New oil joint venture can succeed: FTIB

July 10, 2009 12:54:55 PM

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Fiji’s investment authority has allowed a joint venture between a Texas based oil company and a local engaged in mahogany logging.

Savoy Energy Corporation this week signed with Masi Corporation Holdings Limited and registered with the Fiji Trade and Investment Board to undertake gas and oil exploration.

Masi Corp head Masi Kaumaitotoya is a former board representative of the Viti Landowners and Resource Association who, in 2006, was linked to the controversial Office of International Treasury Control and the promise of its representative Dr Keith Scott to give Viti Landowners over US$6 billion.

While the local half of the joint venture has a clouded past, FTIB chief executive Annie Rogers is confident that the new entity, Savoy-Masi Petroleum Corporation Limited, will succeed. 

“We are optimistic of a positive outcome,” said Rogers.

“Savoy is a well established company operating out of the United States. It is listed on the NASDAQ.”

Savoy announced on its website that the Company will use PricewaterhouseCoopers to audit its Fiji Joint Venture.

"We hired PricewaterhouseCoopers because of their well known international reputation and integrity as accountants and auditors," stated Art Bertagnolli, CEO of Savoy Energy Corporation.

"It will instill confidence in our shareholders that our numbers and production will always be correct.”

Like Rogers, Bertagnolli is also optimistic that they’ve tapped a potentially rewarding investment in Fiji.

“In the early 80’s a lot of the big oil companies were drilling in Fiji before the price per barrel dropped,” he said.

“As a result of their activity, a significant amount of data was accumulated, including seismic data for reefal traps and proven reserves from drilling. Now with oil being above US$60 a barrel and Fiji’s proximity to China, opening up new drilling makes economic sense and will create tremendous shareholder value.”