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Africa Oil Corp. T.AOI

Alternate Symbol(s):  AOIFF

Africa Oil Corp. is a Canadian oil and gas company with producing and development assets in deepwater Nigeria, an interest in the Venus light oil and associated gas discovery, offshore Namibia, and an exploration/appraisal portfolio in west and south of Africa. The Company holds its interests through direct ownership interests in concessions and through its shareholdings in investee companies, including Prime Oil & Gas Cooperatief U.A. (Prime); Impact Oil and Gas Limited (Impact); Africa Energy Corp. (Africa Energy), and Eco (Atlantic) Oil & Gas Limited (Eco). The Company is focused on its Nigerian assets, Namibian Orange Basin opportunity set (Blocks 2913B and 2912), Block 3B/4B in South Africa's Orange Basin, and Equatorial Guinean exploration blocks (EG-18 and EG-31). The Block 3B/4B covers an area of approximately 17,581 square kilometers (km2) within the Orange Basin offshore of the Republic of South Africa. The Company has approximately 17% interest in Block 3B/4B.


TSX:AOI - Post by User

Bullboard Posts
Comment by Storckon Nov 06, 2013 9:50pm
273 Views
Post# 21883416

RE:RE:RE:RE:RE:RE:RE:RE:RE:Turkana Community Lists its Demands

RE:RE:RE:RE:RE:RE:RE:RE:RE:Turkana Community Lists its DemandsA lot of good points being raised here. Its true that in almost all cases the contractor must come to terms with the local communities to occupy and work the surface, always under the umbrella of the PSC.  Its reasonable and expected to contribute some employment and improvements to the local community. Employing 800 locals already, at just a few rig sites, seems to go well above and beyond the call of duty at this stage.
Unless the constitution provides that the regions have ownership and control of their own resources, those are administered by the federal government and PSC is signed with them. The POD approved pursuant to the PSC should dictate how oil is transported, if and where it is refined, etc. When community demands are unreasonable (or perhaps uninformed, such as with respect to the economics of building a refinery) and disrupt to the point of a work stoppage, then the feds need to step in, ensure that work can commence immediately and continue safely, and moderate negotiations to balance the expectations of the locals vs. benefits to the entire country. As I've said here before, an exploration contract is an obligation to spend money until the day production starts (and actually long after as well). If they reach that point, more significant contributions to the community should be negotiated with the POD.
Bullboard Posts