In 2 To 3 Years Gazillionaires Will Be Africans
Posted in the African-American Forum
#1 Mar 28, 2014
AFRICANGLOBE With the swagger of a new generation, Shoreline swept up former Shell assets in 2012 to join the vanguard of nigerias indigenous upstream revolution. Kola Karim, Group Managing Director and Chief Executive Officer of Shoreline Energy International spoke to reporters in a recent interview.
How are things changing in the oil sector with regard to the financing of projects?
Kola Karim: What is happening today is weve now got a commanding position as African corporates because of the paradigm shift in capital the pool of capital is shifting. African banks and financial institutions can write cheques now. I can sit down and say:GTBank, write me a cheque of $350m, done!
Shell and Chevron are getting out of onshore operations. How big is this and where is it leading?
These guys are just restructuring. Let me tell you something, theyre just ripping people off as well, but the reality is its an opportunity. Theres a great opportunity for people like us to build humongous companies in a short time. You will never find these opportunities again. It happened in Russia. Mark my words, in two to three years youll see gazillionaires coming out of a place called Africa from the world of business.
Ill give you a typical example so you can follow this analogy well. Shell has about 36 onshore licences in Nigeria. Now, if you look at the history of the Niger Delta problems, these guys had to shrink their operations or stop working in a lot of places because of these problems, then 12 years ago they went deep offshore.
Shell was producing about 1m barrels a day [bpd] from all these onshore/shallow water licences. Then they went deep offshore, and in one field called Bonga they knocked 250,000 barrels a day! So someone in The Hague is thinking Hang on, why do I go through all this mess for 36 assets some producing 3,000, 5,000, 15,000 [bpd] if I can consolidate my position, go deep offshore where the guys from the Delta cant reach me easily?
So perhaps in about 10 years there wont be any foreign companies operating onshore?
I dont think in 10 years, I give it five.
How do you compare in size with other local operators such as Oando?
Oandos not very big theres no one as big as we are today in exploration and production. In Nigeria, there are marginal field operators who are producing 2,000- 5,000 bpd. People like us, today were producing 44,000 bpd! So the game has changed. Were just doing our numbers. This year alone we should do about 4.5-5m barrels thats a local company, and the game is changing! But what have we done better than SPDC [Shell Petroleum Development Company] or Shell? Simple, its to interface with the local community. Its not easy, dont get me wrong.
They dont see you as a big Lagos boy whos coming down to throw his weight about?
No, not at all. Which side of the divide do you want to sit? Weve said that we want to sit on the side of the people because if you sit on their side and work them well, youll achieve what you want to achieve. Ive gone to ground zero to make sure our engagement is with every community. Ill give you an example. There is a pump station thats been closed for seven years. Shell called me and said how the hell did you get it opened? Its pumping 4,800 barrels today.
Hows it going with your partner Heritage oil? Are you able to pull some of its technical knowhow into your own company?
Oh, big time! The most senior director [of the joint venture] Steve Kobak is from Heritage. All the 22 engineers underneath him are Nigerians who are learning from him. Weve got some in the United Kingdom back and forth. Because you see, for me, my focus is: learn, build a formidable, nimble African company.
#3 Mar 28, 2014
2 to 3 years?
Africans have been in Africa for thousands of years, and have exploited exactly 0% of the continent's mineral resources. If it weren't for the benefits brought by colonial invasion from Europeans, the sub-Saharan Africans would still be living in mud huts and murdering/raping each other. Actually they are still doing those things (Rwandan Genocide and Congo to name but two), and so far the only efforts made to extract Africa's enormous mineral wealth have been by the outsiders.
Africans are totally incapable of sustaining any form of industry, government or economy. If all foreign corporations ceased their industrial projects in Africa tomorrow, Africans would be back to stabbing each other with sticks, circumcising baby girls, and the continent would be burning before the week is out. Well, just burning, as the murdering and mutilation are popular pastimes there already.
#4 Mar 28, 2014
They don't understand that the reason parts of Africa are doing well is because outsiders are using their resources...the Chinese will own Africa in the next generation...and Africans will look back fondly on the time of European colonialism...
Add your comments below
|Barack Obama, our next President (Nov '08)||8 min||Reality Check||1,643,752|
|I feel like I can't be with a white guy if he's...||23 min||Santiago Matamoras||121|
|Are Dominicans Black or Latino? (Sep '08)||25 min||asset||979|
|Why do younger black men love older white women (Oct '11)||25 min||Santiago Matamoras||81|
|Hebrew Israelite (Feb '11)||1 hr||Micha Ben Israel||137,317|
|White people stole from everyone in history wit... (Feb '12)||1 hr||Santiago Matamoras||211|
|Do black men really have larger penises? (Sep '10)||2 hr||Santiago Matamoras||1,602|
|Homogeneity Is The ONLY Way To MAGA||5 hr||KIR SUCKA||28|
|Everyday I thank the Lord I am Black!!||6 hr||NotSoDivineMsM||390|
Find what you want!
Search African-American Forum Now
Copyright © 2017 Topix LLC