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Post by mintos on Mar 28, 2012 12:06:49 GMT 3
Standard - How Oil Cash will be shared Nation - How 800 Million has already been shared
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Post by mzee on Mar 28, 2012 12:33:34 GMT 3
The Ngamia1 drill site from google earth
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Post by mzee on Mar 28, 2012 12:39:13 GMT 3
The drilling sites have taken a major chunk of land. I wonder how big Turkana is but here are the figures as far as the minning blocks are concerned.
BLOCK --------- SIZE 10A = 14,597 km² 10BA = 15,455 km² 10BB = 12,625 km² 9 =30,054 km² 12A = 15,345 km² 13T = 8,415 km²
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Post by mzee on Mar 28, 2012 12:44:30 GMT 3
Blocks
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Post by mzee on Mar 28, 2012 12:45:24 GMT 3
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Post by mwalimumkuu on Mar 28, 2012 20:18:58 GMT 3
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Post by OtishOtish on Mar 29, 2012 1:56:50 GMT 3
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Post by amadain on Apr 12, 2012 21:33:26 GMT 3
Aside from the "oil curse", another possible problem with the growth of the natural resource industry is that the West will cease to "meddle" (ie. keep a watchful eye over democratic institutions, press for reforms, investigations, anti-corruption measures, general raising of eyebrows etc.) and just focus on the oil. Most importantly, Obama has a dictator-friendly foreign policy when oil is involved, as seen in his relationship with Obiang of Equatorial Guinea. Happy family. Check out that (fake) smile. Let's have a look at Obama's pet dictator. First of all, E.Guinea can't even make it into the EITI of which even Nigeria is a member. E.Guinea's only news website (government-run of course) paints glowing pictures of a modern and just country. You should check it out, it's quite a joke actually and is peppered with classic lines such as: "In Equatorial Guinea there is strict control of State revenues. All the money is collected by the State, no one can touch that money. There is a strict control of income, even I can't touch Government money," said the President of the Republic." So where does all the money go? Meanwhile here's a screen shot from google earth of the mainland "capital" of E.Guinea called Bata. It is basically a sprawling slum. It looks like Kibera with more trees. The billions of oil dollars are obviously flowing northwards to Switzerland. Same goes for the offshore capital Malabo. A slightly larger CBD ringed by miles of ramshackle tin-roofed slums. Look at google maps yourselves, you will see no signs of an oil-producing nation. E.Guinea places strict conditions on journalists entering the country in case they get a glimpse of the prevalent poverty, therefore accurate reporting is pretty hard to come by. But these satellite images do not lie. They have corruption and neglect written all over them. To the point: the Obama Administration doesn't risk putting pressure on Obiang in terms of reforms and human rights in case it damages the supply of black gold. As Condolezza Rice said, Obiang is a "good friend" of America. If you give us oil, you can treat your subjects however you want. Oh, you recently won 99% in the Presidential Election? Seems free and fair to us, carry on. 15 years down the line, ordinary Kenyans may reminisce about the good old times when the international community cared about them and "meddled" in national affairs... but that's a worst case scenario . I am generally optimistic.
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Post by Fahari on Apr 13, 2012 2:03:06 GMT 3
I was amused when I read your post and similar sentiments in the Kenyan media however, I beg to differ: Wetangula did not make a killing, in reality he made massive losses, he cut an embarrassing deal he was duped period! If he were a CEO of a company in my part of the world he would have been fired for selling off a major asset at a throw away price! Let me illustrate my point: If Wetangula had worked out a deal where this piece of property would have been converted into shares in tullow or africa oil for about 10% plus some cash consideration and if this well only produced a paltry 100 million barrels, Wetangula would be looking to gross I billion USD based on the current market rate of $103 USD per barrel If I am to believe one of the links posted on this forum, the current guesstimate for this particular well is 2.24 billion barrels. Do the math, how much has he lost for himself, his progeny and the nation? Wetangula deserves a public flogging and to permanently dorn sack cloth for being utterly clueless in business and finance. This saga underlines the problems with some african leaders, they think in the short term he needed immediate cash to finance an election, therefore he sells of wealth in perpetuity, how stupid!!!
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Post by jakaswanga on Apr 13, 2012 19:50:33 GMT 3
I was amused when I read your post and similar sentiments in the Kenyan media however, I beg to differ: Wetangula did not make a killing, in reality he made massive losses, he cut an embarrassing deal he was duped period! If he were a CEO of a company in my part of the world he would have been fired for selling off a major asset at a throw away price! Let me illustrate my point: If Wetangula had worked out a deal where this piece of property would have been converted into shares in tullow or africa oil for about 10% plus some cash consideration and if this well only produced a paltry 100 million barrels, Wetangula would be looking to gross I billion USD based on the current market rate of $103 USD per barrel If I am to believe one of the links posted on this forum, the current guesstimate for this particular well is 2.24 billion barrels. Do the math, how much has he lost for himself, his progeny and the nation? Wetangula deserves a public flogging and to permanently dorn sack cloth for being utterly clueless in business and finance. This saga underlines the problems with some african leaders, they think in the short term he needed immediate cash to finance an election, therefore he sells of wealth in perpetuity, how stupid!!! FahariThis of yours is a highly refreshing view! Infact I was wondering if it were not better for Kenya to launch her own Turkana National Oil Company, specifically for the Turkana blocks. This company then, by act of parliament, maintains the ownership of the blocks, and the exclusive rights to exploitation. She can then invite Oil engineering companies or existing oil-drill companies like Shell or exxon to tender for specific services, and get to work. Caretaker President Uhuru Kenyatta and his deputy Raila should have at least explored extensively, this forgotten basic economic common sense. For a country like Kenya which is treated so shabily by organisations like the IMF when they go beggin, some things should be consedered national wealth first! methinks. NB: There are oil engineering companies who specialize only on the technical side. The marketing is not their business. Traditional oil companies do from prospection to retail via refining in the so called total intergrated approach. Every nation, presumable after internal debate, chooses the model best suited tot their needs in any economic sector. I suspect the Kenyan oil blocks and drilling contacts were not awarded with the national interests of Kenya in mind . ------------ NB: The governor of Oil --Turkana-- county becomes even more important than that of hitherto prestigious Nairobi. He will be the guy to institute investigations into how the plots were awarded, and the oil contracts too if he cares! And sue all the involved parties if his legal counsels advice! He will be the guy to nullify the old and open up new contracts and tenders, and the whole pandora's box. He is a guy who must be controlled, bribed, or destroyed if he puts the interests of his county first. I have seen Wetangula's name mentioned as one of Raila's options for running mate!Backwardness preparing to recycle itself in broad daylight! under the disguise of progressive politics! Ndungu Phil of Jukwaa, did i read that correct? [not to mention Japan embassy! ethnic math dictates it, right?! ] ------------------------ So we too will watch live as we ruin our country, or do better than Nigeria and the rest of the african oil moghuls like Nguemaland. Wont there be trouble as the Turkana wake up and discover they have been taken for a ride --like the Maasais who discovered with a jolt they had leased their land to the british settlers for 999 years for free! Aah, the oil governor: it will be a study in human worth. For the people, or against.
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Post by mank on Apr 13, 2012 20:21:32 GMT 3
Fahari... Caretaker President Uhuru Kenyatta and his deputy Raila should have at least explored extensively, this forgotten basic economic common sense. .... What you cooking?
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Post by jakaswanga on Apr 13, 2012 22:21:35 GMT 3
Fahari... Caretaker President Uhuru Kenyatta and his deputy Raila should have at least explored extensively, this forgotten basic economic common sense. .... What you cooking? Mank! Where have you been! since the reshuffle, vintage analysis has met common sense and street-talk in a formidable conclusion that UK has ascended in power to the peak! I read it first on Jukwaa from Job! Kibaki is history. And since the second most powerful man is Raila [Kalonzo nolonger features on the radar apart from his avatar in political wonderland], I naturally refer to him as UK's deputy! Hiyo tu, ndugu yangu! Or did I misunderstand your question?
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Post by merlin on Apr 18, 2012 17:54:30 GMT 3
Argentina takes back its oil resources from Repsol (Spanisch oil company). President Cristina Fernandez de Kirchner named Planning Minister Julio De Vido to head the oil company with immediate effect and is sending a bill to Congress to take a 51 percent stake after oil imports doubled. Argentina, which wants to produce enough crude to match consumption, risks becoming“unviable” as a country because of the surge in imports, Fernandez said yesterday. The seizure of the stake from Madrid-based Repsol YPF SA (REP)comes after more than two months of government pressure on YPF because of slumping production. The country could double output within a decade after the discovery of shale oil fields in the south that will cost $25 billion a year to develop and which will require YPF to find partners to help share costs. Read more; www.bloomberg.com/news/2012-04-17/argentina-seizes-51-of-oil-producer-ypf-to-stem-imports.html
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Post by jakaswanga on Apr 18, 2012 19:27:42 GMT 3
Argentina takes back its oil resources from Repsol (Spanisch oil company). President Cristina Fernandez de Kirchner named Planning Minister Julio De Vido to head the oil company with immediate effect and is sending a bill to Congress to take a 51 percent stake after oil imports doubled. Argentina, which wants to produce enough crude to match consumption, risks becoming“unviable” as a country because of the surge in imports, Fernandez said yesterday. The seizure of the stake from Madrid-based Repsol YPF SA (REP)comes after more than two months of government pressure on YPF because of slumping production. The country could double output within a decade after the discovery of shale oil fields in the south that will cost $25 billion a year to develop and which will require YPF to find partners to help share costs. Read more; www.bloomberg.com/news/2012-04-17/argentina-seizes-51-of-oil-producer-ypf-to-stem-imports.html Merlin,I was just about to post this as a new thread. The nationalization by Argentina of the YPF. But I was still hunting for an article which captures the key arguments in totality. WHY: Currently, in the monopoly and world dominance of neo-liberal economic theory, NATIONALISATION is like a throw-back to a medieval and antic ideology. And most of the commentry already is a heavy condemnation of the measure. Spain is even investigating ways [lobbying in the EU] of ensuring that Argentina is cut off from credit! In effect declaring economic warfare on the south americans. Most economic analysts in the west are predicting doom --they mention Hugo's Venezuela as the horror scenario (amazing because Chavez and his mad economic policies is not a horror to the majority of V enezuelans]. So why has the popular Cristina Fernandez de Kirchner and her economic team decided on this 'suicidal path'? The world looks very different from their perspective. And their people support them. 1. The astronomical profits which this company has made ever since it was privatized, have all been repatriated to Spain; but local investment has been next to nil. Totally no technoligical infusion. There is an increasing need to import oil while capable of producing enough domestic need. [sounds Nigerian familiar]. And the Argentinian economy is even expanding faster. Something had to change. 2. In the new conciousness of the ordinary Argentinian, a new sense of national pride is taking shape. You will notice Argentina has opened the case of MALVINAS again [called the Falkland Islands in Europe], and has put it on the agenda of the OAS [Organisation of American States]. To this end, Argentians want their natural resources to be under national control, or under the dominance of a national, indigenous company. If the conflict over the Falklands escalates, and the EU must side with the UK as is dictated by NATO and EU protocols, would not a European company controlling such a vital sector be a Trojan Horse?3. Argentinian fiscalists just think it was a bad deal. American giants like Exxon or Texaco would --under trasparent tendering, have offered more, and can still offer more, in the face of competition from China. And I think Spain being a weak link in the Euro-chain currently, can not pay her bills, and is cannibalizing external resources like YPF --ready cash cow is oil, forcing them into a colonial mode of extraction in their foreign dominions. And the Argentinians have noticed. ============= PS: In the light of Oil discoveries in Kenya, it could be prudent for Githae and Ndung'u at CBK, to send a team of economist to go take a look why the theoretical artefact 'nationalization' [policy instrument ] has been salvaged from the museum of ideas, and re-commissioned in Argentina! You never know what you might learn --what Wetangula has no idea of.
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Post by phil on May 7, 2012 17:06:53 GMT 3
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Post by mank on May 7, 2012 18:51:33 GMT 3
Mank! Where have you been! since the reshuffle, vintage analysis has met common sense and street-talk in a formidable conclusion that UK has ascended in power to the peak! I read it first on Jukwaa from Job!
Kibaki is history. And since the second most powerful man is Raila [Kalonzo nolonger features on the radar apart from his avatar in political wonderland], I naturally refer to him as UK's deputy! Hiyo tu, ndugu yangu!
Or did I misunderstand your question? Pardon me on going MIA so long. You did not misundertand my question ... and your answer is apt. It makes all the sense now.
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