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Business
Crude Oil, US and World Economy The present unrest in the middle east and particularly the oil producing country of Iraq could not have come at a worse time insofar as its effect on the global price of oil. One of the least discussed reasons why the slow democratization in the middle east has largely been ignored by western powers until now is the feared repercussions of the effect such sustained hostilities could have on the western and world economies that depend on the oil produced from that region. The lessons learned from the skyrocketing oil prices of the seventies have largely abated and newer and more aggressive western governments have, to a great extent, sidelined the diplomatic and balanced relationships that had been in place in dealing with most middle east countries until recent times. The jury is still out on the effect of these approaches or whether a true change in approach is needed. The first Bush administration fell short of capturing or killing Saddam Hussein at least with this consideration in mind. Intellectual Property Piracy: A Multi-Billion Dollar Business Are you supporting terrorism and/or organized crime? Are you undermining your neighbor’s job? Your answer to these questions is probably a resounding “NO.” Yet, if you are buying unauthorized copies of CDs, DVDs and VHS films and/or downloading pirated films and music off the Internet, you are guilty of supporting shady businesses that may have links to organized crime and/or terrorist organizations. In addition, the film and music industry is undermined with each purchase, because its profits are substantially reduced and because jobs are in jeopardy. Investment Options That About in Nigeria's Oil and Gas Sector Before delving into the avenues for foreign investment in Nigeria’s oil and gas sector, a brief on its activities to date is pertinent. The government-sponsored oil company Nigerian National Petroleum Corporation (NNPC), founded in 1977, dominates the oil industry, partnering with major multinational petroleum exploration and production companies such as Shell Petroleum Development Company (SPDC), Mobil Producing Nigeria Unlimited, Chevron Nigeria, Elf Petroleum Nigeria and the Nigerian Agip Oil Company, NAOC & Affiliate, Agip Energy and Natural Resources, and AENR in upstream joint ventures (JVS). NNPC sources confirm that it owns about 60% in these JVS. Internationally, Nigeria is regarded as rich in gas with 100 trillion cubic feet (TCF) and oil in relative quantities. |
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