Russia In New Scramble For Africa

Russian President Dmitry Medvedev began a historic visit to Nigeria yesterday to seal strategic gas and nuclear energy deals with Africa’s energy-rich powerhouse.  

 He is on the longest African tour taken by a Kremlin leader to discuss joint energy projects and ultimately boost Russia’s clout on the continent.

  • Nigerian rebels attack oil pipeline     Read more of this post
  • Barbados BHP Billiton Finalising Offshore Contracts

    Barbados’ government and BHP Billiton are finalising contract details for blocks awarded in January, an official from the Caribbean country’s finance, economic affairs and energy ministry told BNamericas.

    The company was awarded offshore blocks Carlisle Bay (2,498 sq km/964.5 sq miles) and Bimshire (2,506 sq km/967.6 sq miles). Melbourne-headquartered BHP Billiton was one of three groups that submitted bids in September for the round, where 24 offshore blocks ranging from 790 to 5,025 sq km (305 to 1,940 sq miles) were offered.

    The goal is to have a contract signed by end-July, according to the ministry’s natural resources division head André Brathwaite. Read more of this post

    Ho Ho Ho And A Tank Of FULL Gas

    Drivers have received an early Christmas gift. Just when motorists were getting use to the reduced drop in fuel prices nearly eight days ago, Santa Claus came a calling again with a further 26 cents reduction in gas & diesel prices at the pump. Starting from midnight.

    Such was the end result after Government worked out a formula under a new pricing structure to determine the final retail petrol prices to consumers based on the volatile world market oil prices. With oil prices now below $70/barrel, we can then expect these prices to stick around for some time even before the price of oil skyrocket upwards again.  Maybe, it may be a good idea to stock up on gas heh?

     

    Price Decrease As Follows:

    Diesel

    From $$2.48 to $2.29 per litre

    Gasoline

    From $2.55 to $2.29 per litre

    •  Oil $88/Barrel Barbadians To Pay Less At The Pump

    Pakistan Facing Bankruptcy

    Pakistan’s foreign exchanges reserves are so low that the country can only afford one month of imports and faces possible bankruptcy.

    Officially, the central bank holds $8.14 billion of foreign currency, but if forward liabilities are included, the real reserves may be only $3 billion — enough to buy about 30 days of imports like oil and food.

    Nine months ago, Pakistan had $16 bn in the coffers. The government is engulfed by crises left behind by Pervez Musharraf, the military ruler who resigned the presidency in August. High oil prices have combined with endemic corruption and mismanagement to inflict huge damage on the economy.

    FULL STORY

    Gas Prices Drops In Canada, Can Bajans See Any Relief Soon?

      Canadians are now buying gas at $1.26 [BDS $2.34], down from $1.40 [BDS $2.60] since oil prices fell to $US 91.00 a barrel from its high of $US147.00 in July.

    So when can we expect some relief soon? Oil prices tumbling ever since. We still paying $2.67 a litre. Or is the government planning to buy a surplus of oil now at this low price to buffet bajans when the price skyrocket again?. Or somebody mekking money offa we?

    “What a lot of people overlook is not what it costs to make gasoline, but also it depends on what the market can bear,” said David Thompson, research associate with the Parkland Institute in Edmonton. “If the companies think people will buy their gasoline, even at a high price, they’ll set the prices high.”

    Maybe so but if government have a policy to pass on direct costs to consumers regardless of the price of oil on the world market, then I expect to see a drop at the pump if oil prices drop!

    So who mekking money offa we?

    FULL STORY

    Venezuela Complains Barbados Violating Maritime Boundary

    Petroleumworld.com, a Latin American energy, oil and gas newsletter, suggested that two of the blocks – Bottom Bay Ad I and Ad II – were in Venezuelan waters.  Source: The Nation

    The bidding process for rights to offshore blocks for oil and gas exploration in Barbados continues to heat up with Venezuela challenging the Barbadian Government’s right to what Venezuela perceive to be “the possible violation of Venezuela’s sovereignty in the Caribbean Sea.”

    Notes from the margin  lays out an excellent case for Barbados legal right to it’s southernmost waters but this of course will mean nothing to Venezuela. Given the aggressive nature of Venezuela, there is that possibility of this escalating out of hand, of which oil companies wouldn’t want to be caught between a David and Goliath scenario.

    The two blocks in question are the two southernmost blocks that are up for bid (Highlighted in red in the illustration).

    Source: Notes from the margin

    From Yahoo Finance

    Venezuela’s government wants to know if Barbados plans to grant licenses for offshore oil drilling within Caribbean waters claimed by the South American country.

    Oil Minister Rafael Ramirez says foreign ministry officials plan to contact Barbados to discuss the possible violation of Venezuela’s sovereignty in the Caribbean Sea.

    “Things are put back in place by conversing directly,” Ramirez said Tuesday.

    Ramirez was responding to newspaper reports that Barbados plans to issue offshore drilling licenses to international oil companies within waters claimed by Venezuela along the eastern Caribbean.

    Barbados has not joined Venezuela’s Petrocaribe program, which supplies cheap fuel to over a dozen Caribbean nations.

    Chavez Says Oil Could Hit $300 A Barrel!

          Venezuelan President Hugo Chavez said last night oil prices could hit $300 per barrel if US oil company Exxon Mobil again freezes Venezuelan assets in a dispute over a nationalized oil project.

    Exxon won court orders freezing $12 billion in assets held by Venezuelan state oil company PDVSA after the OPEC nation took over a multi-billion dollar oil project, heightening tensions with the United States and helping to raise oil prices.

    A London court later overturned Exxon’s temporary asset freeze, but Chavez said the company could seek further action against Venezuela.

    “If they freeze us there will be no more oil for the United States, and the price will go to $300,” Chavez said during a televised meeting with Caribbean and Central American leaders as part of an energy cooperation scheme called Petrocaribe.

    Chavez also said oil prices were being influenced by a “speculative bubble”, the collapse of which could send prices as low as $70 per barrel.

    This contrasted with his Saturday statements that geopolitical tensions, particularly the threat of an invasion against Iran, could push oil prices to $200 per barrel.

    “Years ago I said oil was going to go to $100 per barrel, now it looks like it is headed toward $200,” he said.

    Source: Irish Times

    High Food Prices Causing Social Unrest Worldwide

    History records Marie Antoinette in 1789 uttering the words “let them eat cake” to the growing unrest cause by higher bread prices in Paris and we know out that turn out.

    Fast forward to 2008 and history is repeating itself. This time on a global scale. With raising foods prices sprialling out of control due to such factors as freakish weather, less planting of crops, increase food consumption in countries like China and India, countries safeguarding local markets first, thereby reducing exports and a weakening US dollar, persons feeling the effects are protesting their anger and fustration across the world. They are seeing more and more of their income spending on food and barely anything left to survive on.

    Rice prices have so skyrocketed that China, Vietnam and India respresenting more than a third of global rice exports have curbed sales already. Philippines, the world’s biggest importer have raided warehouses to crack down on hoarding by traders.

    Countries like Italy, Cameroon, Senegal, Burkina Faso, Vitenam and Cambodia have recorded protests and social unrest in one form or another. Egypt has had its share of troubles too. With police firing tear gas and arresting dozens of protesters in a crackdown of demonstrations in the city. Then there is Haiti, with thousands flooding the streets, shouting “We are hungry”. Business and schools close early for fear of violence whilst UN peacekeepers tried desperately to maintain law and order in a country where millions are already starving because of tons of food rotting in Haitian’s ports due to bureaucracy.

    Eugene Thermilon 30, a Haitian day labouer can no longer afford pasta to feed his wife and 4 children since the price nearly doubled to $0.57{US} a bag. Their only meal on a recent day was two cans of corn grits.

    “Their stomachs were not even full,” said Thermilon. By the next day,he still had nothing to feed them.

    Governments worldwide have introduced measures like subsides and removal of duties to ease consumers but according to the UN, food prices aren’t going to get cheap any time soon.

    See previous articles – World On The Brink Of Food Shortage!!! – 10 More Years Of Expensive Food : Says UN

    Millions Starve As Tons Of Food Rots In Haitian’s Ports

    %d bloggers like this: