The Financial Governance Committee (#FGC) has issued a damning advisory note concerning the #FGS Ministry of Petroleum and Mineral Resources' (MPMR's) oil & gas licensing efforts.

Current approach provides "poor value for money...that may last for 40 years or more."

(thread)

The FGC raises concerns over "incomplete compliance with the FGS legal framework, and inadequate protection of FGS’s financial interests." Current MPMR approach risks "future legal and/or compensation claims against FGS."
The FGS makes seven principal recommendations. #7: "PSA negotiations do not prioritise short-term revenue (i.e. signature bonuses) at the expense of longer-term value."
The note confirms that Coastline Exploration (https://t.co/YztVl7wCZi) -- a company formed in 2018 and based in the Cayman Islands -- is in fact a rebranding of the discredited Soma Oil & Gas.
"Minimum bidder qualifications are set at relatively low thresholds... By comparison, the 2019 tender protocol required that a bidder include at least one party who has drilled multiple offshore exploration wells."

Grandfathering in "Coastline"? 🤔
"...certain provisions seem to allow the award of PSAs even where a single, potentially incomplete or otherwise non-compliant, bid is received."
"The PSA and the tender protocol issued in November 2020 offer considerably more attractive terms to oil companies than previously contemplated."
Per FGC, no stakeholder consultation appears to have occurred. "A group claiming to represent one clan has recently expressed their rejection of petroleum operations in areas inhabited by their clan."
The FGC also recommends that Federal Member States be properly included in the process.
Conclusion: "...there is a significant risk that any contracts awarded under the license round or through direct negotiations will not protect the interests of the FGS and oil-producing FMS or extract appropriate value for #Somalia’s oil over the lifetime of the PSA."

More from Government

Caveat: This article is sourced from @Daily_Express !!!

"End of Sturgeon?"

Frankly, an appropriate response from @NicolaSturgeon might be to quote the infamous Mark Twain response to an erroneous 'obituary' known to all...

"The reports of my demise are greatly exaggerated."

https://t.co/Ce1xVVISR2

More accurately, the media have quoted:

"Ms Sturgeon said she had a “real job to do” and was focused on guiding Scotland through the Covid-19 pandemic."

It's very reassuring to hear that @scotgov and @ScotGovFM have prioritised safeguarding lives and Scotland, above all else.

"I’ll leave others to play games or politics. I have got a real job to do and people can decide themselves whether I am doing it well or not, but I am absolutely 100 per cent focused on leading this country through a pandemic."

💯% 😀👍

Making her priorities crystal clear!

“That’s what I’ve done since this time last year and it’s what I’m going to continue to do for absolutely as long as necessary.”

And again, making it absolutely crystal clear!
2017 https://t.co/kiqQoWR57e


https://t.co/W18nqFlLru


The GOP got rid of the SCOTUS filibuster so they could jam through three fringy right-wing Alito clones, including one right before the election, but sure thing, bud.

“Uh, actually, they got rid of the SCOTUS filibuster because Harry Reid did it first for something totally different! I am very smart!”

No. Knock it off.

Here’s the thing about the “But Harry Reid...” excuse:

1. McConnell was holding up Obama nominees, some *for literal years* without a vote.

2. Had he *not* done that, Trump would have inherited *even more* vacant seats.

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