In 2 To 3 Years Gazillionaires Will B...

In 2 To 3 Years Gazillionaires Will Be Africans

Posted in the African-American Forum

Black It Up Now

Monroe, GA

#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 nigeria’s 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 we’ve 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, they’re just ripping people off as well, but the reality is it’s an opportunity. There’s 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 you’ll see gazillionaires coming out of a place called Africa from the world of business.

I’ll 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 can’t reach me easily?’

So perhaps in about 10 years there won’t be any foreign companies operating onshore?

I don’t think in 10 years, I give it five.

How do you compare in size with other local operators such as Oando?

Oando’s not very big – there’s 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 we’re producing 44,000 bpd! So the game has changed. We’re just doing our numbers. This year alone we should do about 4.5-5m barrels – that’s a local company, and the game is changing! But what have we done better than SPDC [Shell Petroleum Development Company] or Shell? Simple, it’s to interface with the local community. It’s not easy, don’t get me wrong.

They don’t see you as a big Lagos boy who’s coming down to throw his weight about?

No, not at all. Which side of the divide do you want to sit? We’ve said that we want to sit on the side of the people because if you sit on their side and work them well, you’ll achieve what you want to achieve. I’ve gone to ground zero to make sure our engagement is with every community. I’ll give you an example. There is a pump station that’s been closed for seven years. Shell called me and said how the hell did you get it opened? It’s pumping 4,800 barrels today.

How’s 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. We’ve got some in the United Kingdom back and forth. Because you see, for me, my focus is: learn, build a formidable, nimble African company.
Quantavious Watermelon

Manassas, VA

#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.
Slave Power

Europe

#4 Mar 28, 2014
Quantavious Watermelon wrote:
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.
Fo' shizzal...

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...

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