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It is crucially important to loudly emphasize that the structural arrangements and the revenue-sharing formulas for extracted Nigerian crude oil that existed from 1993 up until 1998 during the Sani Abacha military government were fundamentally different from the submissive, neocolonial policies that existed after 1999, when Nigeria transitioned into a heavily compromised, Western-approved democratic government with Olusegun Obasanjo emerging as the president. Under the Abacha administration, most of the deep offshore oil fields in Nigeria had not even been discovered yet, and the local domestic industries completely lacked the highly advanced technical infrastructure, the specialized deepwater drilling equipment, and the massive financial capital required for such high-level exploration. Consequently, the original policy framework was strictly designed to allow the greedy IOCs to merely perform the expensive, and dirty work of physical exploration, but they were legally and categorically forbidden from actually owning the oil blocks outright. Under Abacha's uncompromising resource nationalism, any lucrative oil block had to be owned strictly by a local Nigerian company, and the foreign IOC would then be forced to enter into a highly regulated joint-venture agreement or a technical partnership with the local company if they wanted to participate in the lucrative production. A highly famous example of this resource battle would be the notorious Malabu oil block (OPL 245). It was one of the single biggest, most lucrative deepwater oil blocks in the entire country, accounting for a staggering one-fourth of all known deepwater oil deposits in Nigeria at the time. Chevron pulled every single diplomatic lever, geopolitical string, and intelligence asset in Washington to bypass this rule and secure direct ownership of that block, but a fiercely resistant Abacha flatly refused, stood his ground, and insisted that the block must remain fully owned and managed by a local company. However, just a few short months after this high-stakes geopolitical battle between Abacha and Chevron, Sani Abacha mysteriously, highly conveniently died, and Olusegun Obasanjo was ushered into power. The very first thing the Obasanjo administration did upon capturing Aso Rock was to aggressively seize, confiscate, and revoke all these highly lucrative oil blocks that rightfully belonged to indigenous Nigerian companies, only to hand them over on a silver platter to giant American oil majors and British energy cartels. Not only did he commit this spectacular, generational economic treason, he single-handedly maintained the lopsided revenue-sharing formulas(designed for exploration only), ensured the Deep Offshore Act remained untouched, and allowed these Western conglomerates to continuously eat the lion's share of Nigeria's liquid wealth. Even the mineral-rich Bakassi Peninsula, which Abacha had heavily barricaded with battle-ready Nigerian troops to resolutely stop Cameroon from seizing the massive, lucrative offshore oil and gas reserves it contained, was quietly forfeited and signed away by Obasanjo under the submissive guise of international diplomacy and legal compliance.

The sharing formula for the multi-billion-dollar revenue extracted from the deep offshore oil wells between Nigeria and the massive International Oil Companies like Chevron, ExxonMobil, Shell, ENI, and TotalEnergies is actually a laughable 20% - 80% in favor of the IOCs. This brutally exploitative, legally sanctioned, and neocolonial arrangement was actively in place from 1993, through decades of systemic economic stagnation, up until 2019. Even after the highly celebrated 2019 legislative amendment, this lopsided formula has still not changed much in reality. It was merely pegged, calculated, and strictly tied to the cumulative number of barrels pumped. For example, if the yearly cumulative production, the actual volume of oil extracted, or the total annual yield from the deepwater wells is merely 50 million barrels, the split remains 40% - 60% in favor of the IOCs. If the production climbs above 50 million and comfortably sits below 100 million barrels, it becomes a marginally adjusted 45% - 55%, which is still heavily in favor of the IOCs. Only in the highly unlikely, mathematically engineered, and virtually impossible situation where the cumulative production reaches a massive 750 million barrels, does the sharing formula finally tilt towards an 80% - 20% split in favor of Nigeria. To make matters worse, these same greedy IOCs still have the absolute audacity to claim that tens of thousands of barrels of crude oil, gas, and condensate are lost daily due to local oil theft, pipeline vandalism, and community sabotage. So clearly, the crude oil, the natural gas, and the subterranean wealth may technically belong to Nigeria, but the entire country is being systematically milked, drained, and looted into absolute oblivion by these parasitic Western oil majors.

Ken Carson's upcoming album 'xperiment' will be 22 tracks long

KEN CARSON XPERIMENT (ALBUM) JULY 3RD 🚨

I MAY BE A RAPPER BUT TONIGHT IM MEXICAN

this is not funny but on yalls soul ive never seen the cameraman get nuked like that in my life 😭😭😭😭😭