Word: nigerias
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...briefly tantalizing moment last week, those were the questions being asked in the world of Big Oil. Breathless dispatches out of Lagos, Nigeria, hinted at an erupting major scandal. On one side were the Royal Dutch/Shell Group, Mobil and Gulf Oil. Arrayed against them was the ten-month-old civilian government of President Alhaji Shehu Shagari, which seemed to be charging that the oil companies had somehow or other tricked it out of 183 million bbl. of high-quality Nigerian crude. The government appeared to demand that the oil be either returned or paid for. The situation took on added...
...fact there was far less to the diverting little drama than met the eye. Though front-page stories in the U.S. anxiously warned that the action by Nigeria had dealt a serious blow to oil companies and consumers alike, the Shagari government had done nothing of the kind. The stillborn scandal really amounted to something considerably different from what the overeager press reporting in Lagos and the U.S. implied...
Instead the tribunal concluded that during the years 1975-78, when Nigerian crude was not selling well because of a short-lived world oil glut, the three oil companies, which pump approximately 80% of Nigeria's normal production of some 2 million bbl. daily, had cut back production, at the government's request, to an average of about 1.7 million bbl. a day. Traditionally, the companies had been splitting their production on a 45%-55% basis with the government, for daily liftings of about 1 million bbl. of crude. In order to stay at that level, the companies...
AFRICA AND ASIA. Chevron's discovery in the swamps of Sudan and new finds offshore of Nigeria and some other west coast countries have renewed interest in the African continent. Amoco recently sank a wildcat well in the Seychelles merely on the ground that Madagascar, about 700 miles away, has an estimated 10 billion bbl. of tar on its surface. Where tar is found, oil is usually not far away. On the other side of the Indian Ocean, India has reportedly found indications of an oil bonanza off its southeast coast. Michael Morrow, publisher of Hong Kong...
...anything less. Since the Iranian revolution set off the latest world oil shortage, the difference between the floor price and the top rate charged by some OPEC members has grown considerably. Now the new ceiling price policy should limit the oil escalation by hawks like Algeria, Libya and Nigeria...