R

Opportunity for local players to grow their portfolio.

lonelydora:
Wait ooo, ExxonMobil wants to divest Dangote's worth? Choi...there are levels to this money thing.

And Buhari is spending millions looking for oil in North East.


Gas is the real gold

Gas is the future, thank God we have enough down East, Seplat investing huge in their Gas field in Imo state

maxiuc:


Otedola saw this coming

Why did you say so?

Flets:
I really fear for Nigeria.

The Nigerian oil industry will be run aground by the local investors made up of ex and serving politicians through proxies.

And to think that this is the sector that sustains the lazy allocation sharing structure..... Winter is coming.

Winter is here already. A repeat of the eighties.


www.nairaland.com/attachments/8331014_bubumakesinvestorsfleenigeriacbn_jpeg8c024ba56fba5fb7a560fecb226f7df9


www.nairaland.com/attachments/2095210_worst_jpeg588f192a23aa02a7b350a8bbe5d18306

Why?

yudee233:
Good for independent companies

ednut1:
saw nothing coming. There was no more subsidy free money so he fled

sharaaap kee u

Who cares.

ednut1:
many cant stand the test of time. Including nigerian ones

you nor lie at all. Just take a look at NPDC and how they are operating with the assets handed over to them by SPDC.

airbrush:



i am betting 1k that chinese will buy up all the assest soon? if chinese enter nigerian oil industry ! nigeria is over as a country.these people no dey take money play

gbam!

deenee:



That is if they have the capacity and capability manage these assets.

I pray our oil and gas industry does not go the way of the power sector where assets were stripped and sold to cronies instead of competent professionals leading us to where we are now.

On the flip side this is maybe an opportunity for the local companies to expand there scope and become better.

In as much as I don't support these IOCs becuase I know that they are ripping us off with the contracts currently running but again the question I beg to ask is what were our govt officials thinking when they signed these contracts?

God bless Nigeria.

na so.

Nodogragra4me:
Divesting from politically unstable regions with high level of insecurity and dysfunctional system. Not one where substantial amount of resources goes into hiring soldiers to guard company premises and individual high net worth staff from impoverished host.

Some company yard in Delta state looks like a military forward base ...soldiers everywhere , doing morning parade in the yard ...who pays for all that?

Go and check Set.......Yard ... make I no complete the name

maxiuc:


Otedola saw this coming

so what did he do

I need to have a one on one conversation with Baba o. What is going on o?

We know the wailer Newspaper! Negatively speculative always to portray Nigeria in the bad light.

Unfortunately our government is not responding to these pertinent issue; IOC’s leaving Nigeria is not good no matter how anybody looks at it.

Wanity:
Please if you read finish help me explain

Those IOCs mentioned are leaving Nigeria because of the political wahala.

Everyone can now have peace and leave us to either drink our oil or baff with it.

Let those from the north shouting 'our oil' come and drill the oil na.

Nigeria! Sh1t hole country

ornicus:


don't know how they are comparing a downstream operator to IOCs

i don't like this. Nigerians will buy over the assets and Bleep over the company cultures.

in five years , every vestige of a properly run compny will be gone.

look at texaco's transition to MRS

their safety culture has gone to utter shit

Bros, Texaco did not transit to MRS.

MRS bought shares does not translate to transition.

By the way, Chevron bought Texaco. Texaco did not transit to Chevron.

Currently, Texaco is a subsidiary of Chevron.

sylve11:


you nor lie at all. Just take a look at NPDC and how they are operating with the assets handed over to them by SPDC.

and they wanted oml 42 all to them self. Yeye npdc

11thScorpio:
Good for African oil


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Requirement?

Philadelphia:


Bros, Texaco did not transit to MRS.

MRS bought shares does not translate to transition.

By the way, Chevron bought Texaco. Texaco did not transit to Chevron.

Currently, Texaco is a subsidiary of Chevron.

Texaco downstream.

They divested 5 or 7 years ago. Mrs bought them over.

And then the fun began. Do you remember the Mrs on lawanson that caught fire two years ago?

How many gaps and near misses and outright negligence before you get a station on fire?

I am sure you recall that the Mrs on ahamadu Bello was formerly branded texaco

Same way 11 have bought over Mobil downstream. Eventually they too will probably rebrand if they get tired of paying brand licensing or if Mobil deems them as damaging their brand.

But Nigeria has alot of LNG.

airbrush:



i am betting 1k that chinese will buy up all the assest soon? if chinese enter nigerian oil industry ! nigeria is over as a country.these people no dey take money play

Nigeria govt and NNPC must do everything possible that local investors get the lion investments

Una they look, The Northerners are taking over the country, small by small.....Omo those people too get sense abeg.

Josh44s:
I read people’s comment and all I can do is feel so sad. Haaaabaaa youths of Nigeria, are you people this primitive and daft. Look at Nigeria today! Every single thing being handed over to us to control independently we ruin with our own hands. They gave us independence, look how fucccked we are! Buhari close border to enrich northern rice farmer! Look how fucccked we are! Local rice was around 14k in south south and 8k in north when border was open because the market was competitive. Today local rice is almost 26k. Once we lost all foreign investors in the oil sector like Total, Agip, Exxxomobile, Shell, Chevron and other local like Dangote and Otedola becomes the only local investors in oil refining then Nigeria’s case will be no different from Somalia or Bangladesh. So many wrong things going on that even the medias ain’t aware of. Buhari will ruin this country to the ground by monopolizing all major sector before his tenure ends. Mennnn this guy wan trap every region in this country. This has nothing to do with tribalism so nobody should quote me. We need more foreign investors, not losing already existing ones.

I agree with you that we have not really run this country well enough. However, the oil sector should be 100% Nigerians from the beginning. Believe me, if Nigerian businessmen like Dangote and others are left with running our energy sector is better. I prefer Nigerian running it far more than outsiders. With all the billions all these IOC have been making in Nigeria for decades, how many contributions have they made in having refineries in the country? It's part of bad governance if not, the oil sector should 100% FG business.

Jacseyi:


I agree with you that we have not really run this country well enough. However, the oil sector should be 100% Nigerians from the beginning. Believe me, if Nigerian businessmen like Dangote and others are left with running our energy sector is better. I prefer Nigerian running it far more than outsiders. With all the billions all these IOC have been making in Nigeria for decades, how many contributions have they made in having refineries in the country? It's part of bad governance if not, the oil sector should 100% FG business.

These foreign invest pay billions of dollars to our govt. why do you think they wanna run off? Govt task them in almost everything, communities leaders ain’t left out, NGOs and others, their foreign workers kidnapped everyday. What is government using the money for? Absolutely NOTHING. In the end these companies image is being tarnish day in day out to the masses. Have you ever seen an itsekiri man driving Dangote trailer or a Fulani man fishing in South South creek? Nigeria is multi ethnic group and you and I know Tribalism, nepotism and religion is the order of the day. Let’s keep sentiments aside on this. Have our leaders ever run any sector in this country very well since 1960 when the British handed Nigeria back to us? We can’t even boast of constant power supply since 1989 till date, we can’t boast of portable and good drinking water, roads, security. Not even one! Me I don tire for this country and I pray my visa is granted lemme leave before it crash totally to a point no one will be allowed to fly out.

Let them go.
I expect Aiteo, Nestoil, Seplat, Oranto and co to rise to the challenge and be the big upstream players they are meant to be.

SoNature:



How are the IOCs ripping Nigeria apart when the NNPC doesn't provide funds for E&P even when there's a standing JV that defines how the venture should be run?

I am patiently waiting for your response.

Thank you for calling this out. Same Nnpc that wants to maintain 55% in the JV but cannot put up its financial weight even when the companies do not necessarily demand any technical input from them.

Now with the PSCs NNPc thinks it's just easy to have the company reap back it's overspent costs by lifting more oil then complain when the companies cheat them on the amounts ?....

Forget the various JVs and PSCs at NNPC and say look at their Okono field. An actively producing venture of about 30 to 40k bopd. What has the our NOC done to improve recovery rates or invest in know how. But when it's time to invest in Lake Chad basin with hypothetical oil that is most likely not commercial u will see 100m usd being disbursed.....lol. mind u not even northern owned oil firms like SAPETRO or Oriental are silly enough to capital budget for such...

We have nearly 40 billion barrels reserves and at least 200 trillion scf of gas but u still see places with lesser prospects like angola (10 bln bbls reserves) and mozambique (180 trillion scf) attracting more investment because they have made their zones attractive to investment (legislatively, fiscally and geberal ease of doing business). Sonangol is an actual company... not a tax collector.

Josh44s:


These foreign invest pay billions of dollars to our govt. why do you think they wanna run off? Govt task them in almost everything, communities leaders ain’t left out, NGOs and others, their foreign workers kidnapped everyday. What is government using the money for? Absolutely NOTHING. In the end these companies image is being tarnish day in day out to the masses. Have you ever seen an itsekiri man driving Dangote trailer or a Fulani man fishing in South South creek? Nigeria is multi ethnic group and you and I know Tribalism, nepotism and religion is the order of the day. Let’s keep sentiments aside on this. Have our leaders ever run any sector in this country very well since 1960 when the British handed Nigeria back to us? We can’t even boast of constant power supply since 1989 till date, we can’t boast of portable and good drinking water, roads, security. Not even one! Me I don tire for this country and I pray my visa is granted lemme leave before it crash totally to a point no one will be allowed to fly out.

My brother all your points are valid and still point to the fact that are leaders are terrible. However, I believe local investors like Dangote, Tony Elumelu, Otedola, Chukwuma and others should take over those assets. Nigerian businessmen maybe greedy but they are very good at business and they would continue manage those assets. Some of them may fail but others would buy them and keep the oil sector going. This is 2019, we can't wait on whites to do everything for us. Just imagine, those IOC should have been made to list on NSE long time ago but due to some powers, they can't. Let our local do it and fail until they master it. For your information, those IOC are going to small countries where they would be dictating to their governments, unfortunate enough, they are African/blacks countries. You need to read what these people were saying about Nigeria people and government in the leaked documents released by wikileaks

Philadelphia:


Those IOCs mentioned are leaving Nigeria because of the political wahala.

Everyone can now have peace and leave us to either drink our oil or baff with it.

Let those from the north shouting 'our oil' come and drill the oil na.

Nigeria! Sh1t hole country

I don't want to sound tribal but some set of people in this country who don't know anything except bragging

They can't even travel and see things for themselves