Chris K. Wilmot, President and Chief Executive Officer of WCW International Holding Company: “The election has given the investors a little concern. Today, they want to come but they postpone. We don’t want to make any major decisions before we make sure to quietly get the process going”
Publié le 29-07-2010 07:59
After visiting ipetrolenews, Chris K. Wilmot, President and Chief Executive Officer of WCW International Holding Company, gives the reason of his presence in Cote d'Ivoire and expresses frame of politics to help develop oil and gas sector in Africa... (complete talk)
Ipetrolenews.info: Good morning Chris Wilmot, why are you in Cote d’Ivoire?
Chris Wilmot: We are going to do a program for Cote d’Ivoire. So, I came to talk to the minister of mine and energy and his cabinet. We are trying as best as we can to see how we can promote Cote d’Ivoire from the United States point of view.
Ipetrolenews.info: what kind of projects?
Chris Wilmot: Oil and gas projects for Cote d’Ivoire and other power sectors. That’s what I came to talk about. The refinery, because it is a second refinery, we are trying to find a way to put it together with the SIR. So right now the second refinery is doing environmental work. The election has given the investors a little concern. Today, they want to come but they postpone. We don’t want to make any major decisions before we make sure to quietly get the process going. That is what both Petroci and my company are making sure to get the right ingredients to make sure that when we complete the refinery it will be a major refinery for the whole of West Africa.
Ipetrolenews.info: what are you prepared to talk about?
C.W.: Today I came to see how I will be back to Côte d’Ivoire to discuss about the oil and gas prospects, because Ghana has quite a bit of oil and gas and it is next door. They share the same border. The opportunities for oil and gas are also in Cote d’Ivoire equally. You know, in the same area, you have some reserves and we believe that the opportunity is there. I came to invite your minister of mine and energy to Houston the energy capital of the world to showcase Cote d’Ivoire the attractions for companies to come and invest in Cote d’Ivoire.
Ipetrolenews.info: What do you think about the conflict between Cote d’Ivoire and Ghana over the common border?
C.W.: From the US point of view, I cannot make any comments. But I believe the two governments are working very closely to make sure they have a good resolution with reference to the border. I believe there is a commission that has been set by the two governments and that commission is looking into it.
Ipetrolenews.info: Do you think Cote d’Ivoire oil reserve more interesting to attract investors?
C.W.: Based on the reserve issues from the perspective of different companies, they all have the opinion that Cote d’Ivoire has the potential just like any other West African countries. You know, if you look all the way from Latin America, Southern America, from Brazil and all those things in terms of reserves, they are equally stronger. So, once we get the companies that will be able to look deep water in Cote d’Ivoire, likewise I believe it will be as strong as Nigeria and Ghana. Because you know Liberia and Sierra Leone have been able to receive the same benefits in terms of funds. The same companies that are in Ghana are also in Cote d’Ivoire. The prospects are very attractive. The most important thing is that Cote d’Ivoire should be able to attract companies to look into its reserves to produce oil and gas.
Ipetrolenews.info: Major oil companies are leaving Africa (Shell, Chevron..). Does it mean there are new opportunities for many other companies worldwide to develop prospects and oil industry in Africa?
C.W.: You see if the governments would understand how to do business with the global market place it would change their mindset. African governments have forgotten to look into the potential of attracting business. They make people feel that “it is ours if you want come! if you don’t, leave!”. Investment is by attractions. You give them certain incentives for them to stay. Why do you think Exxon Mobil wants to come to Ghana now that they have left Nigeria? It is because the government wanted them. Ghana is next door to Cote d’Ivoire, they are brother and sister countries. So to us, if one country can attract companies, the other definitely can. Here is where United Meridians started, Cote d’Ivoire and Equatorial Guinee. The potential for US companies to come to Cote d’Ivoire is there. This is why I am giving the opportunity for your minister of mine and energy to come to Houston to showcase what Cote d’Ivoire has to attract investors from the energy capital of the world.
Ipetrolenews.info: Another major project of the minister of mine and energy is to draw a new oil code. How can you advise the government?
C.W.: You see, this is what makes it wonder in Africa. There are countries which already have this establishment. If you go to the US, when these are established or anytime there is going to be a license around, they don’t have to create a new law. You have to find a comparative hedge or you have to find a national oil company able bringing attraction. If you don’t make your own ideas or you don’t put up your own focus, you always have to try being someone looking into someone else program. If you look in the whole spectrum of investment opportunities, people look at what is there. Do they have deep offshore opportunities? Yes they do! How do we do it? To me African, they take their own people for granted until they really value them, their potential and the value they can bring. It makes it very difficult. Now, President Gbagbo gave a very inspiring information at the first West Africa Oil and Gas Conference in Yamoussoukro. His passion is “African people are able to unite and put their resources together to attract more investments and that is exactly the formula”. Every african governments need to be able to put their heads together to attract investment opportunities. You see together if you are strong, it’s much valuable and attractive than just one. So let’s look at great future opportunities for Africa in that way.
Ipetrolenews.info: To quote mister Kassoum Fadiga from Petroci who said that african oil industries should get together to develop some new projects. We assist in Congo Brazzaville that Petroci (Cote d’Ivoire) joined Snpc (Congo-Brazza) to develop an oil field (Mengo-Kundji-Bindi, east Congo). How could this examples be enhanced?
C.W.: That is the way forward. To get african assets by african teams attracting investments. For together that is the new way we need to look. From Cote D’Ivoire to Congo, from Congo to Angola, to Equatorial Guinea, to Ghana, Nigeria to South Africa. North Africa, Libya, Tunisia, all these are African countries. African they talk about AU (African Union), if you talk about AU you need to do AU business. You talk about ECOWAS but even just going from one border to another becomes an issue. Strategically if you want countries and nations to be strong, the combined power of the team is what makes the difference. You look at the model that we have called the greater Houston partnership, it is a force by itself. You look at the GDP for the greater Houston, it is more then some african nations. So you have to understand when people you are trying to attract and don’t seems to appreciate who you are bringing to the plate. Then you are loosing the hedge. There has to be a strategic plan. Let me give you an example. Houston has a 10 year strategic plan 60 billion investment for 10 years. (gave the details of the plan) All these are things you can do to assure that your country is strong.
Ipetrolenews.info: How did the american industry manage the Mexico Gulf oil spill?
C.W.: You know right now, it is contempted. But rather contempted or not, it caused quite a bit environmental issues. President Obama made sure that BP and it’s partners are not going to get away with it. As you know, they put it up as 32 billions dollars as the safeguard to be able to provide for any issues or any types of reinvestments or payments to companies or people who may be affected. So the good news is that President Obama has done his part, now BP also has to do its own to handle this tragedy that could have been prevented. So we take steps to rectify it.
Ipetrolenews.info: Do you think Africa is ready to handle this type of environmental disaster?
C.W.: Africa is blessed will all kinds of natural resources and most of the players operating here are the same players who are in the Gullf of Guinea and the Gulf of Mexico. It is nothing new. African governments have to build a structure. Like the US was able to use their government machinery to hold BP accountable. I give credit to Cote d’Ivoire, with the case of Trafigura. Under the leadership of the President Gbagbo, they put Trafigura in check. Likewise the same thing happened in the United States, the President acted. It all depends on the person who is leading and who can get his people to get to the bottom of the case. Whether it is Africa or any part of the world, it is mainly the major oil and medium size companies who have the technologies and also the resources to get into this type of deep water activities. With that, Africa gets solutions.
Ipetrolenews.info: Concerning mining, do funds exist to finance small scale mining exploitation?
C.W.: I don’t know much about mining but I will ask a friend and make sure the information is related to you.
Ipetrolenews.info: In one week Cote D’Ivoire is celebrating 50 years of independence. How do you evaluate the progress of the oil sector?
C.W.: We came here a long time ago with former secretary Burn. Now Africans in the United States are in positions to make decisions. At the time, he did not even know there will be an African American president. Africa now has the best way for a good relation with the United States because they can capitalize on AGOA. So together, if we look at what Africa is doing, we can strategically put in place check points of how we have to get into the next 50 years with the oil and gas industry. For once you have Oil, you can be able to rely not only on importation but also on exportation. So the strategy I believe in, is that Cote d’Ivoire will eventually become an exporter of oil.
Ipetrolenews.info: How do you see the future of the oil industry?
C.W.: You see if you look globally most of the new oil fields are coming up with huge oil reserves. Africa is proven to be one of the new frontiers of that type of formation. But people are now looking to synthetic oil. But still, as long as we have vehicles we have to depend on oil or gas and they come from the same formations. If you don’t benefit from the oil, you can benefit from the gas.
Ipetrolenews.info: How do you appreciate ipetrolenews concept on promoting mining, oil, gas and energies in Cote d’Ivoire and in Africa?
C.W.: Seldom do you have companies promoting oil and gas period specially from Africa. You are technologically capable of being the top because you have a technological hedge. When we had the ground breaking, most companies who wanted to check the news in the United States came on your website. To me, you have something that just needs to have a linkage to the United States. The US market is huge, don’t just look at the European market. It is good to look at Europe but do not overlook the American Market. It is time you do your publications both in english and french. It will attract more readers and give you more advertising revenues, especially from the majors.
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