She oversaw the highly rewarding entry into Senegal, but superintended two disappointing dry holes offshore The Gambia…
Australian minnow FAR Limited, has fired its charismatic managing director.
FAR “advises that Catherine Norman has been given notice of termination from her role as Managing Director, effective immediately and has resigned as a director of the Company”, the company says in a release.
The personable Catherine Norman has been the face of FAR for over 10 years, presenting the company’s case for shareholder value at high profile conferences focused on the African hydrocarbon resource. A geophysicist by training, she was managing director at four companies (World Geoscience (UK) Limited, Fugro Airborne Surveys, Gippsland Offshore Petroleum and Flow Energy Ltd) before she jointed FAR in November 2011. She oversaw FAR’s highly rewarding entry into Senegal and was responsible for the decision that the company would take on the risk to explore the Northwest African margin (known as the MSGBC Basin). But the region has performed far below expectations. FAR has been particularly affected. Ms. Norman superintended two highly disappointing dry holes off The Gambia and the company has had to give up three assets in Guinea Bissau.
“Independent Chairman Patrick O’Connor will oversee the business during a period of transition”, FAR explains.
“With more than three decades’ Board and senior management experience across multiple industries including mining and oil & gas exploration, Mr O’Connor will manage the corporate activities of the Company to support FAR as it continues to progress its strategy to unlock shareholder value”.
It says: “Ms. Norman will also be available during her 12-month notice period to assist with any transitional matters as required, in accordance with her employment contract”.
“The time has now come for a fresh perspective to ensure the Company explores every opportunity to realise value for shareholders”, Mr O’Connor says in the company’s release, thanking Ms. Norman, on behalf of the Board, “for her significant contribution to the company”.
The Board of Sahara Group has approved the appointment of Pearl Uzokwe as Director, Sahara Foundation, the group’s corporate responsibility vehicle.
Ms. Uzokwe, who joined Sahara as Legal Manager, most recently functioned as its pioneer Director of Governance and Sustainability, “where she championed Sahara Group’s energy transition efforts”, according to a company statement.
Bethel Obioma, spokesman for the Sahara Group, reports that the Sahara Foundation has recorded over two million beneficiaries through several sustainable projects, and “now focuses on enhancing access to energy and promoting sustainable environments”.
Obioma’s statement quotes Ivie Imasogie-Adigun, Head, Group HR, Sahara Group: “Sahara Foundation is at the heart of who we are in terms of bringing benevolence to life and the Board is delighted to have Pearl lead the Foundation’s new strategic direction as Sahara deploys projects and collaborates with regional and global organizations to protect our environment and ensure access to energy, leaving no one behind.”
Shell has announced the appointment of Sinead Gorman as its Chief Financial Officer, effective April 1, 2022.
She will become a member of both Shell’s Executive Committee and Board of Directors.
Ms. Gorman will be taking over from Jessica Uhl, who is stepping down from her role on March 31, 2022. Ms. Uhi will be available to assist Sinead and the Board with transition until June 30, 2022, after which she will leave the group.
Gorman, a British national, is currently Executive Vice President, Finance in Shell’s global Upstream business. She started her career as a civil engineer before pivoting to a finance career when she joined Shell in 1999. Since then, she has held several increasingly senior finance roles in all Shell’s major businesses, in Europe, North America and latterly globally. A British national, she will be based in London.
A Shell statement says that Uhi “was a key architect of recent strategic changes, including the simplification of the company’s share structure and the relocation of the corporate headquarters, along with the roles of chief executive officer and chief financial officer, from The Netherlands to the UK. However, due to family circumstances a long-term relocation to the UK is not sustainable, and therefore she will step down from her role”.
The Nigerian Upstream Petroleum Regulatory Commission has appointed a Cambridge University trained senior lawyer from the private sector as Commission Secretary/Legal Adviser.
For the agency, created six months ago by the Petroleum Industry Act (PIA), Anyanechi is considered a huge catch, given her pedigree and years of experience in legal practice. She was, until her appointment, Managing Partner at Sefton Fross, a law firm she founded in 2013. She had been Group Legal Counsel at Sahara Group, and a Senior Partner at Templars Law firm, before she founded Sefton Fross, which is very strong in corporate, finance and oil and gas practice sectors.
“Her appointment was made on the basis of the need to improve efficiency and professionalism of the Commission’s legal department”, says Gbenga Komolafe, the NUPRC’s Chief Executive. “The regulator is about the law, and we need to get it right”.
Mrs, Anyanechi was senior counsel and head of Corporate Commercial Department at Olaniwun Ajayi LP. Anyenechi received her first degree in law at the University of Ibadan before she proceeded, as a Chevening Scholar, for Master of Laws – LLM, Corporate and Commercial Law at Cambridge. At Cambridge, she also became a Pegasus Scholar of the Inner Temple. She has a Master of Philosophy – MPhil, Finance, in Financial Sector Management from the School of Oriental and African Studies (SOAS) at the University of London.
Guido Brusco has been nominated Director General, Natural Resourcesat ENI, the Italian oil major.
The appointment is effective from February 7, 2022.
Brusco takes over from Alessandro Puliti, who leaves the company.
Guido Brusco has been ENI’s Upstream Director since 2020. He joined the company in 1997, holding positions of increasing responsibility in the areas of production and operations, with experiences in Italy, Egypt, Kazakhstan and Angola. Prior to his current role he was in charge of Eni’s activities in Sub-Saharan Africa.
Gbite Falade, Chief Executive of Niger Delta Exploration & Production (NDEP), has considered the possibility of a divine hand guiding his choice of careers in a way that led to his current role.
“I told the interviewers I was born to do this job”, says Falade, whose first-year anniversary in the saddle of Nigeria’s most diversified, private energy producer, comes up on Thursday February 10, 2022.
“I said it not out of pride. I took a review of all the roles I have done prior to coming in here and it was as if there was a divine hand guiding the choices and selection of the experiences that I have picked up in preparation of an NDEP that is an integrated energy company”, he explains, in a wide-ranging interview on the goals of the company’s near-term future, in terms of strategy, deliverables and the energy transition.
NDEP produces and sells kerosine, diesel and aviation fuel from its own refinery; supplies natural gas from a processing plant sited on its lone producing field: Ogbele, to a local manufacturing firm as well as the Nigerian Liquefied Natural Gas Limited. It produces and exports crude oil. And, in Falade’s telling, in the next nine months, “the naphtha that is coming out from (the refinery) Trains 2 and 3 right now would be the feedstock for the production of LPG and PMS (gasoline) which are two vital refined products that we need as a country”.
Falade narrates that he “started off in the IOCs and then I moved on to an African Independent from there”. He was the commercial executive of the Gas & Power division. “At the IOC, where I started from, I was in E&P but I ended up being a commercial executive there as well. From there, I was the pioneer Chief Operating Officer for that African Independent for their upstream acquisition. Then I left that role to become the Managing Director of the biggest indigenous service company that is into project management and all of that”.
Falade says the sum total of his experience is relevant across all the various sectors that NDEP has footprint “and so, this is not a job that I came into with an apprehension of a knowledge gap or a blind spot in a particular sector, I feel very much at home. I was excited that I was the guy that the company was going to entrust itself in his hand to lead it into what I call the next phase”.
He admits that his predecessor, Layiwola Fatona, has a huge name in the industry. “I knew that I was always going to have a backdrop to my performance on the job. I knew I was coming in after Dr. Fatona, which was going to be a difficult task because he personally embodied and typified what this organization is and with this organization, he is a leading light; a foremost practitioner in the industry so following such a person who has such a pedigree and who has also performed so well in nurturing this enterprise to this point was always going to be a difficult task.
“But I was clear in my mind that my mission is not to step into Dr. Fatona’s boots but to bring my own shoes. And that is what I have done and my intention is that, it is horses for courses. The company is set on a different path going forward and I believe that I am the right candidate to take it through that path and not necessarily as a like-for-like replacement for Dr. Fatona but as a complimentary bolt on the foundation that he and others have laid”.
This is the second in a four-part series of published interviews with Mr. Falade.
ReconAfrica, the Canadian minnow operating millions of acres of the Namibia/Botswana Kavango Basin, has appointed Craig Steinke as a director and executive Chairman of the Board.
Steinke, who founded the company, “has played a pivotal role since inception in the development of ReconAfrica through his private energy consulting practice”, ReconAfrica says in a release.
ReconAfrica shot into the consciousness of the global oil patch when it reported, a “a working petroleum system” in the Kavango Basin, after drilling a stratigraphic test well last March. The Kavango Basin was largely unknown to the industry until then. It is an old miogeosyncline, formed in the Permian (the last period of the Paleozoic era, which ended about 250Million years ago).
“Mr. Steinke has over 25 years of experience in identifying, successfully developing and financing oil and natural gas exploration and production projects in North America, Latin America, Europe and Asia”, ReconAfrica explains. “Additionally, through his privately held company, Mr. Steinke plays an active role leading a diversified team, in generating new sources and technologies for sustainable energy”.
Leaving the board of directors is Jay Park, one of the Company’s early stage and significant shareholders, who has served the Company and its predecessor Reconnaissance Oil as its Chief Executive Officer from May 2018 to August 2020, and then as the Company’s executive Chairman. “Mr. Park will continue to take the leading role in advising ReconAfrica on all oil and gas legal matters through Park Energy Law where he is Managing Partner”, the release states.
Apart from Nuhu Habib, who has been appointed as executive commissioner in charge of development and production, none of the seven-member team of executive commissioners of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has ever worked at the former Department of Petroleum Resources (DPR).
Habib was formerly a Chief Geologist at the defunct agency.
It is not ordinarily a bad thing, considering that the staff that they will be superintending is composed of personnel with a deep well of experience. If it is problematic, it should be nothing that cannot be taken care of with adept human resources management.
Several of the new team are not entirely new to the oil industry, even upstream.
Empathy calls..Gbenga Komolafe, CEO, NUPRC, with Isa Modibo, Chairman of the commission
For one, Kelechi Onyekachi Ofoegbu, executive commissioner, Economic Regulations and Strategic Planning, worked in the supply chain management at Eland Oil & Gas and was the technical adviser to the Minister of State for Petroleum, until his appointment.
But it has always been a fraught isue in Nigerian public service, when an entire team of managers is appointed from outside to run a parastatal.
True, the NUPRC is a brand-new agency, a creation of the new Petroleum Industry Act PIA, but it is effectively staffed with the upstream half of the defunct DPR.
What it means is that the new executive commissioners, who now function in the capacities of the Deputy Directors of the defunct DPR, have to be careful how to treat bruised egos. There are dozens of assistant directors and managers, with sterling careers entirely forged in the crucible of the old DPR, who need to be reassured.
Sarki Auwalu, the last Director of the defunct DPR, didn’t exactly leave a legacy of empathy. Months after he was appointed, he fired the entire team of Deputy Directors (all of whom were his seniors, as he was appointed Director straight from the position of assistant director). That move, already created a sense of deep distrust, which the new team has inherited.
Nuhu Habib, special adviser on Natural Resources to Nigeria’s President Muhammadu Buhari, has been appointed an executive commissioner at the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
He will be executive commissioner in charge of development and production, a crucial job, considering that the Niger Delta, Nigeria’s main producing basin, is essentially a mature province, with more development and production than exploration.
The appointment is a pointer to how far Habib has travelled in a short time, in Buhari’s second term. In mid–2020, he was only a manager, a position below assistant director, which was the first ‘top tier’ level, in the organogram of the Department of Petroleum Resources (DPR), the forerunner of Nigerian Upstream Petroleum Commission.
By the end of 2020, he had been seconded to the state house as President Buhari’s special adviser on Natural Resources, a posting which was pivotal in the administration of the country’s Marginal Field Bid Round. When the President announced the implementation steering committee to oversee roll out of the Petroleum Industry Act (PIA) in August 2021, he was named a member.
A 1998 graduate of Applied Geology from Abubakar Tafawa Balewa University, Habib holds a Master’s degree in Petroleum Geosciences from Imperial College London and a PhD in Engineering from Seoul University, according to his LinkedIn Page.
Diran Fawibe (Ph.D) regales our reporter, PAUL KELECHI, with anecdotal accounts around the founding of the NNPC, as well as creation stories of the Nigerian oil industry…
The Nigerian petroleum economist, Diran Fawibe, runs an oil service engineering firm (International Energy Services Limited), out of Lagos, which is so widely acknowledged it consistently gets some of the top engineering jobs in the top bracket of oilfield development projects.
It was the reason I went to see him.
I wanted to find out who got what, and why, in the ongoing contracting process for the Bonga South Aparo development, the country’s largest, in-development, oilfield project.
But the discussion veered into Dr. Fawibe’s career trajectory.
He is known as a regular commentator on the industry’s challenges; a source for the country’s leading energy publications.
I knew he worked for (the state hydrocarbon company) NNPC during what is now described as the corporation’s golden era. But how did it happen?
He started, he tells me, from postgraduate work in the academia, after he finished his economics degree at the University of Ibadan (UI) and was in the process of doing his course work for a Ph.D in Petroleum Economics, when he got a job with the Central Bank, then headquartered in Lagos.
But while he was studying in UI, he had done an internship with Shell.
He remembers that the “Shell people had said I should come and work for them and I had said yes at the time”. But he was now at the Central Bank.
“Shell checked me out with Aboyade (the late renowned economics professor) because he was the one who arranged my internship with Shell and he said he didn’t know where I was.
“Then one day a gentleman who was the fields and media relations person for Shell saw me during lunch break in Marina and told me that they had been looking for me. I told him that I was with the Central Bank and he asked me to
follow him. He took me to the Managing Director in Shell, a white guy and told him I was the fellow ‘who came here for his internship for Masters’. He said I promised to come and work for them and asked why I didn’t come back. I said I just decided to go to the Central Bank and he asked how much they were paying me and I said £1,740. He asked if I was ready to come and work for them and said they were going to give me £2,000 which was a substantial increase to what I was earning at the Central Bank but I said No Sir. The white man chipped in that they could pay me £2,400 but I still said no I didn’t want to work for them and he asked why. I said I had heard it said that if you worked in a private company, you must know how to run around people, you must know how to bootlick and also, there is no job security and most importantly, whatever your eyes see, your mouth must not talk about it.
And I told him that whatever my eyes saw, my mouth might talk about it and for that reason, I wanted to work in a government establishment where as a Nigerian, I would feel free to say whatever I felt about a situation. I should feel free to act in one way or the other. They were then laughing and said I was talking as an inexperienced young man and asked where I got all those stories from.
The man then told me that when I came for the internship, I was profiled and that was what they did for most people when they came to work in their company, they profiled the person to know his potential and know how far he could go on the job. That also helped them to develop a training programme that would help that person follow that career path. From my profile, he said, they could see that I had a high potential and they would help develop me and offered to increase that offer of £2,400 to £2,600 and said they wanted to give me something I couldn’t refuse. But, I said, thank you very much sir for your offer but no thanks; I want to stay in Central Bank and that was how I left.
I went back to my work but along the line, the opportunity of Nigerian National Oil Company (NNOC) came and I joined NNOC. We had high expectations when we were in NNOC.
AOGR: So, you were in the NNOC, that means you were one of the founding staff?
I was in NNOC in 1972 and I was one of the founding staff. Five years before NNPC (Nigerian National Petroleum Corporation) was created. They asked a few of us to resume at 7, Kofo Abayomi on Victoria Island, (where the Lagos office of the Nigerian Upstream Regulatory Commission is currently located), because they were making arrangements for our office in Marina, (at the time the main business hub of the country). But there was not enough space there for us because they recruited some other people. So, people like Funso (former NNPC Managing Director) Kupolokun and a couple of them were sent on training abroad but I was recruited at a higher level because I had a masters’ degree.
There were a couple of other people that were too. (Jim) Orife had come from Shell and there were some who were working in Gulf Oil.
We then moved to UBA building in Broad Street; UBA was opposite Kingsway (the biggest shopping complex in the country at the time). The aspect that I am going to is that, at that time, Kingsway was next to us and you could walk on Broad Street. Anytime we had lunch break, we would just take a stroll. Either we walk to Kingsway for lunch or we went to Leventis or John Holt. Then there was one restaurant that was very close to Bagatele.
They told us to be diligent in our work because the way they were seeing NNOC, it would become a major player in the Nigerian economy: because it would be at the heart of government business in the oil and gas industry. They said, for those of us who worked there, it would open doors for us in that, if we wanted land as an example, and we went to the ministry and they asked you where you worked and you mentioned NNOC, you could be sure that you would get it. We had high dreams and we expected NNOC to do very well but as it often happens, you can see where we are. I brought in the Condition of Service CoS from the Central Bank while some other people brought theirs from Shell and so on and we started preparing the CoS because what we got was a single line of appointment: ‘Your salary will be £1,740 a year’, because we hadn’t come into the naira at that time and it was a lot of money. When I was in the Central Bank, I was getting £1,400.
But things started going awry in 1973, during Udoji’s classification of companies. Udoji classified corporations and government companies and he put NEPA (Nigerian Electric Power Authority) as Category A corporation and he put NNOC as Category B and the salary of category B was lower than that of Category A and we were wondering why, because we couldn’t reconcile what they were doing in NEPA and what we were doing at the NNOC which was a high-profile corporation. Why were they doing this?
At a point, myself and Michael Olorunfemi wanted to emigrate to Canada when we were not so happy with what was going on but people were talking to us and saying we should be patient and that things would work out themselves.
Then disillusionment set in and at that time, I didn’t know what to do. Some people asked if I wanted to come to the ministry, but I said no, I didn’t want to be a civil servant per se. That was when I met Chief (Sunday) Awoniyi.
Chiefs Feyide and (Phillip) Asiodu actually were the ones who recruited me into NNOC. Chief Feyide was Chief Petroleum Officer, later designated Director of Petroleum Resources while Asiodu was the permanent secretary of the Ministry of Petroleum, but we used to call it Mines and Power. In 1975, when there was a change of government and Asiodu was removed as permanent secretary, Awoniyi became the permanent secretary. S.D. Awonyi was a fantastic person who knew how to manage people, how to encourage people. If Awoniyi asked you to carry out a task, he would praise you to the highest heavens. If you are good at what you do, he would encourage you and push you forward. I had a luck in that when (General) Murtala took over power as Head of State and they removed Asiodu, they wanted someone to brief them about the oil industry.
Shettima Ali Monguno, who was the commissioner I worked with when (the previous head of state) Gowon was in charge, recommended me. They sent a police man and a pilot vehicle to fetch me.
Murtala was sitting, Obasanjo was there, (he was the Chief of Army Staff) and they had Alison Ayida as the secretary to the government and then Awoniyi. Awoniyi was the permanent secretary, Internal Affairs but he was posted to defence to take over from Damshida. He had not taken over when the coup happened and they then said he was not going to go to defence but petroleum.
I met the four of them and they asked me several questions and at the end of the day, they said Awoniyi would be my boss and that I should be reporting to him.
Awoniyi took me to his office, found out about me and told me about himself. We hit it off right there and then. He was very good with people so much so that you can slave for him without knowing that you are actually slaving for him. So, the question of wanting to go anywhere else did not arise although a few months later, he gave me double promotion to compensate for all those times.
Initially, NNOC was supposed to engage in various commercial activities but that did not happen and when Obasanjo came on and succeeded Murtala, it was fair that they wanted to harness the resources in NNOC and the ministry because everything had to go through the ministry and the people in ministry were the ones who went to the government directly.
Anything that NNOC wished to do had to go through the ministry.
Awoniyi in his wisdom and in talking to Marinho, (who was then the Managing Director of NNOC), they felt it would be better to pull the resources of the two organizations to form the (Nigerian National Petroleum Corporation) NNPC and this would help remove the competition and help develop human capacity to help fulfil government aspirations for the petroleum industry. On that basis, they would be able to turn NNPC to a very virile organization and it was at that point that the government brought in Muhammadu Buhari as commissioner. He was then the military governor of the north-east. It was under him that the NNPC was created. Well, we were trying to develop it as fast as we could and there were lots of training for personnel so that they could take charge in various areas but as you may know, government will come up with one thing today but tomorrow, another. When you don’t have a focused set of leadership and stakeholders, obviously, what is now happening in NNPC will be happening. It then became, “anything goes” and that is the story of NNPC.
AOGR: By now you had gotten your doctorate degree?
Dr. Fawibe: No, in fact, I didn’t get my doctorate until 1981 and I finished it at the end of 1983. I wanted to go to the University of Southern California (USC). But then we were doing a lot of studies in OPEC (to which I had been transferred) and I represented the steering committee of the study and so on. I got used to one of the professors (from the USC) who was also a consultant and he wanted me to do Ph.D with them. and as a matter of fact, I wanted to spend only three (3) years working before going for my Ph.D. but I got stuck but he said anytime I wanted to do that, I should come over and so I had that option. The second option was to go to Oxford University because I was a member of Oxford Policy Club.
Then I ran into a friend who was a year ahead of me at the University of Ibadan. We were chatting and I told him that I might be coming to UI to get my transcript because I wanted to apply for my Ph.D. at Oxford but he told me that I had already done a course work in UI. Why would I need to go and spend time in Oxford when the course work I did in UI qualified me for my Ph.D. and all I needed was to write my thesis and that was it.
I asked if that was so and he said he was going to check because at that time, he was Head of Department and he checked and called me the following week and told me that, except I have money and have time to waste, otherwise, this coursework that I had done qualified me for my Ph.D. and a simple case of me writing my thesis and getting my doctorate. That was how I jettisoned the idea of going abroad. I went there and I registered.
I then wrote the NNPC management saying I wanted to take a study leave and they said if I was going to take a study leave and they have to pay, I would have to do two weeks in and two weeks out if it is in Nigeria and they will sponsor me, pay for everything and I will still be collecting my salary and that was the deal I struck with them.
It was also good for me because I took the opportunity to go to OPEC and I spent 3 months in OPEC doing my thesis and my model. Since they already knew me, they assigned one guy to me to work with me.
Computer at that time was not as it is these days; it was big frames that you needed to feed punch cards into and so, they assigned one programmer to work with me and we worked day and night for 3 months. It was a crazy thing; we would start work at 9am and I would go back to the hotel at about 6pm to eat and sleep. At 9pm I would go back to the secretariat and we would work throughout the night. I would come back at about 6:30am or 7am, all in a bid to write my thesis. I could sleep for about an hour or 2, wash up and then go back. This was what I did for three months. I also went to Oxford and the United States to collect materials and so on.
What was your thesis on?
Dr. Fawibe: It was Nigeria’s crude oil in the world market, a case study of public policy. I was looking at a model for marketing Nigeria oil in the world market. You know, when you sell one particular crude oil, you are also selling other crude oil.
AOGR: As a blend?
Dr. Fawibe: Yes as a blend and the opportunity that I had was that I represented Nigeria in the economic commission board and also in the committee of experts where we did what we called relative values. We analyzed all crudes being traded by OPEC and also other crudes coming from Norway and the UK and US because if you are selling your own crude, you must know the relationship it has with other crudes in terms of chemical values. When you take the crude oil ASSAY which is the characteristics of the crude or its chemistry, you will look at your crude in relation to that from Saudi Arabia, Algeria and classify them as either light crude, heavy crude or medium grade crude and so on.
The price of your crude will reflect in its quality and this is not just the simple case of API gravity; which is a general indicative index. You say that the Nigerian crude in 34 degree API and Saudi Light is 34 degree API, but the Sulphur content of Nigerian crude is about 0.3 while that of Saudi crude is about 1.8. These are chemical properties and there are other properties that may make your crude to be better or worse than other crude for instance.
I was looking at that model and also looking at the transportation as well. When you take some markets as a case, Nigeria sells its crude to Rotterdam or to New York or to the Caribbean or the Gulf Coast and so on. But the middle east is closer to those areas. Now, Nigeria will want to sell its crude to Asian markets such as India, China and so, on which is a faraway place and the middle east is closer to those places. How do you now normalize the transportation cost, what are the differentials? Because we take Saudi crude as a marker crude, everybody will calculate your relative quality advantages over Saudi crude which is the marker and that is what OPEC countries do with respect to their individual crudes which are traded in the market and also relate it to other crudes which are non-OPEC crudes. This was what I was trying to evaluate and it was a very good thing. I finished my thesis in 20 months and I was done.
“Shell checked me out with Aboyade (the late renowned economics professor) because he was the one who arranged my internship with Shell and he said he didn’t know where I was.
I was looking at that model and also looking at the transportation as well. When you take some markets as a case, Nigeria sells its crude to Rotterdam or to New York or to the Caribbean or the Gulf Coast and so on. But the middle east is closer to those areas. Now, Nigeria will want to sell its crude to Asian markets such as India, China and so, on which is a faraway place and the middle east is closer to those places. How do you now normalize the transportation cost, what are the differentials? Because we take Saudi crude as a marker crude, everybody will calculate your relative quality advantages over Saudi crude which is the marker and that is what OPEC countries do with respect to their individual crudes which are traded in the market and also relate it to other crudes which are non-OPEC crudes. This was what I was trying to evaluate and it was a very good thing. I finished my thesis in 20 months and I was done.