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How Much Does Nigeria Earn From Crude Oil Per Year ? - Politics - Nairaland

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How Much Does Nigeria Earn From Crude Oil Per Year ? by Nobody: 5:01pm On Oct 13, 2014
Am doing a research,n i'll really be greatful if some1 supplies me with credible answers
Re: How Much Does Nigeria Earn From Crude Oil Per Year ? by gebest: 5:34pm On Oct 13, 2014
30 trillion naira.
Re: How Much Does Nigeria Earn From Crude Oil Per Year ? by kolaaderin: 6:25pm On Oct 13, 2014
simple calculation. let bench mark every variables to the following, having it in mind that they are way more than this.

1 daily production of 1.5 m barrels per day.
2 100 dollars per barrel.
3 300 days of production in a year.
and
3 60% of the total sales.

Now hold my derm pen and give me a good scientific calculator. dont even think we will convert to naira the calculator will not accept the digit.

1.5m x 300 = 450m barels per annual.
450m x 100dollars = 45,000,000,000 (that is 45billion dollars)

Now 60% of that amount is
27,000,000,000 dollars. (27billion dollars)

soo i hope u have a vivid insight of the income conservatively. dont even dare convert that into Naira.

3 Likes

Re: How Much Does Nigeria Earn From Crude Oil Per Year ? by Nobody: 6:36pm On Oct 13, 2014
Wait oh!

something dont make sense in your calculation.

What does the 60% represent?

Are saying that Oil sales account for 60% of total export earnings ? If so then you have made a mistake and should have divided by 60% instead of multiplying to find the total export revenue.

Otherwise since the question is how much we earn from crude oil answer would be $45Bn
Re: How Much Does Nigeria Earn From Crude Oil Per Year ? by kolaaderin: 6:55pm On Oct 13, 2014
JVT agreement btw government(NNPC) and multinationals are usually 60:40
Re: How Much Does Nigeria Earn From Crude Oil Per Year ? by Nobody: 7:18pm On Oct 13, 2014
Chineke!!!

So you tell me the white man's oil mulitnational companies are taking 40% of our sales?

Wow This useless govt had 16 years of high oil prices and has not attempted to put a stop to this arrangements.

Are we truely idiots to have allowed ourselves to be ruled for so long by fools?
Re: How Much Does Nigeria Earn From Crude Oil Per Year ? by Nobody: 8:23pm On Oct 13, 2014
kolaaderin:
simple calculation. let bench mark every variables to the following, having it in mind that they are way more than this.

1 daily production of 1.5 m barrels per day.
2 100 dollars per barrel.
3 300 days of production in a year.
and
3 60% of the total sales.

Now hold my derm pen and give me a good scientific calculator. dont even think we will convert to naira the calculator will not accept the digit.

1.5m x 300 = 450m barels per annual.
450m x 100dollars = 45,000,000,000 (that is 45billion dollars)

Now 60% of that amount is
27,000,000,000 dollars. (27billion dollars)

soo i hope u have a vivid insight of the income conservatively. dont even dare convert that into Naira.
thanks. Ur post is really helpful
Re: How Much Does Nigeria Earn From Crude Oil Per Year ? by tinkinjow: 9:38pm On Oct 13, 2014
kolaaderin:
simple calculation. let bench mark every variables to the following, having it in mind that they are way more than this.

1 daily production of 1.5 m barrels per day.
2 100 dollars per barrel.
3 300 days of production in a year.
and
3 60% of the total sales.

Now hold my derm pen and give me a good scientific calculator. dont even think we will convert to naira the calculator will not accept the digit.

1.5m x 300 = 450m barels per annual.
450m x 100dollars = 45,000,000,000 (that is 45billion dollars)

Now 60% of that amount is
27,000,000,000 dollars. (27billion dollars)

soo i hope u have a vivid insight of the income conservatively. dont even dare convert that into Naira.

Good you pointed this out to millions who think Nigeria has so much money and like making silly comparisons with other countries. Although I still know that their lack of sense of figures will still becloud their judgement.
Re: How Much Does Nigeria Earn From Crude Oil Per Year ? by gebest: 10:49pm On Oct 13, 2014
kolaaderin:
simple calculation. let bench mark every variables to the following, having it in mind that they are way more than this.

1 daily production of 1.5 m barrels per day.
2 100 dollars per barrel.
3 300 days of production in a year.
and
3 60% of the total sales.

Now hold my derm pen and give me a good scientific calculator. dont even think we will convert to naira the calculator will not accept the digit.

1.5m x 300 = 450m barels per annual.
450m x 100dollars = 45,000,000,000 (that is 45billion dollars)

Now 60% of that amount is
27,000,000,000 dollars. (27billion dollars)

soo i hope u have a vivid insight of the income conservatively. dont even dare convert that into Naira.
point of correction, it is 2.4million bpd.
Re: How Much Does Nigeria Earn From Crude Oil Per Year ? by atlwireles: 11:02pm On Oct 13, 2014
gebest:
point of correction, it is 2.4million bpd.

Not correct.
Re: How Much Does Nigeria Earn From Crude Oil Per Year ? by gebest: 11:06pm On Oct 13, 2014
atlwireles:


Not correct.

very correct sir, at least we are above 2m bpd.
Re: How Much Does Nigeria Earn From Crude Oil Per Year ? by atlwireles: 11:25pm On Oct 13, 2014
gebest:
very correct sir, at least we are above 2m bpd.

The average production is about 1.8M.
Re: How Much Does Nigeria Earn From Crude Oil Per Year ? by kolaaderin: 11:38pm On Oct 13, 2014
gebest:
point of correction, it is 2.4million bpd.

I benchmarked the number taking into consideration every possible loss due to bunkery.
Re: How Much Does Nigeria Earn From Crude Oil Per Year ? by franklyn009(m): 12:08am On Oct 14, 2014
walahi! I don't know
Re: How Much Does Nigeria Earn From Crude Oil Per Year ? by Lucasbalo(m): 1:43am On Oct 14, 2014
The bottom line is what do they do with the money ?. Embezzlement and corruption .
Re: How Much Does Nigeria Earn From Crude Oil Per Year ? by gebest: 6:16am On Oct 16, 2014
atlwireles:


Not correct.

pls try and get 2day's punch, u ll see that we produce 2.2 to 2.3 million bpd.

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