[size=14pt]Nigeria Loses $5m Daily from Crude Oil Lifting[/size]
From Kunle Aderinokun, Segun James and Ahamefula Ogbu in Yenagoa, 08.12.2010

The Nigerian Content Development and Monito-ring Board (NCDMB) yesterday lamented that the nation was losing over $5 million daily- that is, N750 million daily, from the non-participation of Nigerians in the lifting of crude oil in the nation’s oil industry.
Executive Secretary of NCDMB, Engr. Ernest Nwakpa said this yesterday in Yenagoa, Bayelsa at Workshop for the Media on the reporting local content issues, to mark 100 days of the Board.

Nwakpa said crude oil lifting was one critical aspect of the oil industry that Nigerians could easily participate in.
According to him, one of the key areas of implementation of the Nigerian Content Act is that, “first and exclusively consideration” is given to “Nigerian indigenous companies that demonstrate ownership of equipment and capacity in crude lifting, downstream and ownership of marine vessels, tools and equipment used for performing work in Nigeria.”
Nwakpa urged Nigerians to use the opportunity provided by the Act to invest in all aspect of the industry as it guaranteed a greater participation of Nigerians in the oil industry.
“This law is a major opportunity to resurge our national economic development, create employment, develop local industrial and technological capacity growth, douse the tensions in the Niger Delta by integrating the inhabitants of the oil producing communities into the mainstream of industry activities.”

As for the support of the executive, the NCDMB boss stated that, “we have the unalloyed backing of President Goodluck Ebele Jonathan(GCFR), the Honourable Minister of Petroleum, Mrs. Deziani Alison-Madueke and the government to fully implement the laws and begin to show dividends to Nigerians.”

He however pointed out that, a major gap is the continued absence of commitment and resolve on the part of Nigerians in key positions of authority within the industry to insist that we collectively and consistently abide by the provisions of this law and make it count. “If we don’t insist, the foreigners won’t help us with compliance,” he added.

Earlier , during a presentation, General Manager, Capacity Building, NCDMB
Engr. Taiwo Elegba said the Federal Government planned to grow the nation’s crude oil reserves to an estimated level of about 40billion barrels by 2015 with production capacity targeted to hit about 2.5 million barrels of oil per day (mbpd) by the same year.

To him, the national aspiration for oil and gas is robust as “It balances the focus on two key levers production capacity / revenue growth and specific aspiration to link the industry with the domestic economy.”

Elegba also said, for gas, there is currently proven reserves of 182 tonnes cubit feet of gas, which puts Nigeria as world’s seventh largest. He however added that, gas utilization potential stood at over 20billion cubit feet per day.

Besides, Elegba revealed that, over $500 million per year will be spent on engineering design projects in the oil sector within the next five years
Likewise, he gave a figure of over $8 billion per year as an amount earmarked for fabrication scope in the upstream for the next five years as he stated that, about $25bn will be spent on procurement of materials in the same period of time.

Speaking on the Petroleum Industry Bill presently with the National Assembly, Elegba expressed the hope of passing it very soon, saying, “When signed into law, PIB will stimulate investments and opportunities.”
More importantly, he added that, “the Nigerian Content Act will ensure that these investments are domiciled and bring benefits to Nigerians.”

http://www.thisdayonline.com/nview.php?id=180523

Is it not a disgrace that Nigeria, one of the Worlds foremost oil producers does not have a single oil tanker?
All we do is foolishly collect any money given to us, we don't know how the oil is drilled, how it is transported. . . Foreigners know more about the oil that exist deep in the bowels of our own country.