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Oil Sector Fast Losing Attraction, Says SPE by edunwablog: 6:14am On Aug 08, 2018
Society of Petroleum Engineers (SPE) has said Nigeria’s oil and gas sector is fast losing its relevance, given the realities of today’s marketplace.According to the body, an economy like Nigeria that depends largely on the sector was taking an uncalculated risk, as the end might be catastrophic.

It stressed the need to diversify oil-dependent economies like Nigeria “at this stage of our development and its imperative in securing our future.”Speaking at the 42nd Nigeria Annual International Conference and Exhibition (NAICE 2018) in Lagos, the chairman, SPE Nigeria Council, Chikezie Nwosu, said: “In the next half-century or less, the place of oil and gas in the global market may not be very much favourable for such an undiversified economy as ours.

“This is the right time (some say, we may already be running late) to effectively take advantage of the oil and gas industry to drive other sectors of the economy, such as gas, to power our gas-based industries, manufacturing, agro-allied, alternative and renewable energy, banking, ICT, public health, among others, to full maturity and self sustainability.”

The theme for this year’s conference is ‘Diversification of the Nigerian Economy: The Oil & Gas Industry as an Enabler. Nwosu noted that the energy sector remained pivotal in shaping economic development globally. This, he added, was especially so for Nigeria, whose bulk of export earnings is derived from crude oil.
“To remain competitive and relevant in the global economy, the position of the oil and gas industry as the bedrock of the Nigerian economy requires a paradigm shift from a consumer product to an enabler for diversifying the economy,” the SPE boss advised.
Meanwhile, after decades of difficulties in Nigeria over crude theft, pollution and oil-related corruption, Royal Dutch Shell Plc is still optimistic that fossil fuel can improve life in the country.
The Anglo-Dutch oil major wants to develop Nigeria’s domestic energy market around natural gas.According to the Managing Director of Shell Nigeria Gas, Ed Ubong, it is plentiful, harder to steal, better for the environment and can underpin a robust industrial sector that could potentially employ thousands,”
He believes that Shell has done the groundwork to set up a gas-based system, and that the organisation’s influence and large balance sheet can transform Nigeria’s population into a new market, according to a Bloomberg report.
“Imagine if you held maybe $100 million in the United States, would it convince you to set up a factory in Nigeria?” Ubong asked in an interview at Shell’s compound in Port Harcourt.“The first thought companies have is: Do I have power?” he concluded.

http://www.akelicious.net/2018/08/oil-sector-fast-losing-attraction-says.html

Re: Oil Sector Fast Losing Attraction, Says SPE by Donald95(m): 6:15am On Aug 08, 2018
But brain dead president thought that diversifying economy is only investing into Agriculture because he wants to make his Alamajiri brothers Rich.

He doesn't understand that building economy involves Having much working Manufacturing and Processing industries and also having a finance minister with a functional innovative brain backed up by his positive policies that will allow Industries import raw materials at a favorable tax rate chikina

20 Likes 3 Shares

Re: Oil Sector Fast Losing Attraction, Says SPE by horsepower101: 6:16am On Aug 08, 2018
Una never seen suffering yet. The post oil economy is coming soon. Thats when you will truly know those who can survive without oil.

Soon there will be no more monthly allocation or oil money to share.

16 Likes

Re: Oil Sector Fast Losing Attraction, Says SPE by Donald95(m): 6:37am On Aug 08, 2018
horsepower101:
Una never seen suffering yet. The post oil economy is coming soon. Thats when you will truly know those who can survive without oil.

Soon there will be no more monthly allocation or oil money to share.

Trust me, Igbo People will always survive. Alamajiri Hausa/Fulani is flooding our streets today begging when we are still in rainy days Then imagine what will happen when oil is down

lalasticlala Seun mynd44 Dominique

23 Likes

Re: Oil Sector Fast Losing Attraction, Says SPE by Amberon11: 6:50am On Aug 08, 2018
Trust me the SS will always survive.
Nigeria is about being the third largest exporter of gas Courtesy of the SS. By the way oil can be refined and used in producing many other very essential commodities.
horsepower101:
Una never seen suffering yet. The post oil economy is coming soon. Thats when you will truly know those who can survive without oil.

Soon there will be no more monthly allocation or oil money to share.

3 Likes

Re: Oil Sector Fast Losing Attraction, Says SPE by michlins(m): 6:50am On Aug 08, 2018
Donald95:


Trust me, Igbo People will always survive. Alamajiri Hausa/Fulani is flooding our streets today when we are still in rainy days Then imagine what will happen when oil is down

the amount of hate and tribalism you people carry around is surprising. This is still morning and the night sleep didn't dilute it

Just so you know, the post oil era go pain everything in Nigeria animate and inanimate. Ordinary slump in price of crude and Igbos are already crying about dollar scarcity. Imagine when there's none.

Current Nigeria set up favors we Igbos too much but it's import based and we are basically importers but lack of oil will change all others and may not favor us like that.
Having said that, let love lead

11 Likes 2 Shares

Re: Oil Sector Fast Losing Attraction, Says SPE by horsepower101: 7:04am On Aug 08, 2018
Amberon11:
Trust me the SS will always survive.
Nigeria is about being the third largest exporter of gas Courtesy of the SS. By the way oil can be refined and used in producing many other very essential commodities.

No problem but I never mentioned any groups in particular. Anambra alone has the largest proven gas reserves in Nigeria but you won’t see me dancing about it. I care more that the state continues to diversify its economy for the rainy day.

No real life nation builds its future on natural resources. There are existing technologies that will disrupt so many natural resource based economies.

Even if the use of oil continues, it’s demand will significantly diminish which will affect its price in the global market.

As for gas, just pray that there is a delay in the development of lasting batteries for energy storage. Once that barrier is broken which I suspect that it will, The demand for gas on the international market will also crash.

In the future, most houses will get their energy from the sun and store excess in batteries for night time use.

Most cars will be electric and it will be recharged with energy produced free from the sun.

Continue hoping on Gas. You will be very disappointed with what’s coming.

5 Likes 2 Shares

Re: Oil Sector Fast Losing Attraction, Says SPE by Donald95(m): 7:11am On Aug 08, 2018
michlins:
the amount of hate and tribalism you people carry around is surprising. This is still morning and the night sleep didn't dilute it

Just so you know, the post oil era go pain everything in Nigeria animate and inanimate. Ordinary slump in price of crude and Igbos are already crying about dollar scarcity. Imagine when there's none.

Current Nigeria set up favors we northern Igbos too much but it's import based and we are basically importers but lack of oil will change all others and may not favor us like that.
Having said that, let love lead

Slump in Fuel price wouldn't have affected us. Your Evil Presidiot frustrated business and companies here by raising import duties and banning importation of many raw materials and a business man has to make gain so he increased price of his commodity to cover up.

You must be a deluded northern Igbo For thinking that current administration favors Igbos. That we real Igbo People spend time hustling rather than begging like Hausa /Fulani doesn't mean that life is easy compared to the way it was during last administration

8 Likes 1 Share

Re: Oil Sector Fast Losing Attraction, Says SPE by Donald95(m): 7:20am On Aug 08, 2018
horsepower101:


No problem but I never mentioned any groups in particular. Anambra alone has the largest proven gas reserves in Nigeria but you won’t see me dancing about it. I care more that the state continues to diversify its economy for the rainy day.

No real life nation builds its future on natural resources. There are existing technologies that will disrupt so many natural resource based economies.

Even if the use of oil continues, it’s demand will significantly diminish which will affect its price in the global market.

As for gas, just pray that there is a delay in the development of lasting batteries for energy storage. Once that barrier is broken which I suspect that it will, The demand for gas on the international market will also crash.

In the future, most houses will get their energy from the sun and store excess in batteries for night time use.

Most cars will be electric and it will be recharged with energy produced free from the sun.

Continue hoping on Gas. You will be very disappointed with what’s coming.

Brother I don't know for Anambra But over here in Aba. we don't care about oil despite being among oil producing state. We care more about our business and Hardwork/ industry machinery forging/ Leather work,building iron production(Thank God for Chinese ) e.t.c. We are even praying the oil dries up so that north will starve wink

10 Likes 1 Share

Re: Oil Sector Fast Losing Attraction, Says SPE by michlins(m): 7:30am On Aug 08, 2018
Donald95:


Slump in Fuel price wouldn't have affected us. Your Evil Presidiot frustrated business and companies here by raising import duties and banning importation of many raw materials and a business man has to make gain so he increased price of his commodity to cover up.

You must be a deluded northern Igbo For thinking that current administration favors Igbos. That we real Igbo People spend time hustling rather than begging doesn't mean that life is easy compared to the way it was during last administration
the president just like every dumb politician whom we have given power in this country sought out the easiest way to raise money which is to tax the already existing businesses. Now imagine a situation where there's no oil money then what will happen to the import tariffs and co. It's we the masses be it igbo, Hausa or Yoruba no matter because we are all in this together but the political class which includes but not limited to Buhari, saraki, and Ben Bruce will always enjoy the limited resources which they have looted and will continue looting

If you remove hate from your life,you would realize that no single Nigerian politician cares about your wellbeing. They will readily sacrifice you on the alter of success

8 Likes 1 Share

Re: Oil Sector Fast Losing Attraction, Says SPE by dannywest: 7:47am On Aug 08, 2018
We can diversify after we find oil in the Chad Basin grin

2 Likes

Re: Oil Sector Fast Losing Attraction, Says SPE by Promismike(m): 7:54am On Aug 08, 2018
Lies
Re: Oil Sector Fast Losing Attraction, Says SPE by RealNaijaQuin: 7:54am On Aug 08, 2018
I don't believe this...
Slump in Fuel price wouldn't have affected us. Your president frustrated business and companies here by raising import duties and banning importation of many raw materials and a business man has to make gain so he increased price of his commodity to cover up.

You must be a deluded northern Igbo For thinking that current administration favors Igbos. That we real Igbo People spend time hustling rather than begging doesn't mean that life is easy compared to the way it was during last administration



Meanwhile,
Make N30,000 monthly from Nairaland, click here now!
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1 Like

Re: Oil Sector Fast Losing Attraction, Says SPE by dreamwords: 7:57am On Aug 08, 2018
Nigeria still still depend on oil

2 Likes

Re: Oil Sector Fast Losing Attraction, Says SPE by tammie24: 7:58am On Aug 08, 2018
Tell that to the northerners

Their lives revolve around oil

1 Like

Re: Oil Sector Fast Losing Attraction, Says SPE by rusher14: 7:58am On Aug 08, 2018
RealNaijaQuin:
I don't believe this...
Slump in Fuel price wouldn't have affected us. Your president frustrated business and companies here by raising import duties and banning importation of many raw materials and a business man has to make gain so he increased price of his commodity to cover up.

You must be a deluded northern Igbo For thinking that current administration favors Igbos. That we real Igbo People spend time hustling rather than begging doesn't mean that life is easy compared to the way it was during last administration



Meanwhile,
Make N30,000 monthly from Nairaland, click here now!
100% free...

Frustrated businesses with IMPORT duties.

Tell us what country has developed by IMPORT.

1 Like

Re: Oil Sector Fast Losing Attraction, Says SPE by Lordave: 7:59am On Aug 08, 2018
michlins:
the president just like every dumb politician whom we have given power in this country sought out the easiest way to raise money which is to tax the already existing businesses. Now imagine a situation where there's no oil money then what will happen to the import tariffs and co. It's we the masses be it igbo, Hausa or Yoruba no matter because we are all in this together but the political class which includes but not limited to Buhari, saraki, and Ben Bruce will always enjoy the limited resources which they have looted and will continue looting

If you remove hate from your life,you would realize that no single Nigerian politician cares about your wellbeing. They will readily sacrifice you on the alter of success
You typed “igbo” “Hausa or Yoruba” and you accuse people of hate and tribalism? cheesy cheesy

You lots have no business calling someone hateful cause it oozes from all aspect of your rotten lives.

You couldn’t even hide the hypocrisy..

2 Likes

Re: Oil Sector Fast Losing Attraction, Says SPE by Enoch07: 7:59am On Aug 08, 2018
DOOM FOR NIGERIA!!!

2 Likes

Re: Oil Sector Fast Losing Attraction, Says SPE by Reference(m): 8:01am On Aug 08, 2018
Best news I've heard in decades. Hopefully one day the oil industry will be as relevant as the furniture making industry, just another basis point in the GDP of Nigeria. A situation where just one company Shell Petroleum feeds three out of every ten civil servants, builds five out of every ten kilometres of roads and buys six out of every ten bullets shot in anger against Boko Haram is not only strategically diagraceful but is one of the reasons why we are perpetually poor as a nation.

1 Like

Re: Oil Sector Fast Losing Attraction, Says SPE by eleojo23: 8:02am On Aug 08, 2018
Na to enter farm sure pass o.

Food will always sell...unless human beings decide to go into extinction through starvation.
Re: Oil Sector Fast Losing Attraction, Says SPE by kaen1317: 8:02am On Aug 08, 2018
Big Lie. Then what has come to replace it
Re: Oil Sector Fast Losing Attraction, Says SPE by IMASTEX: 8:03am On Aug 08, 2018
It's what will certainly happen sooner or later .

Meanwhile, agricultural business will ever remain green as long as human needs food to survive. You can be a snail farmer through our mentorship. You can increase the growth of your snails with our calcium supplement. You can even buy breeders and giant size.

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Re: Oil Sector Fast Losing Attraction, Says SPE by Nobody: 8:03am On Aug 08, 2018
Better
Re: Oil Sector Fast Losing Attraction, Says SPE by johnjay4u2u(m): 8:03am On Aug 08, 2018
Every economist and nations know but na there Bubu dey waste our money for exploration and building refineries in baren lands.

Who cursed our leaders?
I no just understand.

1 Like

Re: Oil Sector Fast Losing Attraction, Says SPE by Elliot2(m): 8:05am On Aug 08, 2018
[quote author=michlins post=70085149]u n dis ur "igbos r hateful" line sef. it is not as if ur "love" will stop dis ur country from being a shithole.

4 Likes

Re: Oil Sector Fast Losing Attraction, Says SPE by OhiOfIhima: 8:06am On Aug 08, 2018
Donald95:


Brother I don't know for Anambra But over here in Aba. we don't care about oil despite being among oil producing state. We care more about our business and Hardwork/ industry machinery forging/ Leather work,building iron production(Thank God for Chinese ) e.t.c. We are even praying the oil dries up so that north will starve wink

North starved.. You are a joker... If northerners decided to stop Patronize both East n West for a whole one Month, hunger go strick una flatii head n west cone head to oval n pyramid respectively. Ajaokuta n Itakpe steel n mining is huge enough to contribute to Nigeria economy if revert more than what d Nigeria oil does.

1 Like

Re: Oil Sector Fast Losing Attraction, Says SPE by kaykaymcb(m): 8:15am On Aug 08, 2018
Tell them o

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Re: Oil Sector Fast Losing Attraction, Says SPE by wink2015(m): 8:18am On Aug 08, 2018
THE BUHARI PRESIDENCY STILL BELIEVE STRONGLY IN AN OIL AND GAS BASED ECONOMY.

The government pay lip service to Agriculture and Solid mineral.

It is only when Agriculture is encourage in Nigeria that we can have a secured future.
Re: Oil Sector Fast Losing Attraction, Says SPE by gurunlocker: 8:34am On Aug 08, 2018
Our president said his government would diversify the economy, within the first 3 years, nothing has happened.

In fact, they are even looking for more places where they could find crude oil in the north, I believe that's their own meaning of "diversification"....

The agriculture sector they keep shouting was the work of previous government, I wonder what they would have even achieved if not for that.
Re: Oil Sector Fast Losing Attraction, Says SPE by blackaxe78: 8:40am On Aug 08, 2018
Donald95:


Trust me, Igbo People will always survive. Alamajiri Hausa/Fulani is flooding our streets today begging when we are still in rainy days Then imagine what will happen when oil is down


Come to the west and see your lots hawking Gala and Lacasera in traffic.

2 Likes

Re: Oil Sector Fast Losing Attraction, Says SPE by horsepower101: 8:45am On Aug 08, 2018
blackaxe78:


Come to the west and see your lots hawking Gala and Lacasera in traffic.

Yet they make more money in a week than so many civil servants make in a month. Do you even know how many cartons these young men sell in a day?

Also I will rather them sell gala than standing all day under the sun and rain begging for money.

4 Likes

Re: Oil Sector Fast Losing Attraction, Says SPE by Nobody: 8:47am On Aug 08, 2018
Do we need any soothsayer to tell us oil is gone. Data is the new oil, the new gold. It is everywhere. Whoever and whatever institution that can make meaning out of it will be smiling to the bank. Isn't it obvious we don't have visionary leaders. Countries are investing in data related technology. IoT, blockchain, crypto, AR, VR and loads but we are still talking oil. The slump in oil price made many individuals loose interest in oil. This last slump hit us bad. Maybe if the price gets to a 100 dollars, it will look attractive sad

2 Likes

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