Fake news, how did they cut this down? From dat to 23? Stories for the gods

Foolish liers.

How can you say you were producing at $78 per barrel when oil is selling $50 per barrel?

Clone2020:
The bottom line is, we are drowning in our own oil with very few buyers. Once the Keystone pipeline is completed in the U.S, the oil glut will only get worse. America will be a net exporter of crude and refined oil, then what? Countries with vision have already started diversifying their economies away from oil while we rely on it for 94% of our budget. Tesla is building gigafactories and coming up with powerful batteries to power cars and homes, we are here talking about oil. I saw with my two eyes a fan powered by algea, common algae we used to study under microscopes in secondary school Integrated Science, that's what someone used to generate energy. We are only deceiving ourselves, the world is moving on and not carrying us along.

What I saw in France (Touluse) got me worried and pitying Nigeria. They have a massive project of building electric cars charging points in all their public car parks. And then have gone far with it. And believe me, they have lots of public car parks. I believe the car owners will drop a coin or two to charge their cars.


THE WORLD IS MOVING ON AND WE HAVE CHOSEN NOT TO MOVE WITH IT. GREED AND MENTAL LAZINESS HAS EATEN SO DEEP INTO US. DOOM STARES AT US. WE ARE THE ONLY PEOPLE WHO KNOW ABOUT AN IMPENDING WAR YEARS BEFORE, BUT STILL GET KILLED.

When the time comes, China and India will propose 1 dollar per barrel for our crude. An exaggeration, I know. But soon , we won't be determining the price of crude. Buyers will decide what pitiable amount they want to pay per barrel.

Clone2020:
The bottom line is, we are drowning in our own oil with very few buyers. Once the Keystone pipeline is completed in the U.S, the oil glut will only get worse. America will be a net exporter of crude and refined oil, then what? Countries with vision have already started diversifying their economies away from oil while we rely on it for 94% of our budget. Tesla is building gigafactories and coming up with powerful batteries to power cars and homes, we are here talking about oil. I saw with my two eyes a fan powered by algea, common algae we used to study under microscopes in secondary school Integrated Science, that's what someone used to generate energy. We are only deceiving ourselves, the world is moving on and not carrying us along.

sorry o, you that studied integrated science and even further to high institution, what has been your contribution to this country to bring about the needed change?

itiswellandwell:
Nigeria govt and their hope in oil. Thought they have diversified the economy already.


Check my signature for your customised ATM card Flash Drive ID CARD.

diversification doesn't mean you abandon oil.
Which country has done so?
mumu

DLuciano:
sorry o, you that studied integrated science and even further to high institution, what has been your contribution to this country to bring about the needed change?

I donate to the Nigerian red cross, you might've been a recipient of one of the free mosquito nets being distributed.

Clone2020:


I donate to the Nigerian red cross, you might've been a recipient of one of the free mosquito nets being distributed.

clap for yourself Glad to know that the free mosquito net i use is a product of your donations. Brother, to be honest Nigeria yearns for real positive change, but the question is who can (not will, because everyone is willing to) bring the needed change?

Joejonah:
APC and lies. How can you say you cut production cost from $78 per barrel to $23 per barrel. When the crude oil is just sold between $30 to $45 per barrel.??


So the cost of production is higher than the selling price. APC should keep on with their lies on gulliable Nigerians.

Stupid lies

I support u..


the average cost of production in nigeria has never been above $40-$50 per barrel even in ultra deep offshore.


the average cost of production in Nigeria b4 militancy was under $5 (in onshore); thats why the multi-nationals all rush here;

why during militancy its was under $25..

so i still wonder where that $70 per barrel came from?

its all political news;

they only created a big figure ($70) and tell us that they have crashed to the real figure (under $25)...

please note apart from the militancy; the other thing that increased the cost of the barrel; is that most of the oil developmental contracts for the existing field were signed during the days of late militancy period/amnesty period & oil price of average $100 per barrel

phosky:
NNPC CUTS PRODUCTION COST TO $23/BARREL
source : http://www.eyesoflagos.com/2017/08/nnpc-cuts-production-cost-to-23barrel.html

The Nigerian National Petroleum Corporation (NNPC) said yesterday that the country has saved a minimum of $3billion per annum by cutting the cost of crude oil production from $78 dollars per barrel to $23 per barrel as at August 2015, representing 70.5 per cent reduction.
Eyes Of Lagos source revealed that, The Group General Manager of National Petroleum Investment Management Services (NAPIMS), a unit of NNPC, Engr. Dafe Sejebor, disclosed this during the inauguration of the anti-corruption committee of the unit.
A statement issued by the Corporation’s spokesperson, Ndu Ughamadu, noted that NAPIMS arrived at the figure after looking at the difference between the $78 and $23 which represent the old and new cost of production in relation to the present daily average production in the country.
“If you knock down your cost of production from $78 per barrel to $23, take the difference and multiply by the average daily production, you will discover that we are saving a minimum of $3billion in the upstream for both Production Sharing Contracts (PSCs) and Joint Ventures (JVs)”, Engr. Sejebor was quoted as saying.
The GGM added that the target was to bring the cost of production to between $17 and $19 for onshore and offshore production respectively.
On the new Petroleum Policy, Sejebor said it was necessitated by the increasing difficulty in operating the petroleum industry within the framework of the old Petroleum Act in the face of the delayed passage of the Petroleum Industry Bill (PIB).
He said the policy would restore investors’ confidence in the industry pending the full passage of the entire PIB by the National Assembly.
On the NAPIMS anti-corruption committee, Sajebor urged the management and staff to let the principles of accountability, integrity, honesty and transparency be their watchword.
He charged them to generate positive ideas to help tackle the challenges facing the industry and help reverse its fortunes.
He admonished staff to key into the NNPC management’s zero tolerance for corruption.
It would be recalled that the GMD of NNPC, Dr Maikanti Baru, while inaugurating the Anti-Corruption Unit at the corporate headquarters recently, had directed all the Strategic Business Units (SBUs) and Corporate Service Units (CSUs) to establish their own anti-corruption committees, a directive which NAPIMS was the first to comply with.

Election statements.

Clone2020:
The bottom line is, we are drowning in our own oil with very few buyers. Once the Keystone pipeline is completed in the U.S, the oil glut will only get worse. America will be a net exporter of crude and refined oil, then what? Countries with vision have already started diversifying their economies away from oil while we rely on it for 94% of our budget. Tesla is building gigafactories and coming up with powerful batteries to power cars and homes, we are here talking about oil. I saw with my two eyes a fan powered by algea, common algae we used to study under microscopes in secondary school Integrated Science, that's what someone used to generate energy. We are only deceiving ourselves, the world is moving on and not carrying us along.

Nigeria is a country without vision, all the so called visions we've had were just words on paper without plans on how to action them. Growing up, I remember we had a vision 2010 concocted by the Abacha regime, in 2010 the goal post shifted to 2020. 2020 is around the corner and the goal post post will be shifted again without any tangible achievements. The rest of the world is moving and developing at jet speed, we're still building roads, trying to fix electricity, no clue no how to provide potable water, nothing, nothing, nothing!

Joejonah:
APC and lies. How can you say you cut production cost from $78 per barrel to $23 per barrel. When the crude oil is just sold between $30 to $45 per barrel.??


So the cost of production is higher than the selling price. APC should keep on with their lies on gulliable Nigerians.

Stupid lies

Read what you wrote again. Does it make sense?

You don't even know the difference between the selling price and the cost price.

The cost price is $23/barrel while The selling price was $45 presently more than $57. So which one is higher?


Cost price $23
Selling Price $45

No wonder you can't even spell gullible.

From $78?... What kind of report is this?... Is it 78 or 28?

Joejonah:
APC and lies. How can you say you cut production cost from $78 per barrel to $23 per barrel. When the crude oil is just sold between $30 to $45 per barrel.??


So the cost of production is higher than the selling price. APC should keep on with their lies on gulliable Nigerians.

Stupid lies

there has been some reduction but 78 USD per barrel cost oil never happened

shachris02:
The truth is that the cost of production has reduced globally.

Nigeria still ranks 3rd as the most expensive country as per cost of oil production per barrel as can be seen in the attached image.

The most expensive in terms of OPEC members in cost of oil production.

This government should stop these halve truths.

http://graphics.wsj.com/oil-barrel-breakdown/

Your data gives the price of production in Nigeria as less than $30/barrel as at March 2016
So does this mean our government is lying to us or just giving us out dated news.
Is it possible to get figures for earlier years (eg 2014 & 2015)

XKZ:



Your data gives the price of production in Nigeria as less than $30/barrel as at March 2016
So does this mean our government is lying to us or just giving us out dated news.
Is it possible to get figures for earlier years (eg 2014 & 2015)

Lying is their trademark. Prices has gone down globally. the most expensive is $44 (i.e the UK).

those figure would be available if you with a little google search.

Clone2020:
The bottom line is, we are drowning in our own oil with very few buyers. Once the Keystone pipeline is completed in the U.S, the oil glut will only get worse. America will be a net exporter of crude and refined oil, then what? Countries with vision have already started diversifying their economies away from oil while we rely on it for 94% of our budget. Tesla is building gigafactories and coming up with powerful batteries to power cars and homes, we are here talking about oil. I saw with my two eyes a fan powered by algea, common algae we used to study under microscopes in secondary school Integrated Science, that's what someone used to generate energy. We are only deceiving ourselves, the world is moving on and not carrying us along.

my question is, can oil be completely taken out in the future? If that's possible, why is america constructing that pipeline? The politics behind energy switch-over is that of the more you look , the less you see.

That is a big fat lie!! Cost of production was never $78 per barrel!! Unless the guy doesn't know the metric he's talking about. I know someone who work's for a multinational oil company and he said their unit operating cost is circa $15 per barrel and their unit development cost is about $35per barrel. And going by the graph shown, the metric looks to be unit operating cost.

How much is the cost of production in other OPEC countries with similar oil fields to Nigeria ?

These people like rejoicing over nothing.

They are now claiming they saved the country, this and that, yet stealing the country blind.

jomoh:


Read what you wrote again. Does it make sense?

You don't even know the difference between the selling price and the cost price.

The cost price is $23/barrel while The selling price was $45 presently more than $57. So which one is higher?


Cost price $23
Selling Price $45

No wonder you can't even spell gullible.

Your mumu never do. The average sale of crude oil was $52 per barrel in 2015. How come it was produced at $72 per barrel. Mumu man.

Joejonah:


Your mumu never do. The average sale of crude oil was $52 per barrel in 2015. How come it was produced at $72 per barrel. Mumu man.

I don't care about what the price was in 2016. What I care about is your mumu cost price and selling price.

Go back to what you wrote and read again to see your my my is grand.

This is good..
From 72 USD to 23 USD..
UAE oil production is 10USD. That y d fight for oil price to be less that 50USD/barrel. For them to be d only surviving oil country.

If naija can cut down on corrupt practices.. We can still make it to 15 USD/barrel production.