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A comment followupA comment from another source on the situation fwiw; tracking Nigeria. IMO it can easily be the catalyst that will reverse the PPS downturn. Essentially the Nigerian NOC is in the process of being restructured, with updated rules for JV's with IOC's. IOC's seem to have formed a trade group to make sure the commercial terms of this new legislation is fair. Seems that while this was happening a fly in the ointment came out about alleged personal use of NOC jet. IMO the oil industry has used various terms and words in the media to kindly come up with PR pieces why Africa is being 'pushed out'. Nigeria is a member of OPEC, and produces the most oil of all the African nations; more than Angola, etc. Neighboring Angola seems to be very active (waters close to Nigeria) as shown by HUGE commitments by Total that were announced in Upsteam this week. Exxon, Shell also in area. Head of Nigerian oil industry is former Shell deep sea executive. IMO, all you need to understand is Geography 101, and Economics 101. Then it's ... All In. Best Rgds; IMHO................This is Offshore specific so it may be of interest to some |
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