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Govt to double crude oil supply to U.S.
From Madu Onuorah,
(Washington D.C., U.S.A.)
FROM its current moderate level of seven per cent, Nigeria has announced an ambitious plan to raise its crude oil supplies to the United States (U.S.) to 15 per cent in the next few years. Nigeria is currently the fifth largest oil exporter to the U.S.
A U.S.-based international oil giant, Chevron-Texaco Overseas Petroleum has also announced plans to invest over $20 billion in the exploration and exploitation of oil and gas in Africa, especially in Nigeria and Gulf of Guinea.
President Olusegun Obasanjo made the disclosure at an evening in celebration of the working relationship between the New Partnership for Africa's Development (NEPAD), and the Leon Sullivan Foundation, in Washington DC, U.S.A. at the weekend.
Towards this, according to the president, Nigeria aims to move from the present output of 2.5 million barrels per day (bpd) to four million bpd.
The Nigerian leader was honoured by the Sullivan Foundation for his "commitment to transparency, peacekeeping in Africa, (being the) architect of NEPAD and as spokesman for Africa."
He also told the cream of the African-American elite that the world should focus on issues of development in Africa, especially the Gulf of Guinea, because whatever happens in the region would automatically affect the world and the price of oil.
Also at the forum were the World Bank President, Mr. James Wolfensohn, and former Prime Minister of Canada, Mr. Joe Clark.
Obasanjo said that there is a lot to explore and exploit in Africa. Inviting international businessmen, especially Africans in Diaspora, to come and invest in Nigeria. "The development of Africa will impact on the development of the world. If all is well with Africa, it will impact on the development of America, Europe and Asia."
He continued: "There is a lot to explore and exploit about and in Africa. Where there is mutual advantage between those of us who are there in Africa and those of you who are here (in U.S.) to exploit, please exploit it, to our mutual advantage."
Obasanjo spoke further: "We are tackling the issues of security, stability and availability of supply of oil from the whole belt of Gulf of Guinea. I want us to provide 15 per cent of U.S. oil needs. We want to move from the present production of 2.5 million bpd to four million bpd."
Explaining the economic importance of the area, he said: "What we are trying to do in the Gulf of Guinea, which contains substantial amount of hydro-carbon, is important to the world. Whatever happens to the development of oil industry in Nigeria, not to talk of the Gulf of Guinea, is very important to the world. That is why through NEPAD, we are insisting that our development must be built on the pillars of peace, security, democracy and good governance. And if we have the four pillars working, your (U.S.) oil requirements is fully guaranteed".
For the U.S., the focus on the Gulf of Guinea for its oil needs is strategic, as there remain uncertainties in Saudi Arabia and Venezuela, which currently supply the U.S. with 17.8 per cent and 12.8 per cent of its oil needs.
The Gulf of Guinea currently holds about 10 per cent of the world's known oil reserves and is largely unexplored.
The President of Chevron-Texaco Overseas Petroleum, Mr. George Kirkland, said his company's $20 billion investment is aimed at showing the company's faith and stake in Africa's future.
Kirkland said that the push to invest in Nigeria would invariably impact on the rest of Africa. He said that with the policies being implemented, "Nigeria is an example of transparency and good governance in Africa. And your country (Nigeria) would continue to be a unifying factor in Africa. We are entering the new century and Africa needs to play a role. Africa's potential is too great not to play a role."
He continued: "What is needed is patience, persistence and perseverance. So, we need to encourage signs of growth, especially the success in African private-public sector partnership."
Kirkland continued: "We also note the constructive role energy can play in expanding Africa's growth and economic development. In that direction, we are to invest over $20 billion in Africa's growth in the next five years. We have faith in Africa's future. We all have a stake in its brighter future. And we must redouble our efforts to realise this future."
Chairman of the Leon Sullivan Foundation and former U.S. Ambassador to the United Nations, Andrew Young, asked all citizens of African descent to travel at least twice a year to the continent to contribute to its growth. Small businesses, he said, could grow out of their visits as new businesses catering to the needs of tourists could blossom from such trips.
According to him, "what we need to remind ourselves of is that Africa, as a partner in global economic development is an important strategic partner. And from the efforts of African leaders including the NEPAD initiative, Africa is ready to take its place in the global economy that includes all of God's children".
Obasanjo, who is the first African leader to meet with President George W. Bush since his re-election last month, also met the out-going U.S. Secretary of State, Colin Powel, the Congressional Black Caucus (black members of the U.S. Congress) and the U.S. Trade Representative, Ambassador Robert Zoellick.
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