Is This The Next Great Oil Frontier?

Oilprice.com ^ | 01-03-2020 | Meredith

[bananaman22]

Nigeria has long been known for its oil riches.

Angola has too, but decades of entrenched corruption have chased foreign investors away.

Now Namibia is joining the African oil conversation with one of the most oil-friendly regimes on the continent. It’s offering 5% royalties on what might just be a very productive shale play in Reconnaissance Africa’s (RECO.V) Kavango Basin.

Emerging markets are where oil upside might be found these days but navigating them is a challenge.

[calenel]

Didn’t the world supply of oil run out in 1970?

[dp0622]

‘69.

We might round off differently.

YES and snow is a thing you can only Tell your kids about now.

algore said so.

And FL is underwater.

I’d add the rest but it’s too long :)

[SkyPilot]

I wouldn't invest one dime in Nigeria, or anywhere else in Africa.

I've been to Nigeria, Somalia, Ethiopia, Sierra Leone, Republic of the Congo, and other places.

1. Trump was correct, they are literally "sh-t holes."

2. Bribery and corruption are not outliers of society, the ARE the heart of society. Almost EVERYONE is corrupt. There a few vestiges of Christianity, the one bright light - but they are few. You even have to bribe "policemen" to drive on a pothole strewn, dirt road. And the bribery stations are about a mile apart - on every road.

3. The countries are not waste cases because of "Colonialism." The is the Big Lie. The countries still use the buildings, roads, etc. that were built by the European colonists over a hundred years ago (if they haven't destroyed them).

4. Wakanda isn't a real place.

[FreedomPoster]

Let Africa Sink
http://www.kimdutoit.com/2017/05/05/let-africa-sink/

[SkyPilot]

Wow. He nails it.

[FreedomPoster]

15+ years ago.

I have an RSA emigre friend who is damn glad to be here, his wife even more so. She won’t even go back to visit, he still does some business there from time to time.

[SkyPilot]

We also know a couple who escaped from there. This was about 20 years ago. They saw the writing on the wall.

It was tough for them, because they left almost everything behind and had to start completely over.

[moovova]

“Dear most good friend,

My name is Oblida Sansoni Miscondili and I am the Minister of Oil Rights in Nigeria. I have received your name from a common acquaintance. He indicated that you would be interested in purchasing oil rights in my country. I can sell them to you for pennies on the dollar. Why, you ask? A vast, unexplored oil rich area in southern Nigeria was discovered recently. Because of a survey error, a total of $47 million worth of oil fields was left off the survey. No one knows about this error except me. I am willing to sell you access to a portion of these lands because our common acquaintance tells me you are someone I can trust not to disclose this “error” to others. By being close-mouthed about the investment opportunity, we both can achieve very substantial returns...”

[Wilhelm Tell]

It sounds like quite an investment opportunity, lol.

[MattMusson]

Shale drilling requires things that Namibia just does not have. Including, a gaggle of trained petroleum engineers and a shit-ton of capital.

[DownInFlames]

China is zeroing in on Africa. Oil.

[Oatka]

You even have to bribe "policemen" to drive on a pothole strewn, dirt road. And the bribery stations are about a mile apart - on every road.

Back in the '80s I worked for a rent-a-rig international oil company. Some of the guys who were sent to Nigeria said that if you are sent there, at a minimum, buy a dozen cheap wristwatches and load up your arms when going out into the bush.

As you said, every so often there was a "security roadblock" where you paid for passage or had to surrender your wristwatch.

As an addendum, one guy said that a BIG black guy came over to where he was sitting at the airport and gave his luggage a savage kick, exclaiming "You Goddam whites". He just sat there. If you responded in any manner, you risked getting stabbed while airport security looked the other way.

[SkyPilot]

As an addendum, one guy said that a BIG black guy came over to where he was sitting at the airport and gave his luggage a savage kick, exclaiming "You Goddam whites". He just sat there. If you responded in any manner, you risked getting stabbed while airport security looked the other way.

I can believe it.

I had to bribe people at the airport just to get out of the place. They said I had to pay "Towing Fees", and I said we were never towed. Then they said I had to pay for "Weather Services" and I told them I never got a weather update from them (wouldn't have trusted it anyway).

This went on and on. They had armed security surround my aircraft. Finally, I paid the head guy something like $100 in cash, he grabbed it, shook his fist at me, and we left.

I can tell another twenty stories like that one.

African countries were bad (corruption, poverty, violence). Many Middle Eastern Muslim countries were not poor, some of them vastly wealthy. But I hated those as well. Just dark, dark places. Spiritually. They had a heaviness about them. It's hard to explain.

[1066AD]

I read the other day that Guyana was going to be richer than Kuwait in a few years. Big oil discoveries offshore to be developed.