re: African Vs Mideast Oil.Nigeria,any Aussie comp

  1. 831 Posts.
    It is likely that the article or gossip meant to allude to the US decision to continue with its diversification programme for purchasing crude which it launched in 1970 after the great oil shock.

    There is no major change to US policy with Saudi Arabia which may as well be Arabic for Aramco. They virtually own the place including the house of Saud and the current lineage of Fahad and his brothers who are the other half of Faisal's second wife.

    Ret. Maj. Gen. Ogbasanjo is about the most stable of Nigerian leaders the country has seen in its long chequered history. He has the support of the Muslims and Christians and other sects in the country. Obasanjo is also respected by the army factions and has enlisted US support to streamine and to add a greater deal of professionalism in its armed forces officer corps.

    The public service has also been outsource for the past two years now and the results are certainly although not near our standards, far better than what it used to be.

    Oil in the African continent is now a hot issue. The Canadians have sold out their concession for US$750 million to Indoan's ONGC (oil and natural gas corporation) who consider it a bargain.

    Their position is that if Assam where they have a large number of gas and oil wells could be profitable even though 7 of their executives were murdered by rebels this year alone, Sudan cannot be all that bad.

    Nigeria will always be risky because of the fractious nature of tribal politics and the greed of outsiders for their oil. Together they make a volatile combination.

    Remember the US also still buys from Libya even if through Rotterdam. Iraki and Iranian oil also go to the USA. Nothing changes except money from one hand to the other. In God We Trust. All others pay cash!!

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