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Politics : Bush-The Mastermind behind 9/11? -- Ignore unavailable to you. Want to Upgrade?

To: Raymond Duray who wrote (5440)	2/26/2004 3:30:58 AM
From: GUSTAVE JAEGER	Read Replies (1) \| Respond to of 20039

Re: 1) Proven Reserves. Iraq..............112 Billion Barrels West Africa....34 Billion Barrels Check again... The Gulf of Guinea alone has proven reserves in excess of 60 billion barrels --and counting: news.bbc.co.uk Excerpt: Mr Kansteiner said the US was looking at providing Sao Tome with patrol boats to improve its maritime and customs controls, and would be expanding co-operation in other areas. Even if a military base is now discounted, there is no doubt that the US is increasingly interested in the 60 billion barrels of proven oil reserves in the Gulf of Guinea. That figure is less than Saudi Arabia's 250 billion of reserves. But west African oil is nearer to the United States and causes fewer political problems. Oil industry sources say they confidently expect important deep water discoveries to boost the potential of big players like Nigeria and potential newcomers like tiny Sao Tome. ____________________________________ Now add to that Nigeria's reserves: Nigeria's current production lies around 2.0m b/d, with an OPEC output quota of 1.8m b/d, and proven oil reserves estimated at 25bn b. As I mentioned before, through enhanced investment, the Government plans to increase its reserves to 40bn in 2010. opec.org Grand Total: 85 billion barrels.

To: Raymond Duray who wrote (5440)	2/26/2004 3:44:48 AM
From: GUSTAVE JAEGER	Read Replies (1) \| Respond to of 20039

Re: API specific gravity. Iraqi oil is light, sweet crude and highly desirable as a refinery feedstock. West African oil is more variable and generally sells at a discount to the prized Iraqi crude. C'mon Ray!! Don't be so PICKY!! West African crude is to oil what 100%-Arabica blend is to coffee --straight from the horse's mouth: Accessing oil from West Africa is clearly advantageous for the US. First, it is prolific and relatively untapped. Many new discoveries in West Africa are coming into production just now, and new ones can be reasonably expected for the remainder of the decade. Nigeria alone expects its production of oil to increase almost 50% by 2004 as a result. Second, the oil itself is uniquely suited for the US market. The West African oil generally is good quality, low sulfur and perfect for refining in US Gulf port refineries which operate under tight environmental restrictions. The oil is also geographically close to US Gulf refineries. The oil offshore West Africa in particular can be loaded from offshore production facilities and shipped across open ocean without having to be transshipped and/or sent through geopolitically dangerous straits. By way of example, it is shorter to send Nigerian oil to US Gulf ports than to send it to Rotterdam in Europe. As a result of the suitability of the oil, over 60% of Nigerian oil exports currently come to the US. Political risk in West Africa, while present, is not nearly as great as in the Middle East and many other major oil producing provinces in the world. West Africa is not subject to competing ideologies, like communism. Moreover, it is for the most part not dominated by combative political cultures, like radical Islam. [...] rigzone.com