocks started production in the
1960s. However, at present, the majority of production appears to be
shut-in.

“In line with the
current production/reserve ratio of the five oil majors in Nigeria, we
estimate that the remaining oil resources in these blocks have the
potential to ramp up to approximately 300kbblpd of gross production,”
he said.

Industry watchers
say although many consortia have been formed and that as many as 18
have been mentioned, most appear to include an indigenous company and
one or more international partners with good financial backing. The
winners are to be announced in March.

Some of the
companies that are reported to have indicated their interest in the bid
include Conoil, African Petroleum (now Forte Oil), Afren, Neconde
Energy, Essar Oil, Seven energy, Oando, and Niger Delta Petroleum.

It is believed that
the actual potential will be a lot clearer once the winners are
announced and more detailed technical data are made publicly available.

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OIL POLITICS: Caught in the Amazon

OIL POLITICS: Caught in the Amazon

The people of the
Amazonian region of Ecuador could not have wished for a better
Valentine Day’s gift as a court there slammed an $8 billion fine on
Chevron for heavily polluting the area through serial oil spills.

Texaco spewed the
spills into the fragile ecosystem between 1964 and 1990. You may be
wondering why Chevron should be caught in the mess left behind by
Texaco. Chevron bought over Texaco in 2001, although if you should
trace their pedigree, you would find that they were close relatives.

The case against
Chevron was first fought in a New York court, but they succeeded in
getting the court to agree that the legitimate place to try the case
was Ecuador. And so to Ecuador the case went. Perhaps, the oil mogul
banked on wearing the plaintiffs out or it may have considered that
they could run over the Ecuadorian legal system and come out unscathed,
with clean oily hands.

Well, the
plaintiffs were tenacious and the lawyers pressed on with the case. In
a statement issued soon after the judgement was delivered, Chevron
declared that, “The Ecuadorian court’s judgment is illegitimate and
unenforceable,” and that it was “the product of fraud and is contrary
to the legitimate scientific evidence.” And, of course, Chevron plans
to appeal.

Interesting.
Corporations such as Chevron are always keen to avoid liability even
when caught in the act with a smoking gun still in its hands. The oil
spills they left behind in Ecuador are as evident today as they were
decades ago.

Indeed, anyone who
makes a pollution tour of the Sucumbios, the region where these
environmental disasters are easily visible, will not have to search
before seeing the pools of crude Chevron left behind. There are cases
of polluted streams, forests, and farmlands. It is like another Niger
Delta across the ocean.

The people of the
region suffer the impacts of the pollution on their health through
diverse cancers, blood disorders, and other such diseases. The
corporation also left behind pipelines that often run above the ground
and at places people have to stoop beneath them to get into their
homes.

One of the more
atrocious acts of corporate “responsibility” was the alleged practice
of using toxic drilling muds to make building blocks for schools in the
area. Reports also abound of toxic wastes from oil activities being
spread on community roads as a social service. Sad thing is that after
the operations were taken over by the national oil company, Petro
Ecuador, there does not appear to be significant respect for the
environment or the people in the region.

Meanwhile, Chevron
is kicking and screaming against the judgment. It argues that they have
earlier rulings by US and international courts that they can depend on
to make the enforcement of Monday’s ruling impossible. Their statement
is laced with open threats: “Chevron does not believe that today’s
judgment is enforceable in any court that observes the rule of
law…Chevron intends to see that the perpetrators of this fraud are
held accountable for their misconduct.”

The company has
loads of money and plenty of time. The poor indigenous people and the
campesinos in the Amazon forest have neither of those. To the poor
people, it is a fight for survival. For the oil mogul, it is a struggle
to avoid responsibility.

When they bought
over Texaco, it should have been obvious that they purchased both the
assets and the liabilities. And when a case is about environmental
pollution, pray how do you hide the evidence of several barrels of
crude oil in the open environment? It would take particular credulous
judges to avoid the physical evidence that cry for justice even before
the peoples speak.

The Ecuadoran
Amazon communities initially filed a suit in New York City against
Chevron in 1993 for polluting their water and soil and sought a
settlement in the sum of 27 billion US dollars. After years of struggle
and prevarications, the gavel has come down on the table, and Chevron
is screaming blue murder.

The company was
even reported to have filed complaints against the plaintiffs’ lawyers
in the USA before the judgment was delivered. Why are these powerful
transnational corporations unable to accept guilt and show some respect
for local peoples who suffer the impacts of their massive footprints?

The Ecuadorian
situation should be a lesson to those who are plucking up Shell’s oil
fields in the Niger Delta. Someone will pay, one day, somehow.

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Kenya’s Sasini future uncertain from drought

Kenya’s Sasini future uncertain from drought

Kenyan agricultural
producer, Sasini, faces an uncertain future because of drought and
rising oil prices, but plans to diversify its revenue streams to buffer
its main business, its head said on Wednesday. Meteorologists have
warned the East African nation is likely to have a drought, causing
jitters in the agricultural sector.

“We have a drought, we do not know
how long it will last. We are using diesel generators to irrigate,
which is shooting up our costs,” Caesar Mwangi, managing director at
Sasini, told Reuters in an interview. Sasini’s pretax profit for the
year ending September 2010 jumped 82 per cent to 1.4 billion shillings
buoyed by favourable international commodity prices and a weak Kenyan
shilling.

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Exile Resources gets exploration licence in Zambia

Exile Resources gets exploration licence in Zambia

Junior oil and gas
explorer, Exile Resources Inc., said it received a formal exploration
licence for its project in northeastern Zambia. Exile Resources, which
has an investment licence for Block 26, is currently reviewing data and
undertaking geochemical surveys to study the potential for oil and gas
in Zambia.

The Toronto-based company, which is focused on the
acquisition and development of oil and gas properties in sub-Saharan
Africa, also said first production at its Akepo field project in
Nigeria is targeted for May 2011. Nigerian oil company, Sogenal Ltd.,
has a 60 per cent stake in the property, while Exile owns the rest.

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Libyan oil output down by a quarter

Libyan oil output down by a quarter

As much as a
quarter of Libyan oil output has been shut down, Reuters calculations
showed on Wednesday, as unrest prompted oil companies to warn of
production cuts in Africa’s third-largest producer. Austria’s OMV said
on Wednesday it might be heading for a full production shutdown in
Libya. Total, Repsol, Eni, and BASF have also said they are either
slowing or stopping output. The latest comments point to a growing
impact on oil output from Libya, which produces 1.6 million barrels per
day(bpd) of high-quality oil, or almost 2 per cent of world output.
About 1.3 million bpd is exported, mainly to Europe.

“We are evaluating
the situation. We cannot say at the moment how production is developing
exactly,” OMV chief executive, Wolfgang Ruttenstorfer, told a news
conference.

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