Opinion
From The Amazon Portfolio To Namibia
In the world of investing nothing is certain, but some companies seem a much surer bet than others. With globalization, investors are searching worldwide for places to park their money, and many are increasingly turning to the so-called “BRIC” countries – Brazil, Russia, India and China, all of which are projected to be major economic powerhouses of the 21st-century.
HRT Participações em Petróleo S.A., commonly referred to simply as HRT, is one such company.
Last October, HRT raised $1.54 billion in an initial public offering. HRT has major ambitions – at the time of the IPO, HRT Chief Executive Officer, Marcio Rocha Mello said that HRT Participacoes em Petroleo SA aims to be Brazil’s largest private oil and gas company within five years.
The IPO was designed to raise capital to finance oil exploration in the two crown jewels in HRT’s portfolio, its concessions in Brazil’s Solimoes Basin in the Amazon and offshore Namibia in southern Africa.
The oil producer plans to invest $1.97 billion in Brazil and $342 million in Africa through 2014 to boost reserves. Months before the IPO, the respected oil auditing firm of Dallas-based DeGolyer & MacNaughton calculated HRT’s potential reserves at the two sites at 1.5 billion barrels of oil and equivalents.
HRT has an impressive roster of personnel, as the company was founded by a group of senior geoscientists and engineers who previously held key positions at Petróleo Brasileiro S.A – Petrobras, and the Agência Nacional do Petróleo, Gás Natural e Biocombustíveis (ANP), an independent Brazilian regulatory agency of petroleum, biofuel and natural gas.
On 12 August, HRT announced plans to drill 65 exploration wells and develop production at 52 wells by the end of 2014 in a $3.14 billion expenditure program, the company said Friday and will be drilling its first wells in Brazil’s Solimoes Basin and in Namibia this year.
And in the meantime, the company’s potential reserve figures continue to rise, as DeGolyer & MacNaughton recently announced the net potential resources at HRT’s two Namibian sites, Walvis and Orange, totaled 7.9 billion barrels of oil. The new estimates are based on 1,300 miles of 2D seismic data and 580 square miles of 3D seismic data acquired last year on the two offshore sites.
As for HRT’s ambitions, two months ago Mello remarked, “Our dream is to reach production of 1 million barrels per day by 2020,” adding that HRT currently has $1.37 billion cash on hand to finance its development programme.
HRT is one of an increasing number of independent Brazilian oil companies that have attracted investor attention as alternatives to state-run Petrobras (PETR4.SA), as many see them as both more focused on the high-profit exploration and production side of the oil business and subject to less political interference as well.
HRT’s potential has even attracted the attention of Russia’s TNK-BP oil company, which is interested in buying the stake in HRT’s exploratory blocks held by partner company, Petra. TNK-BP is angling to acquire a 45 per cent stake in developing 21oil and gas blocks in the Amazonian Solimoes Basin.
HRT´s shares are listed for trading in the Brazil’s Bolsa de Valores, Mercadorias & Futuros de São Paulo (Brazilian Securities, Commodities and Futures Exchange, or BM&FBOVESPA) stock market under the symbol “HRTP3.”
HRT has entered into an agreement with BM&FBOVESPA to list its shares in the “Novo Mercado” the highest level of the differentiated corporate governance practices, a BM&FBOVESPA practice designed to enhance a listing’s attractiveness. Companies listed in the “Novo Mercado” are based on a contractual agreement between BM&FBOVESPA and the listed company, its controlling shareholder, and its management to comply with specified regulations while also agreeing to submit to arbitration to resolve disputes.
Rather than take our word for it, we will leave the last comment to HRT CEO Mello, who noted simply, “We have a queue of people knocking on our door to join the Namibia project.” With estimated reserves of 7.9 billion barrels, based on extensive 2D and 3D seismic data, it’s hardly surprising.
Dr. Daly, a London-based expert, wrote this piece for Oil Price.com
John Daly
Opinion
Restoring Order, Delivering Good Governance
The political atmosphere in Rivers State has been anything but calm in 2025. Yet, a rare moment of unity was witnessed on Saturday, June 28, when Governor Siminalayi Fubara and Minister of the Federal Capital Territory, Chief Nyesom Wike, appeared side by side at the funeral of Elder Temple Omezurike Onuoha, Wike’s late uncle. What could have passed for a routine condolence visit evolved into a significant political statement—a symbolic show of reconciliation in a state bruised by deep political strife.
The funeral, attended by dignitaries from across the nation, was more than a moment of shared grief. It became the public reflection of a private peace accord reached earlier at the Presidential Villa in Abuja. There, President Bola Ahmed Tinubu brought together Governor Fubara, Minister Wike, the suspended Speaker of the Rivers State House of Assembly, Martin Amaewhule, and other lawmakers to chart a new path forward.
For Rivers people, that truce is a beacon of hope. But they are not content with photo opportunities and promises. What they demand now is the immediate lifting of the state of emergency declared in March 2025, and the unconditional reinstatement of Governor Fubara, Deputy Governor Dr. Ngozi Odu, and all suspended lawmakers. They insist on the restoration of their democratic mandate.
President Tinubu’s decision to suspend the entire structure of Rivers State’s elected leadership and appoint a sole administrator was a drastic response to a deepening political crisis. While it may have prevented a complete breakdown in governance, it also robbed the people of their voice. That silence must now end.
The administrator, retired naval chief Ibok-Ette Ibas, has managed a caretaker role. But Rivers State cannot thrive under unelected stewardship. Democracy must return—not partially, not symbolically, but fully. President Tinubu has to ensure that the people’s will, expressed through the ballot, is restored in word and deed.
Governor Fubara, who will complete his six-month suspension by September, was elected to serve the people of Rivers, not to be sidelined by political intrigues. His return should not be ceremonial. It should come with the full powers and authority vested in him by the constitution and the mandate of Rivers citizens.
The people’s frustration is understandable. At the heart of the political crisis was a power tussle between loyalists of Fubara and those of Wike. Institutions, particularly the State House of Assembly, became battlegrounds. Attempts were made to impeach Fubara. The situation deteriorated into a full-blown crisis, and governance was nearly brought to its knees.
But the tide must now turn. With the Senate’s approval of a record ?1.485 trillion budget for Rivers State for 2025, a new opportunity has emerged. This budget is not just a fiscal document—it is a blueprint for transformation, allocating ?1.077 trillion for capital projects alone. Yet, without the governor’s reinstatement, its execution remains in doubt.
It is Governor Fubara, and only him, who possesses the people’s mandate to execute this ambitious budget. It is time for him to return to duty with vigor, responsibility, and a renewed sense of urgency. The people expect delivery—on roads, hospitals, schools, and job creation.
Rivers civil servants, recovering from neglect and under appreciation, should also continue to be a top priority. Fubara should continue to ensure timely payment of salaries, address pension issues, and create a more effective, motivated public workforce. This is how governance becomes real in people’s lives.
The “Rivers First” mantra with which Fubara campaigned is now being tested. That slogan should become policy. It must inform every appointment, every contract, every budget decision, and every reform. It must reflect the needs and aspirations of the ordinary Rivers person—not political patrons or vested interests.
Beyond infrastructure and administration, political healing is essential. Governor Fubara and Minister Wike must go beyond temporary peace. They should actively unite their camps and followers to form one strong political family. The future of Rivers cannot be built on division.
Political appointments, both at the Federal and State levels, must reflect a spirit of fairness, tolerance, and inclusivity. The days of political vendettas and exclusive lists must end. Every ethnic group, every gender, and every generation must feel included in the new Rivers project.
Rivers is too diverse to be governed by one faction. Lasting peace can only be built on concessions, maturity, and equity. The people are watching to see if the peace deal will lead to deeper understanding or simply paper over cracks in an already fragile political arrangement.
Wike, now a national figure as Minister of the FCT, has a responsibility to rise above the local fray and support the development of Rivers State. His influence should bring federal attention and investment to the state, not political interference or division.
Likewise, Fubara should lead with restraint, humility, and a focus on service delivery. His return should not be marked by revenge or political purges but by inclusive leadership that welcomes even former adversaries into the process of rebuilding the state.
“The people are no longer interested in power struggles. They want light in their streets, drugs in their hospitals, teachers in their classrooms, and jobs for their children. The politics of ego and entitlement have to give way to governance with purpose.
The appearance of both leaders at the funeral was a glimpse of what unity could look like. That moment should now evolve into a movement-one that prioritizes Rivers State over every personal ambition. Let it be the beginning of true reconciliation and progress.
As September draws near, the Federal government should act decisively to end the state of emergency and reinstate all suspended officials. Rivers State must return to constitutional order and normal democratic processes. This is the minimum requirement of good governance.
The crisis in Rivers has dragged on for too long. The truce is a step forward, but much more is needed. Reinstating Governor Fubara, implementing the ?1.485 trillion budget, and uniting political factions are now the urgent tasks ahead. Rivers people have suffered enough. It is time to restore leadership, rebuild trust, and finally put Rivers first.
By: Amieyeofori Ibim
Amieyeofori Ibim is former Editor of The Tide Newspapers, political analyst and public affairs commentator
Opinion
Checking Herdsmen Rampage
Do the Fulani herdsmen have an expansionists agenda, like their progenitor, Uthman Dan Fodio? Why are they everywhere even the remotest part of other areas in Nigeria harassing, maiming, raping and killing the owners of the land?”
In a swift reaction, The Movement for the Survival of the Ogoni People (MOSOP) decried and strongly condemned the invasion by suspected Fulani herdsmen.
In his denunciation, MOSOP President Fegalo Nsuke described the incident as very unfortunate and deeply troubling, warning against a recurrence of the violence experienced in Benue State. “The killing of yesterday is bad and very unfortunate. We are getting preliminary information about how the herders gained access to the farmland, and it appears some hoodlums may be collecting money and granting access illegally.”
He called on the Hausa community in Rivers State to intervene swiftly to prevent further attacks.
“We want the Hausa community in Rivers State to take urgent action to ensure these issues are resolved”.
But will such appeal and requests end the violent disposition of the Fulani herdsmen? It is not saying something new that the escalating threat and breach of peace across the country by the Fulani herdsmen or those suspected to be Fulani herdsmen, leaves much to be desired in a country that is bedevilled by multi-dimensional challenges and hydra-headed problems.
Some upland Local Government Areas of Rivers State, such as Etche, Omuma, Emohua, Ikwerre, Oyigbo, Abua, Ogba/Egbema/Ndoni, have severally recounted their ordeals, as herdsmen invaded farmlands, destroyed crops, raped female farmers and killed protestant residents.
Again the wanton destruction of lives and properties which no doubt has overwhelmed the Nigerian Police, makes the clamour for State Police, indispensable. The National Assembly should consider the amendment of the Constitution to allow States to have their Statutory policing agencies.
Opinion
Is Nigeria Democratic Nation?
As insurgency has risen to an all time high in the country were killings has now grown to be a normal daily activity in some part of the nation it may not be safe to say that Nigeria still practices democracy.
Several massacres coming from the Boko Haram and the herdsmen amongst all other insurgencies which have led to the destruction of homes and killing, burning of communities especially in the northern part of the country. All these put together are result of the ethnic battles that are fought between the tribes of Nigeria and this can be witnessed in Benue State where herders and farmers have been in constant clashes for ages. They have experienced nothing but casualties and unrest.
In the month of June 13-14, the Yelwata attack at the Guma Local Government Area by suspected gunmen or herdsmen who stormed the houses of innocent IDPs (Internally Displaced Persons) claiming the lives of families, both adults and children estimated to be 200 victims. They were all burnt alive by these unknown gunmen.
This has been recorded as one of the deadliest insurgencies that had happened in recent years. Some security personnel that were trying to fight the unknown gunmen also lost their lives.
Prior to the Yelewata attack, two days before the happening, similar conflict took place in Makurdi on June 11, 2025. 25 people were killed in the State. Even in Plateau State and the Southern Kaduna an attack also took place in the month of June.
All other states that make up the Middle Belt have been experiencing the farmers/herders clash for years now and it has persisted up till recent times, claiming lives of families and children, homes and lands, escalating in 2025 with coordinated assaults.
Various authorities and other villagers who fled for safety also blamed the herdsmen in the State for the attack that happened in Yelwata community.
Ehebha God’stime is an Intern with The Tide.