Indonesia, Kuwait eye proposed Somali oil firm

[General Duke]

Indonesia, Kuwait eye proposed Somali oil firm

 

Tuesday, August 07, 2007

 

NAIROBI (Reuters) - Somalia is considering creating a state petroleum firm with a 49 percent stake for Indonesia's PT Medco Energi Internasional Tbk and Kuwait Energy Company, according to documents obtained by Reuters.

 

The government documents, titled "Somalia Petroleum Policy", indicate that the two firms would acquire their stake in Somalia Petroleum Corporation on August 31.

 

That, however, would be dependent on the passing of a national oil law awaiting parliamentary debate, analysts say.

 

Source: Reuters, Aug 07, 2007

[N.O.R.F]

49% is too much.

[BiLaaL]

Northerner - You're right to highlight the enormous gains that these oil firms are set to reap. Duke is a man with very little understanding of fiscal policies. Anything the TFG does is sacred to him. He simply doesn't comprehend the enormous share of royalties that these Oil firms are set to pickup. We are talking between 290 - 380mn barrels per day. With the price of oil skyhigh, the directors of these oil firms must be in utter disbelief. Percentage shares of these magnitude are simply unheard of.

 

Western oil firms are in mourning and must be kicking themselves over the sort of deals that the TFG has recklessly been dishing out. No wonder the US Enegy Information Administration has been busy downplaying, of late, the much-talked about oil reserves in our country, in a desperate attempt to discourage future potential investors. This ploy is aimed at securing a share before Ghedi and AY sign more bizarre deals.

 

To put this into perspective, let us consider the case of the young nation of East Timor. Following independence in 2002, the leaders of this small nation sought to take hold of their oil reserves in the Timor Gap. The Australian government, which spearheaded E. Timor's independence claims, sought to get a share of the estimated $US20bn oil reserves. Australia was willing to provide funds for the undersea project. Guess what percentage this young nation asked for? It asked for over 90% of the total revenues. This is without subtracting exploration costs.

 

Coming back to this insane deal, the so-called 'national oil law' is still to be approved. Without the approval of this law, neither of these deals will take place. Ghedi, whose mandate has already passed, is reportedly busy presurring parliament to sign it into law. These parliamentarians have stood by as their country was illegally occupied, i now hope that they don't stand by as their nation's resources are plundered away.

[me]

TFG got jokes...no no its a joke.

[Jacaylbaro]

I think it will be good for the poeple only when the security is stable and there is a government that people are supporting.

 

In the current situation even if the oil company is implemented by force then the income will be spent on buying weapons and against the insurgents/fighters. and those insurgents will constantly attack the oil fields.

[General Duke]

^^^Talk is cheap adeer, CNOOC & Range are in Puntland. Is it held by force?

 

source

[General Duke]

Indonesia iyo Kuwait oo indhaha ku haya qaadashada qandaraaska sliid baarista Soomaaliya.

 

NAIROBI (Reuters) –Dowladda Soomaaliya ayaa haatan waxaa ay aad u daneyneysaa in ay sameyso shirkad shidaalka baarta oo loogu magac daray {state petroleum firm

 

NAIROBI (Reuters) –Dowladda Soomaaliya ayaa haatan waxaa ay aad u daneyneysaa in ay sameyso shirkad shidaalka baarta oo loogu magac daray {state petroleum firm},iydoo qandaraaska qabashada howshanna ay qaadanayaan shirkadda Indonesian-ka ah ee la yiraahdo PT Medco Energi Internasional Tbk iyo shirkadda kale ee laga leeyahay dalka Kuwait lana yiraahdo Kuwait Energy Company.

 

 

Indonesia iyo Kuwait oo indhaha ku haya qaadashada qandaraaska sliid baarista Soomaaliya.

NAIROBI (Reuters) – dowladda Soomaaliya ayaa haatan waxaa ay aad u damneyneysaa in ay sameyso shirkad shidaalka baarta oo loogu magac daray {state petroleum firm},iydoo qandaraaska qabashada howshanna ay qaadanayaan shirkadda Indonesian-ka ah ee la yiraahdo PT Medco Energi Internasional Tbk iyo shirkadda kale ee laga leeyahay dalka Kuwait lana yiraahdo Kuwait Energy Company.

 

Arrintan ayaa waxaa lagu ogaday dokumenti ay dhinacyadani ku heshiiyeen oo ay heshay wakaladda wararka ee Reuters oo inaguna aan kasoo xiganay warbixintan.

 

Dokumentigan oo ay diyaarisay dowladda federalka SOomaaliya ayaa waxaa uu cin wankiisu yahay "Somalia Petroleum Policy",wxaana uu dokumentigani cadeynayaa in labadan shirkadood ay 31-ka bishan heli doonaan dokumentiyada ugu dambeeya ee howsha ay ku galayaan.

 

Laakin taasi waxaa ay ku xirnaan doontaa sida war bixintani leedahay ogoolaashaha sharciga saliid baarista qaranka Soomaaliyeed oo haatan sugaya in barlamaanka lasoo hordhigo.

 

Xigasho Reuter

[rudy-Diiriye]

wat a lie! wat fool is gonna invest his money in country that has no functioning country but just a punch of worthless warlord tugs..!

 

even britney spears will go... hell no! u know she aint all that upstairs.

[General Duke]

DF,Kuwait & Indonesia oo shirkad shidaal sameynaya

7 Aug 7, 2007 - 7:09:06 PM

 

AKHRI: DF oo heshiis la gashey CNOOC

 

Dowlada Somalia ayaa qorsheyneysa in shirkad shidaal 49% ay leeyihiin Indonesia PT Medco Energi Internasional Tbk iyo Kuwait Energy Company dhowaan dhidibada loo taago sida uu sheegayo qoraal ay heshay wakaalada wararka Reuters.

 

Nuqulada dowlada ayaa waxaa cinwaan looga dhigey " siyaasada Batroolka Somalia" ama "Somalia Petroleum Policy" kaas oo tibaaxaya in labo shirkadood ay saami ku leeyihiin (Indonesia TPK iyo Kuwait Energy Company) kuna taarikheysan August 31.

 

Heshiiskan ayaa ku xiran in Baralamanka DFKMG ah uu ansaxiyo sharciga shidaalka kaas oo dhowaan la horkeenayo xildhibanada.

 

Nuqulka ay Reuters heshay ayaa sidoo kale lagu xusey in wasiirka Batroolka Somalia ansixinayo in sadex ka mid ah todobada xubnood ee ugu sareyneysa shirka (Directors) ay noqon doonaan labo ka tirsan Medco iyo mid ka tirsan Kuwait Energy.

 

Nuqulkaan ayaa waxaa ku taxan todobo sarkaal oo dowlada kala talin doona arrimaha shidaalka kuwas oo ay ka mid yihiin madaxa Medco Hilmi Panigoro iyo madaxa Kuwait Energy Sara Akbar.

 

Heshiiskan oo ay Nuqula ka mid ah heshay Reuters ayaa sidoo kale lagu xusey in shirkadan iyo dowlada Federaalka ah ay qaybsan doonaan $1.2 bilion ama faa'ido 69% marka la soo saaro 50 million oo fuusto

[General Duke]

Rudy a whole company is basing its fortunes on Puntland. Check out range resources/

[rudy-Diiriye]

dukie, u said puntland, u mean somali..or u dont the difference any more!! wat clueless pos.

 

u have any idea of wat is coming outta of mouth anymore..!!

[General Duke]

^^^Puntland is a specefic area within Somalia. Thus if the rest of the country is not searched for Oil, Puntland will.

[BiLaaL]

Originally posted by The Duke:

Rudy -

a whole company is basing its fortunes on Puntland. Check out range resources

Interesting that you brought Range Resources into the debate. Range resources is a small company. Small companies are known for taking risks. Using Range resources as an example hardly advances your argument.

 

Lets shift our trajectory for a moment and examine the role of Abdullahi Yusuf in Puntland's deal with both the Chinese National Offshore Oil Corporation (CNOOC) and Range resources.

 

Shortly after the deal with CNOOC was finalised, reports emerged indicating that Ghedi was not aware of the deal. Abdullahi Yusuf, however, was. How can this be?

 

Not to be outdone, Ghedi launched a parallel campaign and promptly introduced into Parliament, what he termed as a 'national oil law'. This law is still being debated in parliament. Ghedi aims to use this law to sign contracts with foreign oil companies. It seems like there is only one ministry that is functioning at the moment. Why don't we hear anything from the education, health, enviroment, etc ministries?

 

What we have here is nothing short of a mini oil cartel run by two criminals. AY does his deals in Puntland while Ghedi uses his position within the TFG to draw up a law which will no doubt be detrimental to the future economic prospects of the whole country.

 

To come back to our previous question, why wasn't Ghedi informed of the deal in Puntland while AY was? Was AY aiming to use funds from the project in Puntland to solidify his own position within the TFG at the expense of others? Ghedi, perhaps? Or are both AY and Ghedi aiming to milk the cow to their own benefit before the doomed project that is the TFG, finally falls apart?

 

I couldn't care less about what the motives of these two criminals are, but i do care about the resources of our country. Right now its clear that these two criminals have compromised this most precious of resources to a very great extent. The sooner they take their dirty hands off this resource the better for Somalia.

[General Duke]

^^^How many small companies are taking such risks? The answer is none.

 

Thus range, CNOOC are just the beggining the world is coming back to Somalia. Long may the good news continue.

[General Duke]

Kuwait Energy sees big oil, gas potential in Somalia

 

By Simon Webb

 

August 08, 2007

 

DUBAI, Aug 8 (Reuters) - Kuwait Energy Company is assisting the development of Somalia's oil and gas sector and has high hopes for the country's future production, KEC's chief executive Sara Akbar told Reuters on Wednesday.

 

KEC has a preliminary agreement with Somalia to take a 49-percent stake in a newly-formed state petroleum firm with Indonesia's PT Medco Energy Internasional Tbk , Akbar said in a telephone interview.

 

"I hope we will be able to assist Somalia to become a big oil and gas producer," she said. It was too early to say what the country's potential output was, she said.

 

Under the terms of the preliminary agreement, KEC also helped draw up the oil law and has also provided technical assistance and training, she said.

 

The oil law sets up a framework for production sharing agreements between international oil companies and the newly-formed state company, she said.

 

She declined to say how the 49 percent stake in the state oil company would be divided between KEC and Medco and what investment each would make.

 

Details would not be finalised until the oil law was agreed by parliament, Akbar said. The law was expected to be debated this week.

 

KEC would undertake its investment over many years, she said.

 

Government documents obtained by Reuters indicated that the two firms would acquire their stake in Somalia Petroleum Corporation on August 31.

 

Somalia remains a speculative bet for exploration with no proven oil reserves, according to the U.S. Energy Information Administration, and only 200 billion cubic feet of proven natural gas reserves.

 

In the 1980s, oil majors including ConocoPhillips , Chevron and Total held exploration concessions there. They left when the nation descended into chaos in 1991.

 

PERSONAL FRIEND

 

Akbar said she had enlisted the Kuwaiti government's help with Somalia and that her interest in the country's development was not just commercial.

 

"We tried get our government to help as much as we can," she said. "Kuwait is interested in helping other Arab countries, especially those like Somalia that need help."

 

Akbar said she is a personal friend of Somali Prime Minister Ali Gedi.

 

Akbar is a chemical engineer who worked for state-run Kuwait Oil Company and Kuwait Foreign Petroleum Exploration Co. (KUFPEC) for 25 years before playing a role in the start up of KEC in 2005.

KEC is a small independent oil and gas exploration and production company founded in 2005. It is targeting production of 50,000 barrels of oil equivalent per day (boepd) by 2010, from 1,971 boepd at the end of last year.

 

The company has operations in Kuwait, Egypt, Oman, Yemen, Russia and Cambodia.

 

KEC is one of several small private oil and gas companies that have sprung up in the Gulf Arab region eyeing potential opportunities both within the region and internationally.

 

They are part of a wider wave of acquisitions among Gulf Arab investors flush with cash as economies boom on record oil prices. Regional investors acquired more than $40 billion in foreign assets in the first half of 2007.

 

KEC is 40 percent-owned by Kuwait's Global Investment House , Akbar said. Aref Investment Group owns 37 percent. A Chicago-based company owns 15 percent and the rest is with small shareholders, Akbar added.