• 3 minutes Looming European Gas Crisis in Winter and North African Factor - a must read by Cyril Widdershoven
  • 7 minutes "Biden Targets Another US Pipeline For Shutdown After 'Begging' Saudis For More Oil" - Zero Hedge Monday Nov 8th
  • 12 minutes "UN-Backed Banker Alliance Announces “Green” Plan to Transform the Global Financial System" by Whitney Webb
  • 1 day Microbes can provide sustainable hydrocarbons for the petrochemical industry
  • 5 hours Hunter Biden Helped China Gain Control of Cobalt Mines in Africa
  • 16 hours CO2 Electrolysis to CO (Carbon Monoxide) and then to Graphite
  • 24 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 23 hours NordStream2
  • 1 hour Building A $2 Billion Subsea Solar Power Cable From Chile To China
  • 5 days Is anything ever sold at break-even ? There is a 100% markup on lipstick but Kuwait can't break-even.
  • 5 days Modest drop in oil price: SPRs vs US crude inventory build
  • 1 day "Gold Set To Soar As Inflation Fears Mount" by Alex Kimani
  • 5 days Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 5 days 2019 - Attack on Saudi Oil Facilities.
Germany Urges Congress Not To Sanction Nord Stream 2

Germany Urges Congress Not To Sanction Nord Stream 2

Germany has reportedly urged the…

Three Bearish Factors Facing Oil Markets In 2022

Three Bearish Factors Facing Oil Markets In 2022

While the global oil market…

Presidential Hopeful Says Niger Delta Could Keep ‘All Oil Revenues’

A presidential candidate from the People’s Democratic Party has said the Niger Delta communities could keep all of the revenues the oil-rich province produces. In an interview with the Africa Report, former Vice President Atiku Abubakar suggested a sharing scheme might still be better for everyone.

“States can get more because in the First Republic, the regions had 50/50,” he said, “I don’t mind giving even 100% […], but I would tax those states to maintain the federal government.”

In response to a question whether he was willing to give the oil-producing states total control over their resources, Abubakar tapped into his freedom-giving enthusiasm to explain that complete control over oil revenues by provinces was not advisable at the moment.

“Even during the First Republic there was this derivation sharing between revenues and resour­ces, or between the regions and the federal government. So I think we could have a middle course,” Abubakar said.

Nigerians are voting for a new government in February 2019. The incumbent, Muhammadu Buhari, will be seeking re-election and Atiku Abubakar is the candidate of the biggest opposition party. Naturally, the oil card will be a popular one as the Niger Delta remains one of the poorest regions in the West African country.

The Buhari government has been quite active in the last couple of years in trying to reconcile with the local communities, if only for perfectly pragmatic reasons: pipeline vandalism and bombings were rife in the region. Now things have calmed down: there haven’t been bombings for months.

Yet whatever terms the Buhari negotiated with militant groups and community leaders in the Delta will likely have to be renegotiated if another party wins in February. According to some observers, Abubakar would be the biggest threat for Buhari’s second term. Abubakar’s playing the oil card with 100 percent control for Delta communities is hardly surprising but as so often happens with populist promises, they tend to turn against those who make them. In Nigeria’s case, this could lead to violence in the Delta again.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News