i was looking through channlestv for a transcript of the embarrassing media chat, something that will make it clear that Okogie knows exactly what he is talking about as per our confused government.

can't find one. guess channles doesn't want the sharp end of the stick for highlighting gej's clulessness

i did find this, though

http://channelstv.com/global/news_details.php?nid=30763&cat=Local

President Goodluck Jonathan has once again provided assurances that the removal of fuel subsidy will not only tackle the rate of corruption in the oil sector, it will also generate job opportunities for the teeming unemployed Nigerian population.

In his second Presidential Media Chat in the nation’s capital of Abuja, Jonathan addressed issues he feels are of paramount importance to the people of Nigeria.

Top on the agenda was the question of the controversial fuel subsidy removal which has generated heated debates across the oil-rich country.

President Jonathan spoke to a panel of top media executives – Mr. Steve Nwosu, Editor of the Daily Sun, National Mirror Editor Seyi Fasugba and Chairman of Leadership Newspapers Fatima Akilu - in a discussion moderated by Mr. Kayode Akintemi, General Manger of Operations at Channels Television.

Jonathan attempted to impress upon the press the point of the exercise, which he said must happen in order to save the oil-rich nation from impending economic doom.

Responding to a question from Leadership’s Mrs. Akilu, who questioned if Nigeria is too “broke” to handle subsidy payments, President Jonathan said: “We are not broke, but as a responsible father, you save for your children.”

The President sees the removal of the fuel subsidy as a step toward getting the country on the path of fiscal responsibility.

“The present rate at which we borrow is no longer sustainable,” President Jonathan said, adding that the incredibly high fuel subsidy payment made in 2011, amounting to N1.3 trillion, was borrowed.

He explained that being an oil-rich nation does not mean having funds in excess, and insists that continuing to subsidise fuel will not only damage the foreign reserves but also worsen our debts.

President Jonathan further argued that while Nigeria is still seen as a top crude producer, the same may not always be the case, referring to studies that said the oil-producing nation’s oil supply might dry up in the next half century.

He stressed the importance of focusing on other sectors of the economy that will prove more sustainable, mentioning agriculture for instance.

“You must look at other options for the country to generate income,” Jonathan said. “Assuming in the next 50 years Nigeria does not rank as oil-producing nation, what will be the source of income?”

“We must go back to agriculture, we must go to manufacturing and we have to start it now.”

He said his administration is determined to not leave a liability behind for the next generation or administration.

However, the question of just how beneficial this subsidy removal is to the masses still remains in question. Panel member Nwosu asked the question plaguing many Nigerians: what happens to the funds no longer geared toward subsiding crude product?

Nwosu commented on the Federal Government’s recurring promise to rebuild refineries and increase the capacity of the present refineries, which Petroleum Minister Diezani Alison-Madueke in a previous discussion with the Senate said were now working at 60 per cent capacity.

Jonathan said the exercise will ensure that the Nigerian National Petroleum Corporation, NNPC, is kept out of the business of marketing petroleum products and made to focus on its regulatory role in the oil sector.

The President said his government is talking to Chinese groups that will invest in building new refineries and is working with the private sector to ensure 100 per cent ownership of said new refineries do not go to foreign investors, thereby creating jobs for Nigeria’s unemployed.

He further explained that the new function of the NNPC for the time being will be to concentrate on building the nation’s oil reserves, which he revealed were woefully low.

The President said: “Nigeria is the only country that if we have crisis today, we don’t have reserves that will last us even two months.”

“The last time I asked about the reserves, which was early part of this month” President Jonathan said, “the GMD told us that we have reserves that can last us for 55 days.”

He compared us to other countries that do not produce oil and yet have far deeper oil reserves.

Apart from building reserves, Jonathan mentioned that deregulating fuel will open up the economy to more investments as well as create more job opportunities for the country.

He said it is time to stop subsidising the rich and turn the funds toward benefitting the poor. However, with many of the poor masses bemoaning the negative effects fuel subsidy removal will have on them in 2012, many might find it difficult to see the situation from the President’s view point.

Jonathan insisted that deregulating the downstream sector will ensure that subsequent administrations and future generations of Nigeria are not faced with challenges that could plunge Africa’s most populous nation into financial difficulties.

He further explained that the new function of the NNPC for the time being will be to concentrate on building the nation’s oil reserves, which he revealed were woefully low.

The President said: “Nigeria is the only country that if we have crisis today, we don’t have reserves that will last us even two months.”

“The last time I asked about the reserves, which was early part of this month” President Jonathan said, “the GMD told us that we have reserves that can last us for 55 days.”

can someone explain this to me in layman's terms? or am i right in assuming this is another bit of bizarre incoherence from our president ?

other interesting tidbit?

Jonathan said the exercise will ensure that the Nigerian National Petroleum Corporation, NNPC, is kept out of the business of marketing petroleum products and made to focus on its regulatory role in the oil sector.

is he telling us that all those NNPC stations across the nation will be scrapped? will the NNPC depots be privatised?

LOL - an expert is a person who has made more mistakes than anybody else . . . So, I think from your own words - GEJ is an expert.

What is incoherent in saying there is no reserve or that the reserve will last only 55 days? I think it is you who is being in coherent though.

LOL - sad.

Your hatred for GEJ is giving you high BP early in the morning. Sorry o. How can we help?

The President said his government is talking to Chinese groups that will invest in building new refineries and is working with the private sector to ensure 100 per cent ownership of said new refineries do not go to foreign investors, thereby creating jobs for Nigeria’s unemployed.

why do they keep promoting this untruth? the MOUs have been signed long before this deregulation brohuahua

^^^ Another incoherent effort.

where is that said?

Another meaningless topic, born out of hatred. In a few days from now, it will be oyb going, "bump", "bump" like a crazed camel, because nobody else shares his venomous hatred.

LOL. Honestly - I think the guy needs help.

I think he meant foreign reserves and not crude oil reserves.

werepeLeri:

LOL - an expert is a person who has made more mistakes than anybody else . . . So, I think from your own words - GEJ is an expert.

What is incoherent in saying there is no reserve or that the reserve will last only 55 days? I think it is you who is being in coherent though.

LOL - sad.

Your hatred for GEJ is giving you high BP early in the morning. Sorry o. How can we help?

first of all, as i often have o tell dimwits like you - that is a truncated aphorism, which any person with half a brain would realize.

thats why it goes - an expert is  person who has made more mistakes than anyone else. . . and learned from them.

thomas edison a master of brute forcing technical challenges said - "I have not failed. I've just found 10,000 ways that won't work"

thats learning from your mistakes and becoming a guru in the process.

your favorite eejit, on the other hand is more tuned into Einstein's quote

"Insanity: doing the same thing over and over again and expecting different results."

for teh past one yea his response to boko haram has been a series of public statements that for the sake of the egos of his supporters had better be fueled by his bouts with alcohol. the idea that a fully sober man can voice such stupidity. . .

^^^^

LOL. I am having a laugh, but your BP is boiling. I pity u.

Thomas Edison didn't fail, but oyb is a failure.

Lol!

now back to topic -

http://en.wikipedia.org/wiki/Oil_reserves

The total estimated amount of oil in an oil reservoir, including both producible and non-producible oil, is called oil in place. However, because of reservoir characteristics and limitations in petroleum extraction technologies, only a fraction of this oil can be brought to the surface, and it is only this producible fraction that is considered to be reserves

Many oil-producing nations do not reveal their reservoir engineering field data and instead provide unaudited claims for their oil reserves. The numbers disclosed by some national governments are suspected of being manipulated for political reasons.[4][5]

slam on!!

Proven reserves are those reserves claimed to have a reasonable certainty (normally at least 90% confidence) of being recoverable under existing economic and political conditions, with existing technology. Industry specialists refer to this as P90 (i.e., having a 90% certainty of being produced). Proven reserves are also known in the industry as 1P.[8][9]

according to the picture, nigeria has 41 years of oil reserves.

so has gej failed once again?

where did his bizarre 55 days oil reserves come from?

can the spinmaga beaf explain this to us?

or is this something that only an expert like his aunty the bejeweled ms madueke, ho so wowed us during the channels debate with her intellect and glam can explain?

Insanity: doing the same thing over and over again and expecting different results.

sounds like beaf - whenver his favorite mo-ron is called out he shoots the messenger hoping it will deflect fro the fact that we have a mental patient in aso rock


i

bushwailo:

I think he meant foreign reserves and not crude oil reserves.

nope

He further explained that the new function of the NNPC for the time being will be to concentrate on building the nation’s oil reserves, which he revealed were woefully low.

The President said: “Nigeria is the only country that if we have crisis today, we don’t have reserves that will last us even two months.”

“The last time I asked about the reserves, which was early part of this month” President Jonathan said, “the GMD told us that we have reserves that can last us for 55 days.”

can the presidents spokesman and his fellow mor-on in arms our very own garmin merchant please explain this to us?

^^^

Mental patient in Aso rock or on NairaLand?

^
Lol! oyb missed his calling as an almajiri.

can the presidents spokesman and his fellow mor-on in arms our very own garmin merchant please explain this to us?  

ode  answer the question

didn't you see how the defenders of fashola on the train thread where you bleating like a christmas goat had answers rather than market woman insults?

if you don't have anthing to say, its understandable, you are a pea brain, after all. so i suggest you run along now and let the real debaters, not the aip lickspittles, come and address our 55 days reserves

channels probably did not release the full transcript in order to avoid being accused of deliberately attempting to embarrass the presidency

Beaf:

^
Lol! oyb missed his calling as an almajiri.

see failed terrorist spokesman and one time okah advocate calling me almajiri

wetin we no go see for nl?

http://www.nnpcgroup.com/NNPCBusiness/UpstreamVentures/OilProduction.aspx

The multinational oil companies operate in partnership with NNPC under Joint Operating Agreements (JOAs) or Production Sharing Contracts (PSCs). Others, especially the indigenous oil companies, operate in partnership with international companies under sole risk or as independents. Nigeria's petroleum industry is well grounded in successful exploration, beginning with the first commercially viable discovery at Oloibiri in the Niger Delta in 1956, with a modest production rate of 5,100 barrels per day. Reserves of crude oil stand at 28.2 billion barrels. Natural gas reserves total 165 trillion standard cubic feet (scf), including 75.4 trillion scf of nonassociated gas.

An important ingredient in NNPC's exploration success is the Integrated Data Services Ltd (IDSL), a subsidiary of NNPC. IDSL is one of the largest and most advanced earth science facilities in Africa. Field data is sent to IDSL for analysis using advanced computer systems, giving the company the critical edge in its upstream operations. IDSL processes and interprets in 3-D configurations data from the hydrocarbon reservoirs. This technological capability is instrumental in developing reservoir management strategies, which provide optimum recovery rates over the life of a field.

IDSL has been responsible for most of the country's major oil discoveries and is continuing an intensive exploration programme to increase the nation's hydrocarbon reserves.

PRODUCTION
With a maximum crude oil production capacity of 2.5 million barrels per day, Nigeria ranks has Africa's largest producer of oil and the sixth largest oil producing country in the world. Nigeria appears to have a greater potential for gas than oil. Nigeria's gas production in the year 2000 was approximately 1,681.66 billion scf, 1,3715 billion scf was associated gas and the rest 310.16 billion was nonassociated gas.

where are the 55 days reserves? or is GEJ a liar?

I'm as confused as you are. Does he mean strategic oil reserves, like the US has?

He cannot mean Nigeria's total oil reserves.

Or is he referring to foreign currency?

If he is referring to strategic oil reserves, why is this a big deal (given that Nigeria produces far more oil than it consumes)?

http://allafrica.com/stories/201106090666.html

The Nigerian National Petroleum Corporation, (NNPC) says it's now producing 90,000 barrels of crude oil per day up from 60,000 barrels early this year.

The company also said at the same time it produces 50 million standard cubic feet (mscf) per day of natural gas sales.

This signifies an increase of about 30,000 barrels per day of crude oil.

The production is through the NNPC's subsidiary in the upstream sector of the oil and gas industry, the Nigerian Petroleum Development Company, (NPDC).

According to the company, the new milestone combined capacity is put at 102,000 barrels of oil equivalent per day 90,000 barrels of oil per day plus 50 bmscf of natural gas

A statement by the Group General Manager, Group Public Affairs Division of the Corporation, Dr. Levi Ajuonuma, the NNPC said this milestone was achieved based on the Federal Government's support of NNPC/ NPDC transformation and growth strategy towards repositioning the Company within the next five years.

"This new aspiration is designed to increase both NPDC reserves and production base to over 1.5billion barrels and 250,000 barrels of oil equivalent per day by 2015 respectively".

Dr. Ajuonuma stated that the strategic growth aspiration is bolstered by the expansion of NPDC operations via the assignment of equity interests especially in the IOC (SPDC/TOTA/NAOC) divesting blocks.

Under the arrangement the IOCs divested 45 per cent equity in OMLs 4, 38 and 41 to SEPLAT and NNPC subsequently assigned 55 per cent to its subsidiary NPDC to manage these assets.

The NNPC spokesman stated that the assignment of these three blocks resulted to current increase in reserve base of over 200 million barrels of oil and production uplift of 28,000 barrels of oil equivalent per day (20,000 bbls/day of oil and 50 million standard cubic feet gas sales per day).

Saudi Arabia faced resistance on Wednesday from OPEC producers opposed to an increase in oil supplies that may help ease crude prices.

Under pressure from consumer countries to contain fuel inflation, Riyadh hopes to convince the OPEC to lift its production target by 1.5 million barrels a day at the meeting today, Gulf delegates said.

this was in june this year.

oya eran ileya and markt madman, over to you

Oyb, u are on point. Don't let those idiots prevent u from doing justice to this topic. It seems to me that the retardeen governing us doesn't know the difference BTW foreign reserve and crude reserve or so. Left to him, na the same. Abegii free him, that's the way the rotten brain of a fisherman works.
Next.

.

our declared oil reserves

where is beaf - on a hotline with his paymasters to coerce channelstv into some "oceania was never at war with eurasia" shenanigans ?

I believe GEJ meant refined petroleum, or crude oil already extracted and set aside to be refined exclusively for Nigeria.

Strategic oil reserves in the context of the discussion was in case of an emergency Nigeria has only 55 days worth of petroleum before our cars, generators, war machine etc stop dead.

I am also looking out for the transcript, so if you find it please do share.

He's talking about reserves of PMS (petrol) that you buy in filling stations.i.e. If they stopp importing today, the stock on ground will last 55 days. You guys take some things too seriously sha!!

Can anyone be more retardeed than Retardeen

@ dayokanu, congrats you just won the prize. Agbaya ala ini ronu

And you won what? Oponu akirada akindindinrin akindanidani

Oponu omo ale. o je ba ara re soro. were ala ini nkan se

oyb:

http://www.nnpcgroup.com/NNPCBusiness/UpstreamVentures/OilProduction.aspx

where are the 55 days reserves? or is GEJ a liar?

may be he is referring to NNPC petroleum products supply reserve, that figure Levi Ajumona always quote to allay fuel scarcity fear. Sometime these guys in power should realize that the people they lead have access to information too, sometimes even more info than their so called advisers and PA would like them to know.

warrior01:

Oponu omo ale. o je ba ara re soro. were ala ini nkan se

se bi omo tii nku lojo suna ni won ma pe ba yen, if that guy is still alive, how come he is alaini kan se, lol,