Business in Ghana

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Posts Tagged ‘Nigeria Oil’

Pressure on president to switch on more light

Posted by Business in Ghana on November 27, 2012

By William Wallis and Xan Rice, FT.com

A decade of rapid economic expansion on the back of high oil prices and a boom in services has delivered greater prosperity and confidence to parts of Nigeria’s south – notably Lagos, the commercial capital, and more recently the oil-producing Niger delta from where Mr Jonathan hails.

But the development of the mainly Muslim north has been left trailing dangerously, at the same time as the region’s elites are smarting from a loss of political power. It is not entirely coincidental that an Islamist insurgency has taken root, its rank and file peopled by young men with little hope of finding jobs. Read the rest of this entry »

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We Have To Track Down The Oil Thieves

Posted by Business in Ghana on July 23, 2012

By Patrick Dele Cole

It seems the Nigerian government is finally waking up to the financial impactillegal theft and sale of crude oil is having on our nation, as well as on the oil-producing Niger delta region.

Last month the minister of finance said she believes up to 17 per cent of the country’s production was lost in April. This means we could be losing up to 400,000 b/d.

About $9bn of revenue, equivalent to almost a third of the federal budget, is thus under the control of a criminal cartel with tentacles that stretch from the Niger delta, through the armed forces into the heart of organised crime and out into the rest of the world. Read the rest of this entry »

Posted in Oil and Gas, Uncategorized | Tagged: , , , | 1 Comment »

Rival to Nigeria as Prodigious Source of Crude

Posted by Business in Ghana on July 18, 2012

By Tom Burgis, www.ft.com

On the morning of Friday February 10, the oil world was abuzz. Cobalt International Energy, a midsized explorer backed by Goldman Sachs, had announced what was potentially one of the biggest discoveries of recent years.

The find in Angola’s Kwanza basin was a “game changer”, in the words of one veteran oilman. Cobalt’s well, drilled to a depth of 4.9km through a thick layer of salt, had found a reservoir the Texan explorer estimates to contain 1.5bn barrels of crude.

It confirmed a new energy frontier. If the so-called “pre-salt” region proves as rich as early indications suggest, it would set Angola on course to join the big league oil producers over the coming decade. Read the rest of this entry »

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