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Why Changing Congo’s Proposed Oil Legislation Should Be Top of the Bill

23 Wednesday Oct 2013

Posted by theinvesmentman in ACCRA, Africa, Africa Progress Panel, banks, Business, Congo, Democratic Republic of Congo, Get rich quick, Ghana, Global Witness, investment, Soco International, Uncategorized, United States, usa, Virunga National Park, World Heritage Site

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Africa, Africa Progress Panel, Congo, Democratic Republic of Congo, Global Witness, Soco International, Virunga National Park, World Heritage Site

Reflex Eco Group – Africa News

 

by Jamie Pickering  (Columnist of ThinkAfricaPress)

 

http://thinkafricapress.com/

This Blog is sponsored by http://www.reflexecogroup.com

Oil legislation proposed in Democratic Republic of Congo could facilitate future corruption and lead to environmental damage in one of Africa’s most diverse and fragile national parks.

A controversial hydrocarbons bill, concerning the management of planned oil production expansion in the Democratic Republic of Congo, has already passed the Congolese senate and is set to be discussed in the parliamentary session which began on Sunday, September 15. For the country that has the lowest GDP per capita in the world and where 7 million children do not go to school, increased oil production presents an opportunity for economic development. However, there are concerns that the bill’s poor drafting will facilitate corruption and could leave the Congo’s fledgling oil industry open to abuses, whilst some opponents of the proposed legislation are aghast that it would allow drilling in Virunga National Park, a UNESCO world heritage site.

Global Witness has called upon the Congolese Parliament to stall the bill, allowing time for further consultation. They believe the bill in its current state is not fit for purpose and requires a lot of improvement.

Congolese Hydrocarbons Minister, Crispin Atama Tabe, has defended the proposed legislation, claiming that the current draft will prevent corruption and ensure transparency in future oil dealings. He has previously stated that “In our code we’ve integrated the principle of the tender for all hydrocarbons rights purchases”, meaning that the details of dealmaking should be made public. He continues, “The ministry will also open a website, so that all the different contracts will be immediately and systematically published.”

As transparent as oil

However, Nathaniel Dyer, from Global Witness, does not think that the bill provides even the most basic safeguards. He says, in conversation with Think Africa Press, that “There is nothing currently in the bill that will prevent risk of corruption or environmental damage in the future. Crispin Atama, has said that there will be an open tendering process, but if you actually look at the law it is a really weak, opaque process, with very little information getting in the public domain.”

Dyer believes some of the problems with the bill are due to a lack of expertise on the part of those who have been drafting it. However, he also thinks there are some interests which are complicit in keeping the bill vague and open to corruption.

“I think it was a deliberate decision not to include some of the basic transparency terms. There is already a Prime Ministerial Decree from May 2011 that any natural resource contract needs to be published 60 days after its been signed. We want to see that language from the decree actually goes into the law, because a decree can be easily revoked by a minister, but if it is in the law this clause is anchored in.”

On top of this desired alteration, Global Witness have called for an open tender process for the allocation of oil rights, the publication of the names of the ultimate owners or beneficiaries of these rights and the deletion of the controversial article in the oil bill that would pave the way for drilling in Congo’s Virunga National Park.

Plans for drilling in Virunga

Virunga National Park spans 7,900 square km, an area three times the size of Luxembourg. It is known for its exceptional biodiversity and is a celebrated UNESCO World Heritage Site. SOCO International, a London-based company and the owner of the ‘Block-5’ oil concession, which includes large parts of the park, plans to drill there, despite both local and international opposition, including from the UK government. SOCO have defended their desire to extract oil from Virunga in a press release, stating that “SOCO believes that our presence in and near the Virunga National Park can support the on-going conservation efforts. A responsibly managed project can bring a measure of stability to a region even in the short term.”

However, opponents of oil exploration in the park, such as the Save Virunga organisation, strongly disagree. They believe drilling will scar the environment and pose a direct threat to the habitats of many animals, including the endangered silverback mountain gorilla.

Many are also worried that oil drilling will result in environmental damage that could be devastating for people in the region. Raymond Lumbuenamo, of the World Wildlife Foundation DRC, has previously claimed that “Two million people’s livelihoods depend one way or the other on the park and the surrounding ecosystem, and there could be disastrous consequences of oil extraction in what is already a very fragile area.”

Beyond Virunga

The bill’s implications for future Congolese oil extraction goes beyond the Virunga National Park. DRC recently struck an agreement with Angola concerning offshore oil and there is on-going oil exploration in other regions of the country. Many believe that getting this new oil legislation right is essential for preventing future drilling from becoming another Congolese resource curse.

Congo has a dire record concerning the responsible extraction of natural resources. Since King Leopold of Belgium plundered the country for rubber in the 19th century, the proceeds of the natural wealth of DRC have not been to the benefit of local populations, but have instead been stolen, embezzled and fought over by rival groups. Throughout its recent history, Congo’s endowment of resources has not encouraged development, but conflict and corruption.

The Africa Progress Panel released a report earlier this year describing some of the most recent natural resource abuses in the Congo. The report revealed that in just five separate mining deals between 2010 and 2012, the DRC lost at least $1.36 billion in revenues from the under-pricing of mining assets. As the report points out, this sum amounts to almost double the country’s combined budget in 2012 for health and education. So whilst well-connected government officials receive generous kickbacks and in return the mining companies benefit from purchasing grossly underpriced assets, state coffers suffer.

Although Caroline Kende-Robb, executive director of the Africa Progress Panel, stresses that only a minority of natural resource companies operate in this corrupt manner, she explains to Think Africa Press that the problem is that “There still are companies that will go in and cut deals with very high-level government officials. They will invest a small amount of money and then they will make a lot of money when they sell off all the concessions, through shell companies and very complex structures.”

Preventing history from repeating itself

Many therefore see it as essential that there is adequate legislation in place to help prevent abuses in mining from being replicated in the oil sector. Congolese civil society groups published a document in April earlier this year seen by Global Witness, entitled ‘Les Organisations De La Societe Civile Impliquees Dans Les Questions Des Ressources Naturelles’ [Organisations of Civil Society Involved in Questions of Natural Resources], recommending that, amongst other alterations, the hydrocarbon law be revised to emulate successful legislation in other countries. The document states that “The civil society organisations have also proposed to adapt the provisions of the hydrocarbon law with the laws of other countries or to use the provisions of petroleum hydrocarbons codes of other African countries [author’s translation].”

Dyer supports this proposal. He believes that “Congo can definitely learn from other countries, such as Botswana and Ghana. For example, there was a South Sudanese oil code passed last year with lots of positive elements in it, such as beneficial ownership and publication of contracts. There are other African countries with great laws on the books, even if they aren’t always followed.”

His final words highlight one key problem: there is concern that even if the oil bill is altered to include recommended best practices, this doesn’t necessarily mean the legislation will ensure that oil revenues will actually benefit the Congolese population.

However, Kende-Robb insists that reform of the bill is still fundamental in ensuring that future oil extraction is well-managed. She stresses that the bill requires stronger stipulations for the details of deals with oil companies to be clearly and openly published because, “If at least there is something in the public domain then that is a huge starting point. Countries that have more information in the public domain tend to eventually be more transparent, because you have a public dialogue and the people can hold the government to account, to a certain extent. In some countries that is easier than others, and in the DRC that is particularly difficult. But improving the bill has to be a step in the right direction.”

A fragile opportunity

Expansion of Congolese oil production could be a massive opportunity for DRC and its population, creating opportunities for development, jobs and improving the country’s currently meagre infrastructure, but Dyer stresses that this opportunity needs to be correctly managed and potential abuses safeguarded against. He states that “Crispin Atama has gone on record saying that he would like oil production to increase from 25,000 barrels per day to 225,000 – this is almost ten times its current production. If the Congolese government keep the same ratio of taxes and royalties then you are looking at around $3 billion extra per year, which is a huge amount, considering that the entire budget of Congo is about $8 billion.”

He believes that getting the proposed oil bill right is absolutely essential because “This is a once-in-a generation opportunity for Congo to relieve some of its problems.”

Related articles
  • Soco’s exploration in Virunga violates OECD guidelines, WWF alleges ()
  • Oil giant Soco criticised over exploration in Congo (blueandgreentomorrow.com)
  • African gorillas are under threat from oil survey (theguardian.com)
  • African gorillas are under threat from oil survey (ecobooks4kids.wordpress.com)
  • New DRC oil bill would weaken protection for national parks, NGO says (wwf.panda.org)
  • Another hill to climb for mountain gorillas (smh.com.au)
  • Anna Friel joins campaign against oil exploration in Democratic Republic of the Congo (theguardian.com)
  • Doing it with Frieling: Anna and daughter Gracie fight the oil giants (standard.co.uk)
  • African gorillas are under threat from oil survey (selvavidasinfronteras.wordpress.com)
  • Africa’s most biodiverse area endangered by UK oil firm: WWF (terradaily.com)

Investment news: Ophir Energy, Tesco, Sainsbury, Dunelm & more

02 Wednesday Oct 2013

Posted by theinvesmentman in Africa, Andor Technology, banks, BG Group, Business, china, China Resources Enterprise, Get rich quick, Ghana, investment, KeyBank, London, Manchester, Ophir Energy, Patron Capital, Sainsbury, Soco International, Tanzania, Tesco, Uncategorized, United States, usa, Wolfson Microelectronics

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Andor Technology, BG Group, Business, China, China Resources Enterprise, KeyBank, London, Manchester, Ophir Energy, Patron Capital, Sainsbury, September, Soco International, Tanzania, Tesco, Wolfson Microelectronics

This Blog is sponsored by http://www.reflexecogroup.com

Today’s market overview

Investors are taking the opportunity to bank some recent profits with shares down sharply in London in early trading but The Trader Dominic Picarda remains convinced that we are merely consolidating ahead of a final quarter rally.

IC TIP UPDATES:

Ophir Energy (OPHR) has announced appraisal and flow test results from the Pweza-3 well offshore Tanzania, of which it owns 40 per cent withBG Group (BG.) holding the balance. The well flowed 150m cubic feet of gas a day and the work completed is likely to reduce the number of development wells required on the block, improving its economics. We keep our buy on Ophir.

Development Securities (DSC) confirms that its joint venture with Patron Capital has entered into an agreement to sell the Phones 4u Arena in Manchester although no further details will be released until the deal is completed. Buy.

German property specialist Sirius Real Estate (SRE) says that trading remains bang in line with expectations after demand from its core Small and Medium Enterprise market in Germany remained solid. The company is also making progress on its refinancing and repaying its various loans. We maintain our buy recommendation.

KEY STORIES:

Tesco (TSCO) has announced underwhelming results for the half year to 26 August with underlying pre-tax profits down by 7.4 per cent year on year to £1.47bn. Performance in the UK stabilised with total sales up by 1.7 per cent excluding petrol and like for like food sales up 1 per cent in the second quarter. But a slower expansion programme and changes to the general merchandise offering held back overall performance. Overseas markets were mixed with several European markets proving very tough. Tesco has also announced the formation of a joint venture in China with China Resources Enterprise which will fold Tesco’s 134 Chinese stores into CRE’s 2,986-strong estate. Tesco will also contribute £185m now, a further £80m on completion and another £80m in a year’s time in return for a 20 per cent stake.

In contrast, Sainsbury (SBRY) has continued to take market share in the UK grocery market. In a trading statement today it reported 5 per cent total sales growth in the second quarter with like for like sales up by 2.1 per cent, giving 1.5 per cent like for like sales growth for the whole of the first half. The company opened 31 convenience stores and five supermarkets in the period.

Pawnbroker Albemarle & Bond (ABM) says that talks with largest shareholder EZCORP over underwriting a fundraising to refinance its stretched balance sheet have failed. The company will now have to redouble its efforts to negotiate changes to its covenants with its banks having already agreed a 1 month extension to a 30 September covenant test which it would have failed. A chief restructuring officer will be appointed by 10 October.

Domino’s Pizza (DOM) traded well through the summer months, reporting UK sales up 10.4 per cent in the 13 weeks to 29 September. Year to date like for like sales are up 5.6 per cent in the UK with digital sales now accounting for more than 60 per cent of sales, almost half of which come from mobile phones. Operations in Ireland also performed well, like for like sales are up 5.2 per cent year-to-date, and the smaller German and Swiss businesses also solid like for like sales growth.

Homewares specialist Dunelm (DNLM) surprised the market with a reversal in like for like sales growth as it struggled during the recent warm weather and against strong comparatives. The 13 weeks to 28 September saw like for like sales dip by 5.3 per cent with the first few weeks particularly weak before like for like sales growth resumed on a week by week basis later in the period.

Wolfson Microelectronics (WLF) has said that the cancellation of orders from a major customer coupled with other orders slipping into next year means that revenues for the final quarter will be in the $40m-$50m range.

OTHER COMPANY NEWS:

Soco International (SIA) confirmed the positive performance of its test wells at the TGT-10XST1 exploration well offshore Vietnam, which flowed 27,600 barrels of oil per day.

Andor Technology (AND) expects to results for the year to 30 September in line with expectations. A restructure of its sales operations also appears to be bearing fruit with the company expecting to report record full year order intake, although timing of delivery remains uncertain.

Related articles
  • Tesco poised to deliver results (standard.co.uk)
  • Tesco profits slump by 24.5% as rival Sainbury’s piles on the pressure (dailymail.co.uk)
  • Sharp drop in profits at Tesco (bbc.co.uk)
  • Tesco flatlines as Sainsbury’s sales jump (thetimes.co.uk)
  • Sainsbury’s to bag win in battle of the grocers (dailymail.co.uk)
  • Tesco to Pay $558 Million for Venture With China Resources – Bloomberg (bloomberg.com)
  • Tesco poised to deliver results (belfasttelegraph.co.uk)
  • Sainsbury’s to bag win in battle of the grocers (dailymail.co.uk)
  • Strategic IT Management Assignment (akyolkblog.wordpress.com)
  • Breaking News: Tesco poised to deliver results (crosbyherald.co.uk)
  • Sainsbury eclipses Tesco with rising sales growth – Reuters UK (uk.reuters.com)

Investment News: Vodafone, Heritage Oil, Molins, Serco, WPP, Soco International & more

29 Thursday Aug 2013

Posted by theinvesmentman in Africa, Asia Pacific, banks, Business, Democratic Republic of Congo, Get rich quick, Heritage Oil, investment, Justice ministry, Molins, Serco, Serco Group, Soco International, Stagecoach Group, Syria, Uncategorized, Unite Group, Verizon Communications, Virunga National Park, Vodafone, WPP plc

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Asia Pacific, Democratic Republic of Congo, Heritage Oil, June, Justice ministry, Molins, Serco, Serco Group, Soco International, Stagecoach Group, Syria, Unite Group, Verizon Communications, Virunga National Park, Vodafone, WPP, WPP plc

Today’s market overview

Equities have regained a little of their recent losses in early trading as concerns over an imminent military strike in Syria have dissipated a little, but The Trader Dominic Picarda thinks there is more downside to come.

IC TIP UPDATES:

Vodafone (VOD) has cofirmed it is in talks with Verizon Communications over the potential disposal of its 45 per cent stake in Verizon Wireless. According to press reports the stake could be valued at north of $100bn. We keep our buy rating.

Results from Heritage Oil (HOIL) illustrate the impact that the acquisition of the OML30 licence in Nigeria is having on the company. First half average gross production of 15,327 barrels a day was held back by infrastructure issues but since then it has ramped up significantly, hitting 44,000 barrels of oil per day gross in August. Second half gross production is expected to be 45,000 bpod, rising to 60,000-65,000 bpod next year. Buy.

Simon Thompson recommendation Molins (MLIN) posted a 20 per cent rise in group sales in the opening six months of the year and almost doubled underlying profits to £1.5m.

Industrial property specialist Hansteen (HSTN), which this week announced a new deal to double its UK industrial property portfolio under management, enjoyed a 29 per cent bounce in ‘normalised’ profits in the six months to June. We keep our buy recommendation.

Mining royalties specialist Anglo Pacific (APF) has maintained its interim dividend at 4.5p despite a dip in royalty income and profits as the commodity markets suffered a tough six months. Buy.

KEY STORIES:

Results from Serco (SRP) were overshadowed by the company admitting that performance on one of its Ministry of Justice contracts to deliver prisoners to court had been overstated. An improvement programme is being put in place and £2m of profits from the contract since 2011 will be handed back. At a group level, international diversification helped drive improved performance with revenues up by 10.4 per cent and adjusted profits by 10.5 per cent. The order book stood at £18.5bn at 30 June.

Advertising giant WPP (WPP) has enjoyed an improving opening half to the year with overall billings up by 5 per cent to £22.7bn, like for like revenues 2.4 per cent better and profits up by 19 per cent to £427m.

Eurasian Resources Group, which is bidding to take over ENRC (ENRC), has acceptances from almost 95 per cent of shareholders.

Stagecoach Group (SGC) has reported on solid trading for the first quarter of its year to April with all divisions bar London bus growing revenues in mid-single digits.

The acquisition of Elster by Melrose Industries (MRO) is proving to be a very shrewd move if the latest financial results are anything to go by. Revenues more than doubled to £1.02bn in the six months to June and pre-tax profits followed suit to £139.4m. The Elster acquisition improved its operating profit by more than a third and has already achieved its target margin two years ahead of plan.

Oil and gas explorer Soco International (SIA) is taking advantage of its burgeoning cash flows to propose a return of cash to investors worth 40p a share. The news came alongside interim figures which showed production had risen to record levels for the third consecutive reporting period, averaging 17,135 barrels of oil per day, helping produce record post tax profits of $105.4m.

Recruiter Hays (HAS) posted predictably flat results in what it described as ‘fragile’ conditions. The year to June saw net fees dip by 2 per cent and profits by 3 per cent.

OTHER COMPANY NEWS:

Student property specialist Unite Group (UTG) grew like for like rental income by 1.2 per cent in the opening half of the year and its adjusted NAV per share rose by 3.1 per cent to 361p. Reservations for the forthcoming financial year are running at 90 per cent, which should support rental growth of 3 per cent.

Printing technologies business Xaar (XAR) continues its strong progress with adjusted revenues up by 78 per cent against the first half of 2012 and profits more than trebling to £22.3m.

Interim figures from Cape (CIU) reflect continued poor trading in the Asia Pacific region as pre-tax profits more than halved to £4.2m. Order intake was ‘subdued’ at £239m, down from £363m in the first half of last year.

Related articles
  • Week ahead in business and economics: August 27-30 (telegraph.co.uk)
  • The Week Ahead: Regus set to meet first-half forecasts (independent.co.uk)
  • WWF: Oil Exploration Threatens Africa’s Billion Dollar World Heritage Site (energypotentials.wordpress.com)
  • Profits up at advertising giant WPP (bbc.co.uk)
  • Africa’s Oldest National Park may be Put at Risk by Oil Exploration (natureworldnews.com)
  • Virguna’s Lake Edward under threat from oil exploration: WWF launches global campaign calling for Soco International to respect World Heritage Site. (biofreshblog.com)
  • Congo’s rare mountain gorillas could become victims of oil exploration (theguardian.com)
  • Virunga oil exploration warning (energypotentials.wordpress.com)
  • Report: European oil exploration threatens Congo world heritage site (euractiv.com)
  • Virunga Under Threat: Gorillas, Oil and the Congo (achangingwildworld.wordpress.com)

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