Africa is in the forefront of the world`s E & P companies discovering new fields of oil and gas exploration.There now new players on the block like Uganda,South Sudan,Kenya,Mozambique,Malawi,Namibia including Tanzania and I sure Rwanda,Botswana,Zimbabwe,and Zambia will follow. I spoke two weeks ago with a Gulf executive oil company shocking question of why is there a rush to sub saharan africa by E&P.
First of all private oil companies are going to play second importance to the political oil rush.I explained that here there is no alternatives.Saudia Arabia and Russia beside their vast oil and gas resources with reserves in billions today ,will be in ironical situation in fifty years time.In that time these two countries will have their reserves deplenish by 35% thus securing a future for their young generation might be in question.Sometimes I become irritated when I hear some oil producing countries say that they have to secure multi ways in beefing up their financial coffers .So the question arises .......beside oil therefore for the last 30 years where has the oil finance gone if not for infrastructure or projects.
If I reflect back 30 years ago of my record in oil and gas and a profound reflection of the human cost and suffering for a oil nation trying to step it up and improve the country industrialization, there a decry from my side.I must admit I have spoken to many oil executives and oil ministers thumbing a proud note of " MY COUNTRY DAILY PRODUCTION LEVELS "
If ........if i hypothetically we presume that Nigeria,Mexico or Venezuela have a output of
1,2 million barrels daily @ 96USD(price 3 years ago) it will give these countries a whoppy 115,200,000USD (one hundred and fifteen million two hundred thousand dollars per day.That it ! you saw the writing on the wall ........a 3,450,000,000USD (3,4 billion dollars per month ) x five years of economic development plan will proudly theoretically give these oil host countries 207,000,000,000USD.
So where do we go from here ? well it not so easy to calculate the oil money because behind the scenes there are dark forces at large, though be it in a legal capacity.
In Part 2 how oil money can survive and the political oil push
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27 Feb 2017