Thursday, December 12, 2013

Presidency reacts as Obasanjo raises concerns over management of oil, economy

Obasanjo-Jonathan
 
 
The Presidency on Wednesday reacted to a leaked letter written by former President Olusegun Obasanjo to President Goodluck Jonathan, accusing him of ineptitude and acts calculated at destroying the country.
 
The presidency described the letter as reckless, baseless, unjustifiable and of containing “indecorous charges leveled against him and his administration by the former head of state.”
 
In the leaked letter, General Obasanjo said some of Nigeria’s development partners were politically frustrated into withdrawing from the Olokola Liquified Natural Gas (LNG) project.
 
He said the Olokola and Brass LNG projects were viable and would have taken Nigeria close to the lofty production levels of Qatar, as an LNG producing country.
 
Obasanjo added: “Please do not frustrate Brass LNG and in the interest of what is best for Nigerian economy, bring back OK LNG into active implementation.
 
“The major international oil companies have withheld investment in projects in Nigeria. If they have not completely moved out, they are disinvesting. Nigeria which is the Saudi of Africa in oil and gas terms is being overtaken by Angola only because necessary decisions are not made timely and appropriately.
 
“Mr. President let me again plead with you to be decisive on the oil and gas sector so that Nigeria may not lag behind. Oil with gas is being discovered all over Africa.
 
“New technology is producing oil from shale elsewhere.
 
“We should make hay while the sun shines. I hope we can still save Ok and Brass LNG projects”. Obasanjo added that three things were imperative in the oil and gas sector. He listed these as the need to “stop oil stealing, encourage investments, especially by the IOCs, and improve the present poor management of the industry.”
 
Obasanjo’s letter also touched on politics.
 
Responding to the letter, Reuben Abati, special adviser to the president on media and publicity, said “…It is highly unbecoming, mischievous and provocative that a letter written by a former head of state and respected elder statesman to President Jonathan has been deliberately leaked to the mass media in a deplorable effort to impugn the integrity of the president and denigrate his commitment to giving Nigeria the best possible leadership”.
 
The presidency said “while many patriotic, objective and well-meaning Nigerians have already condemned the leaked letter as self-serving, hypocritical, malicious, indecent, and very disrespectful of the highest office in the land, President Jonathan has directed that none of his aides or any government official should join issues with Chief Obasanjo over it.
 
“The president himself will, at the appropriate time, offer a full personal response to the most reckless, baseless, unjustifiable and indecorous charges leveled against him and his administration by the former head of state”.
 
Obasanjo had in his letter accused the president of ineptitude and of taking actions calculated at destroying Nigeria.
 
“Nigeria is bleeding and the hemorrhage must be stopped,” Obasanjo had said in the 18-page letter dated December 2, 2013.
 
Obasanjo said Jonathan failed to deliver on his promises to the Nigerian people, stem corruption, promote national unity and strengthen national security.

Wednesday, December 11, 2013

 
 
by Joe Brock
 
ABUJA — Nigeria’s NNPC state energy company has not accounted for nearly $50bn in revenue from the sale of crude oil which should have been paid into government accounts under law, the central bank has said.
 
Central bank governor Lamido Sanusi said in a letter to President Goodluck Jonathan, dated September 25, that NNPC earned $65.3bn from crude oil sales between January 2012 and July 2013 but remitted only 24% of this to the federation account and $49.8bn was still outstanding.
 
"I am constrained to formally write your Excellency, documenting serious concerns of the Central Bank of Nigeria on the continued failure of the NNPC to repatriate significant proportions of the proceeds of crude oil shipments it made in gross violation of the law," the letter seen by Reuters said.
NNPC has been criticised for lacking transparency and for diverting funds in several investigations in recent years but the central bank governor appears to be one of the most high-profile figures to have brought up the issue with Jonathan.
 
Central bank sources confirmed the letter was genuine. The central bank spokesman said he could not comment on private correspondence and Mr Sanusi did not respond when contacted for comment.
 
A senior source at the presidency told Reuters Mr Jonathan had received the letter and had asked the head of NNPC to give him an explanation. The presidency spokesman did not respond.
 
"The allegation is borne out of misunderstanding of the workings of the oil and gas industry and the modality for remitting crude oil sales revenue into the Federation Account," NNPC said in a statement issued in response on Tuesday.
 
NNPC said it had remitted its oil sale proceeds but the missing funds should come from other government departments that are responsible for petroleum tax and royalties, while other funds will have been spent on field development.
 
Missing funds
 
Mr Sanusi’s letter says the missing $49.8bn is from the value of oil NNPC sold and makes a distinction with taxes. It says under law NNPC must submit all oil export proceeds.
 
"As an indicator of how bad this situation has become, please note that in 2012 alone, the Federation Account received $28.51bn in petroleum profits and related taxes but only $10.31bn from crude oil proceeds," the letter said.
 
NNPC sold 46% of Nigeria’s oil between January 2012 and July 2013 but its remittance amounted to only one-third of the taxes paid by oil companies that exported the other 54%, the letter claimed.
 
NNPC exports Nigeria’s share of about 2-million to 2.5-million barrels a day of oil the country produces, mostly in joint ventures with oil majors such as Royal Dutch Shell, Exxon Mobil, Italy’s Eni and Chevron.
 
Crude exports and taxes earned from these oil majors account for about 80% of government revenue in Africa’s second-largest economy and top oil producer.
 
A probe last year by the former head of Nigeria’s anticorruption body, Nuhu Ribadu, recommended an overhaul of NNPC because it lacked transparency in the way it sold oil, wielded too much power and was a vehicle for corruption.
 
Mr Jonathan set up a committee to investigate the findings of the probe but the panel’s report was never made public. Oil Minister Diezani Alison-Madueke denied at the time that there was a problem with corruption within NNPC.
 
A report in 2011 by Transparency International and Revenue Watch found NNPC to have the poorest transparency record out of 44 national and international energy companies it evaluated.
 
Reuters

Tuesday, December 10, 2013

Ghana to produce 550,000 barrels of oil by 2023 - GNPC

 
 
A senior official of the Ghana National Petroleum Corporation (GNPC) has projected that by the year 2023, Ghana will be producing five hundred thousand (500,000) barrels of oil from all its discovered oil reserves.

Kwame Ntow Amoah, who is the Head of Economics and Evaluation Unit of the GNPC based the projection on the ongoing level of work being done to attain this feat. He was speaking on Multi-TV’s Tarzan’s Take.

When the production of oil in commercial quantities started three years ago from the Jubilee field, it was projected that one hundred and twenty thousand barrels of oil will be lifted from the FPSO on a daily basis. However the current production levels according to Amoah is between 110 and 115 thousand barrels per day - about 5000 short of the expected projected mark.

Meanwhile, he explained that though it might appear the country is yet to hit 120,000 mark per day, “technically we are there’’ relative to the work being done alongside the production of gas.

He was optimistic that following the discoveries from the Tweneboah and Sankofa Gye Nyame fields, all things being equal in the next decade, Ghana will be producing 250, 000 barrels of oil per day.

The Twenebaoh reserve is expected to add 80,000 barrels by 2017 with Sankofa bringing on board an additional 4,000 barrels. Over the past three years, a total of five cargos of oil, amounting to $600,000,000 have been lifted from the Jubilee field since production began.

The Tweneboah oil field is the second reserve discovered at East of Jubilee Field also being managed by Tullow Oil while the Sankofa Gye Nyame reserve is being managed by the Italian national energy corporation E&T, the company that built the Tema Oil Refinery.

TOR's inability to refine Ghana crude

 
 
COMMENTARY ON THE INABILITY OF THE TEMA OIL REFINERY TO REFINE CRUDE OIL PRODUCED IN GHANA

The call by the chairman of the mines and Energy Committee of Parliament, Dr. Kwabena Donkor for government to activate clauses in the oil contract to allow Tema Oil Refinery to refine crude oil from the jubilee fields in the next five years, is important and must be considered.

The call is consistent with the view that we should not only be producers of raw materials, but also add value to our raw materials to rake in more revenue.

But should this call be made at this late hour? Is it not the case that if we refine crude oil locally it will not only build our capacity but also boost the downstream business?

We are supposed to be learning from best practices from elsewhere? Is it not ironical that Ghana produces Gold, but cannot boast of a gold refinery? Now we are producing crude oil but it has to be shipped to France and China to be refined. Until recently, we were advised against processing cocoa in Ghana and the reasons were that it was capital intensive and our status as Heavily Indebted Poor Country (HIPC) economy, we do not have the capital to build industries.

Now a similar set of reasons are being offered to defend why TOR cannot refine crude oil produced in Ghana. The first reason is that, crude oil produced in Ghana is loaded with heavy metals and Tema Oil Refinery was not built to refine this type of crude oil.

Also TOR is not technically and financial ready to refine crude oil. The state of affairs at TOR presently does not make those reasons plausible. Currently TOR have to import crude from another country in order to refine.

The transportation cost may or may not be significant but it is a cost that can be avoided if we refine our crude oil. Those who supply the bulk of petrol, diesel, gas and Kerosene to the Ghanaians Market are Oil Marketing Companies.

Interestingly, they store the petroleum products at the premises of TOR, and TOR is gradually being reduced to a rent collector.

When Ghana struck oil in 2007, the song was, the oil should not be a curse but a blessing. This aspiration was borne out of what we have come to know of the older African Oil Countries like Nigeria, Cameroon, Gabon, Equatorial Guinea, Angola that oil money circulates between few people leaving the masses to wallow in poverty.

So Ghana was determined to make the oil find a blessing. Experts went as far as Norway to learn from their best practices. Is reducing TOR to a rent collector or exporting crude oil without adding value to it, are the lessons we learnt? Whiles we wait for the key stakeholders to answer this question, the state's response that TOR will soon be made technically and financially ready for a strategic partner.

Why the need for a strategic investor? After all, TOR has enough technical and financial muscle to refine crude oil. It should be recalled that in the late 1990s, a vociferous argument was made for a Catalytic Cracker, few years after, this technology had become obsolete and the catalytic Cracker's relevance to oil refinery is almost zero.

This was another huge lost to the state. Meanwhile, the Ghana National Petroleum Company was constantly retrieving data from the jubilee filed about Ghanaians crude oil potentials. How much of that data informed a proactive thinking so that the nation does not find itself in a position to cough out another huge sums of money to update equipment at TOR.

It should not be lost on us, that the Beginning point of all the downstream business is TOR refining crude and supplying to both domestic and international markets. So far, the signs at TOR are not sustainability encouraging.

it is a sign that we are not doing things differently from the oil cursed countries. The call for TOR to refine crude oil produced in Ghana, is a call to make ordinary people part of the oil business.

This call, is also a cry from the ordinary people and other important statesmen like Dr. Kofi Annan who back in 2007 stated that the oil find must not be a curse but a blessing, and impress upon decision makers to ensure that TOR WORKS to become a success story.

 A graduate of University of Ghana

Monday, December 9, 2013

Nigerian Oil Minister Elected Alternate President Of OPEC

Diezani_K__Alison-Madueke_-_World_Economic_Forum_on_Africa_2012_(2)
Nigeria’s Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke has been elected as Alternate President of the Organisation of Petroleum Exporting Countries (OPEC) for one year, at the 164th meeting of organisation at Vienna, Austria.
 
 
A statement posted on OPEC’s website also announced the election of the Dr. Abdel Bari Ali Al-Arousi, Libya’s Minister of Oil and Gas, as Alternate President for the same period.
The full text of the statement reads:
 
The 164th Meeting of the Conference of the Organization of the Petroleum Exporting Countries (OPEC) was held in Vienna, Austria, on Wednesday, 4 December 2013, under the Chairmanship of its President, HE Mustafa Jassim Mohammad Al-Shamali, Deputy Prime Minister and Minister of Oil of the State of Kuwait and Head of its Delegation.
 
The Conference congratulated HE Eng Bijan Namdar Zangeneh and HE Mustafa J.M. Al-Shamali on their appointments as Minister of Petroleum of the Islamic Republic of Iran and Minister of Oil of the State of Kuwait, respectively, and thanked their predecessors in office, HE Eng Rostam Ghasemi of Iran and HE Hani Abdulaziz Hussain of Kuwait for their contributions to the work of the Organization.

The Conference elected HE Dr Abdel Bari Ali Al-Arousi, Minister of Oil and Gas of Libya, as President of the Conference for one year, with effect from 1 January 2014, and HE Mrs Diezani Alison-Madueke CON, Minister of Petroleum Resources of Nigeria and Head of its Delegation, as Alternate President for the same period.

The Conference reviewed the Secretary General’s report, the report of the Economic Commission Board (ECB) and a number of administrative matters.  The Conference also exchanged views on developments in multilateral environment negotiations, including: the outcome of COP19/CMP9 held in Warsaw, Poland, in November; the status of the Organization’s ongoing energy dialogue with the European Union (EU); its continued cooperative work with various other international organizations for the G-20; and its energy dialogue with the Russian Federation.

The Conference reviewed the oil market outlook, as presented by the Secretary General, in particular supply/demand projections for 2014.  The Conference also considered the global economic outlook, again noting: the high sovereign debt in the Euro-zone; high unemployment in the advanced economies, especially the Euro-zone; and slow growth, coupled with inflation risk, in the emerging economies.  Indeed, the biggest challenge facing global oil markets in 2014 is this global economic uncertainty, with the fragility of the Euro-zone remaining a cause for concern.  It was also noted that, although world oil demand is forecast to increase during the year 2014, this will be more than offset by the projected increase in non-OPEC supply.

Nevertheless, in the interest of maintaining market equilibrium, the Conference decided to maintain the current production level of 30.0 million barrels a day.  In taking this decision, Member Countries re-confirmed their readiness to swiftly respond to developments which could have an adverse impact on the maintenance of an orderly and balanced oil market.

Agreeing on the need to be vigilant, given the uncertainties arising from the enduring weaknesses in the world economy, the Conference directed the Secretariat to continue its close monitoring of developments in supply and demand, as well as non-fundamental factors such as speculative activity, keeping Member Countries well informed of developments.

The Conference appointed Dr Ali Obaid Al Yabhouni, the United Arab Emirates’ Governor for OPEC, as Chairman of the Board of Governors for the year 2014, and Dr Bernard Mommer, Venezuelan Governor for OPEC, as Alternate Chairman for the same period, with effect from 1 January 2014.

The Conference decided to extend the tenure of HE Abdalla S. El-Badri as Secretary General for a period of one year, with effect from 1 January 2014.

The Conference approved the Budget of the Organization for the year 2014.

The Conference decided that its next Ordinary Meeting will convene in Vienna, Austria, on Wednesday, 11 June 2014.

Finally, the Conference reiterated its appreciation to the Government and people of the Republic of Austria, as well as the authorities of the City of Vienna, for their warm hospitality and the excellent arrangements made for the Meeting.

Friday, December 6, 2013

Soaring U.S. Crude Oil Storage - Set to Pass 400 Million Threshold

 
Trend is to Store more Oil
 
A year ago oil in storage stood at 274 million barrels, and with another robust year of domestic production, and despite curtailed imports, the US Oil Inventory stands at 391 million barrels and climbing.
 
We are still technically in the building season for oil supplies which peaked in late May just shy of 400 Million Barrels, before the drawing season kicked off with the exporting of gasoline through increased refinery utilization led by the gulf coast refiners with their increased capacity to take advantage of the spread differential and cheaper operational energy in natural gas to export refined products more competitively than peer nations.

New Records Coming Soon
 
The domestic need for refined products was stagnant at best, the real demand was in the export market, without a robust export market for refined products, oil supplies would have crushed the 400 Million Barrier this summer, and prices at the pump would have been much cheaper here stateside.
 
So the drawing season accounted for roughly a 40 million barrel retracement in US supplies, and we are not even close to the middle of the building season, which even by conservative estimates should continue until mid-March of 2014.
 
We might have some year-end selling of US inventories due to tax reasons, especially in Texas, but after all is said and done, if we go by the recent historical barometer of last year where we added roughly 25 million barrels of oil supplies to inventories, this puts supplies around the 416 Million Barrels of Oil level in the heart of the building season.
 
If domestic production continues ahead of pace and imports are not properly managed then maybe 425 Million Barrels in storage is possible, all modern records at this point in the data.
Fundamentals & Price: A Path Less Traveled in Recent Years
 
What effect this has on Oil prices is an entirely different matter as the Oil market is one of the most manipulated markets in the trading world, just look at the Brent-WTI Spread Trade this year for proof of that, and over the last 4 years for that matter.
All markets are pretty bad these days when it comes to market shenanigans, and when the Federal Reserve has basically gotten into the business of artificially created wealth through artificially pushing up asset prices all bets are off when it comes to predicting price adhering to fundamentals in the marketplace.
 
Fundamentals have become irrelevant in most markets these days. But some of us analyst types like to do fundamental analysis just for old time`s sake, who knows it might become a useful tool again sometime in the future once markets lose this unprecedented liquidity injection phenomenon.
Domestic Production
 
In looking at Domestic production, the US produces over 8 million barrels per day compared with 6.8 million this time last year, quite a significant jump year on year, and ahead of where my most
 
optimistic forecast was for this metric earlier in the year in March of 2013. This increase in Domestic production is being offset by a reduction in Oil imports with the US importing 7.7 Million barrels per day versus over 8.1 million barrels this time last year.
 
Managing Imports
 
So the goal is to control supplies through managing imports to align with the substantial increases in Domestic production over the last several years, and this trend continues to play out at present. How far this strategy can go before world oil prices start reacting with considerable downward pressure is anybody`s guess but definitely something to keep track of in 2014.
 
But the last several months have had several weeks where Domestic production is more than Imports, and this milestone is quite an achievement for an ‘Outsourcer’ Nation with its core economic strategy of the last 30 years for goods and services.
 
2014 & Oil Metrics
 
Thus if we go by recent historical trends is the 9 million barrels per day of Domestic Oil production really possible for 2014? Can the US hit the 9.5 Million Barrel per day mark? And if so what does this mean for Global Oil prices?
 
All these dynamics will be worth watching in 2014, to be sure there are other factors revolving around China, Iran and Venezuela not to mention Saudi Arabia`s strategy in regard to Oil production, but nonetheless 2014 ought to be an interesting one for the Oil Market.
By EconMatters
 
The theory of quantum mechanics and Einstein’s theory of relativity (E=mc2) have taught us that matter (yin) and energy (yang) are inter-related and interdependent. This interconnectness of all things is the essense of the concept “yin-yang”, and Einstein’s fundamental equation: matter equals energy. The same theories may be applied to equities and commodity markets.

All things within the markets and macro-economy undergo constant change and transformation, and everything is interconnected. That’s why here at Economic Forecasts & Opinions, we focus on identifying the fundamental theories of cause and effect in the markets to help you achieve a great continuum of portfolio yin-yang equilibrium.

That's why, with a team of analysts, we at EconMatters focus on identifying the fundamental theories of cause and effect in the financial markets that matters to your portfolio.
 
© 2013 Copyright EconMatters - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.
 

Thursday, December 5, 2013

Nelson Mandela, revered statesman and anti-apartheid leader, dies at 95

 
 
Former South African President Nelson Mandela has died at age 95 of complications from a recurring lung infection.
The anti-apartheid leader and Nobel Peace Prize laureate was a beloved figure around the world, a symbol of reconciliation from a country with a brutal history of racism.
 
Mandela was released from prison in 1990 after nearly 30 years for plotting to overthrow South Africa's apartheid government. In 1994, in a historic election, he became the nation's first black leader. Mandela stepped down in 1999 after a single term and retired from political and public life.
 
History
 
Born Nelson Rolihlahla Mandela in Transkei, South Africa on July 18, 1918, he was one of the world's most revered statesmen and revolutionaries who led the struggle against apartheid in South Africa.

 A qualified lawyer from the University College of Fort Hare and the University of Witwatersrand, Mandela served as the President of South Africa from 1994 to 1999.
 
His political career started in 1944 when he joined the African National Congress (ANC) and participated in the resistance against the then government¹s apartheid policy in 1948. In June 1961, the ANC executive approved his idea of using violent tactics and encouraged members who wished to involve themselves in Mandela's campaign. Shortly after, he founded Umkhonto we Sizwe, the armed wing of the ANC and was named its leader.
 
In 1962, he was arrested and convicted of sabotage and other charges, and sentenced to five years of rigorous imprisonment. In 1963, Mandela was brought to stand trial along with many fellow members of Umkhonto we Sizwe for conspiring against the government and plotting to overthrow it by the use of violence.
 
Jailed for life
 
On June 12, 1964, eight of the accused, including Mandela, were sentenced to life imprisonment.
 
His statement from the dock at the opening of the defense trial became extremely popular. He closed his statement with: "During my lifetime I have dedicated myself to the struggle of the African people. I have fought against white domination, and I have fought against black domination. I have cherished the ideal of a democratic and free society in which all persons live together in harmony and with equal opportunities. It is an ideal which I hope to live for and to achieve. But if needs be, it is an ideal for which I am prepared to die."
 
Mandela served 27 years in prison from 1964 to 1982, spending many of those years at Robben Island Prison, off Cape Town. While in jail, his reputation grew and he became widely known across the world as the most significant black leader in South Africa.
 
He became a prominent symbol of resistance as the anti-apartheid movement gained momentum in South Africa and across the world. On the island, he and other prisoners were subjected to hard labor in a lime quarry. Racial discrimination was rampant and prisoners were segregated by race with the black prisoners receiving the fewest rations. Mandela has written about how he was allowed one visitor and one letter every six months.
 
Free and fair
 
In February 1985 President PW Botha offered Mandela his freedom on condition that he unconditionally rejected violence as a political weapon but he rejected the proposal. He made his sentiment known through a letter he released via his daughter.
 
"What freedom am I being offered while the organization of the people remains banned? Only free men can negotiate. A prisoner cannot enter into contracts," he wrote. In 1988 Mandela was moved to Victor Verster Prison and would remain there until his release.
 
Throughout his imprisonment, pressure mounted on the South African government to release him. The slogan 'Free Nelson Mandela' became the new battle-cry of the anti-apartheid campaigners. Finally, Mandela was released on February 11, 1990 in an event streamed live across the world. After his release, Mandela returned to his life's work, striving to attain the goals he and others had set out almost four decades earlier. In 1991, the first national conference of the ANC was held inside South Africa after the organisation had been banned in 1960.
 
President Mandela
 
Mandela was elected President of the ANC while his friend Oliver Tambo became the organisation's National Chairperson. Mandela's leadership and his work, as well as his relationship with the then President FW de Klerk, were recognised when they were jointly awarded the Nobel Peace Prize in 1993. South Africa's first multi-racial elections, held on 27 April 1994, saw the ANC storm in with a majority of 62 per cent of the votes and Mandela was inaugurated in May 1994 as the country's first black President.
 
As president from May 1994 until June 1999, Mandela presided over the transition from minority rule and apartheid, winning international respect for his advocacy of national and international reconciliation.

Honors and personal life
 
Mandela has received many national international honors, including the Nobel Peace Prize in 1993, the Order of Merit from Queen Elizabeth II and the Presidential Medal of Freedom from George W. Bush.
 
In July 2004, the city of Johannesburg bestowed its highest honour by granting Mandela the freedom of the city at a ceremony in Orlando, Soweto.
 
In 1990, he received the Bharat Ratna Award from the government of India and also received the last ever Lenin Peace Prize from the Soviet Union.
 
In 1992, he was awarded the Atatürk Peace Award by Turkey. He refused the award citing human rights violations committed by Turkey at the time, but later accepted the award in 1999. Also in 1992, he received of Nishan-e-Pakistan, the highest civil service award of Pakistan. Mandela's autobiography, "Long Walk to Freedom," was published in 1994. He had begun work on it secretly while in prison.
 
Mandela and his wives
 
Nelson Mandela's love life has seemingly run parallel to his political one — and can be divided up into three key eras. The young activist married his first wife, Evelyn Mase, in 1944. The couple, who had four children, divorced in 1958 — shortly before Mandela became an outlaw with the banning of the ANC.
 
Mandela's second marriage — and probably his most famous — largely coincided with the time he spent locked up at the hands of the apartheid regime. In 1958 he walked down the aisle with Winnie Madikizela, who stood by his side and actively campaigned to free him from prison. Winnie became a powerful figure in her own right while Mandela was imprisoned but a series of scandals involving her led to the couple's estrangement in 1992, her dismissal from his cabinet in 1995, and their official divorce in 1996. The couple had two children. Winnie was also later convicted of kidnapping.
 
His third marriage, to Graca Machel — the widow of former Mozambique President — came on his 80th birthday as entered his role of world statesman.
 
Yahoo! Australia contributed to this report.