In the 3 years plus that I’ve read the Financial Times daily in some form, Tuesday 29th September was the first time I remember a story about Nigeria as the front page lead article in the paper.
The article by the FT’s Lagos correspondent, Tom Burgis reported that CNOOC, the Chinese state-owned oil company “is seeking to acquire 6billion barrels of oil, equivalent to one in six barrels of Nigeria’s proven reserves”.
In a follow-up piece on page 9, the story appears to have been based on a letter by Dr. Emmanuel Egbogah, the president’s oil adviser, in which he asked CNOOC to make an improved offer swiftly “due to time constraint”.
The FT reports that “the urgency is well placed” as extensions to 16 leases held by Shell, Mobil & Total amongst others will expire before the end of 2009.
It appears this story is causing jitters in some western capitals where they fear a big push by China for the biggest prize in Africa’s oil game. French TV channel – France24 also featured this story on Tuesday evening’s Business Bulletin.
With the deal making still going back and forth, the lines between Abuja and Beijing, Paris, London & Washington will no doubt be buzzing over the coming weeks. But more importantly – will any of these deals improve the quality of life of the people in the oil producing communities and the rest of Nigeria?
Answering that question in the affirmative should be the priority of the Nigerian government.