@princejayboss, OPEC Could Control Not Less Than 30% Yet Has The Biggest Oil World Reserves. Its Not Far-fetched Why Non-opec Holds Large Share; They Are Rather Price Takers. OPEC Has No Control Over Market Volatility & Price Stability But Its Internal Mechanisms Affects Market Stability & Non-Opec's Response. The Priority Of OPEC Is To Maintain Its Market Share. Its No Fault Of OPEC That The Likes Of Nigeria, Venezuela.., Depleted Their Resources Unlike Saudi, UAE, Kuwait., Who Enjoys Strong Reserves & Could Afford Oil As Low As $10. Oil Glut Will Continue Especially In The Face Of Shale Oil. This Is An Era Of Oil War. No Matter What Non- Opec Does, OPEC Will Continue To Flood Production And Maintain Its Market Share.




2. Nothing Wrong With Chad Oil Exploration, Ask Yourself How Much UK Is Spending On Her Oil Exploration With The Hope Of Joining The Market Soon Enough As Do Other Nations Exploring Oil On Daily Basis. Oil Is Big And A Huge Source Of Energy.










The Truth!

@DrDauda, Keep On Deceiving Yourself, Okonjo Said We Needed To Save Yet Depleted The ECA Without The Approval From The Governor's Forum. What Would You Have Amaechi Do As The Chairman? Fold His Hands And Allow FG Keep Withdrawing From ECA Without Any Action? Better Share The Monies Than To Allow The FG Withdraw It All, Leaving The States With Nothing. A Very Good Decision By Amaechi.










No Lie Only Truth!

@dokiOloye, Okonjo Can Deceive Your Likes That She Is Saving For The Rainy Days Yet Kept Withdrawing From ECA Without The Approval From The Governors Forum. Its Better To Share The Monies Than For FG Spend It All Alone. Amaechi Was Spot on.













The Truth Has Spoken!

TimeManager:
@princejayboss, OPEC Could Control Not Less Than 30% Yet Has The Biggest Oil World Reserves. Its Not Far-fetched Why Non-opec Holds Large Share; They Are Rather Price Takers. OPEC Has No Control Over Market Volatility & Price Stability But Its Internal Mechanisms Affects Market Stability & Non-Opec's Response. The Priority Of OPEC Is To Maintain Its Market Share. Its No Fault Of OPEC That The Likes Of Nigeria, Venezuela.., Depleted Their Resources Unlike Saudi, UAE, Kuwait., Who Enjoys Strong Reserves & Could Afford Oil As Low As $10. Oil Glut Will Continue Especially In The Face Of Shale Oil. This Is An Era Of Oil War. No Matter What Non- Opec Does, OPEC Will Continue To Flood Production And Maintain Its Market Share.




2. Nothing Wrong With Chad Oil Exploration, Ask Yourself How Much UK Is Spending On Her Oil Exploration With The Hope Of Joining The Market Soon Enough As Do Other Nations Exploring Oil On Daily Basis. Oil Is Big And A Huge Source Of Energy.










The Truth!

Truth or no truth .... As a physicist... I will tell you this .... A change game is coming where and when nobody will need crude ... Take or leave it .... It was predicted over 100years ago by mr Einstein but by the no technology that facilitate the conversion process to fluid fuel.... Now today we have it ... We can convert solar energy energy into a fluid fuel .... In just 3years we can make enough fuel that can power the world for 36,000years.... If you need more lecture on that inbox me .....

2. Exploration in Nigeria side of Chad basin is a waste of tax payers money, and a means to loot and search of political correctness ..... I will tell you that every land has crude but what every land dies not have is the commercial quantity of the crude along with purity of the found crude.

Nigerian side of Chad basin can not and does not have what it takes to habit the conversion of hydrocarbons.... At least for the next 20years .... No body will see oil there .... Why is it that the entire oil exploration companies has rejected the job?... Why is NNPC handling the job or when has NNPC became an oil exploration company?

Recently NNPC bought 3way Dimension seismic machines to upgrade their drilling power but all effort proved abortive... Science are not stupid..

I want you to understand that we must not support a government at all cost even when our future is threatened..... Creation of billions of naira to explore in Chad basic is just a process of stupidity and political correctness.


Finally, we as a nation should watch our future as fast as we can.... I came back to Nigeria for Xmas since three days now ... And I have not seen light, my son asked me if Nigeria does not have light as one of her natural resources? He thought that electricity is a natural resources.

170million population are still hoping for oyibo for help.... What's the population of rusia that has been challenging the US..... I can tell alot Nigerians around the world who does unimaginable job for countries in different aspects of science yet back our useless leaders who want to rule even from their grave age can never ask for their help


Is a shame the Nigeria does not have future ... If we allow this old men and families with political blood lines to remain and recycle our federal wealth then there no leaders of tomorrow that will come

DrDauda:




You are a fool, n may god judge you for opening your cursed mouth to tell lies n defame d personality of Jonathan.

Where u not aware or you are too ignorant to know that amaechi, and APC governors forced n blackmailed Jonathan's administration to share d excess crude oil savings? Even when okonjo iweala insisted that we needed to save those monies for rainy days? Please mind what you say on the social media

Its obvious you spend all your time in the sexuality section, may God punish your cursed soul for that.
I won't be joining issues with you as silence will always be the best answer for a fool_
Moronic dumbass

Nigeria needs to diversify

With low oil price and given IMF prediction of $20/barrel it is time to see mergers in the upstream sector, the era of marginal field operators is definitely a thing of the past as they can not survive with crude oil selling at such a low price. There is a need to achieve economies of scale by indigenous oil producers in order to lower cost of production per barrel. The government should encourage all marginal field operators as matter of urgency to adopt mergers as a means of achieving economies of scale, which will lead to reduction in the Marginal Cost of Production (MCP).
NIGERIA WILL SURVIVE!!!

OPEC admitted few days ago that the current fall in oil price will last for next 4 years until Year 2020 when there's projection that the price will rise to $70 per barrel.

roughdiamond:
Nigerian citizens should just sit up. No more light at the end of the tunnel. I 'm not against this administration but it lacks measures to curb the surfacing hard time

There is nothing this administration can do about it, there is a global recession triggered by IMF , and oil production is being axed worldwide for the sake of so called green energy.

The 1930s are here again.

TheAlchemist:
With low oil price and given IMF prediction of $20/barrel it is time to see mergers in the upstream sector, the era of marginal field operators is definitely a thing of the past as they can not survive with crude oil selling at such a low price. There is a need to achieve economies of scale by indigenous oil producers in order to lower cost of production per barrel. The government should encourage all marginal field operators as matter of urgency to adopt mergers as a means of achieving economies of scale, which will lead to reduction in the Marginal Cost of Production (MCP).
NIGERIA WILL SURVIVE!!!

There is nothing a merger will do here, the fact is that alternative forms of energy are being discovered and developed, electric cars and the rest.

Anyone thinking of making mass investments in oil explorations is making a mistake, the oil giants like total and shell saw this yrs ago when the started selling off their oilfields and platforms to nigerians at give away prices.

babosky2008:

if and only if you could reason like a wise man , u would understand that badluck Jonathan was the architect of today's crisis. he met our oil in good luck, he changed it to bad luck, quoting father mbaka, the only one who told mama peace and her bad luck husband the truth. buhari is d saviour that God sent to rescue Nigeria. period.

You mean Buhari is the Messiah we have been looking for? Bros I doubt. May be John the Baptist.

Is good we sell @ $1 per barel that is what biafra depend on so Nigeria will have peace

TOEZOFFICIAL:
Talk is cheap!...Shey President Buhari promised to stabilize world oil price abi he no win? I jst blame illiterates that believed him and wasted dia votes and don't tell me there was no better option cos Prof Remi sonaiya of kowa was dia. ... Naija needs to revive agriculture or find another means of survival asap!

if you don't have something better to say kindly log out, people didn't vote PMB because of what you just said, he was the bestest candidate amongst all the contestants, even your incumbent GEJ lost the election and would have been more clueless and calamitous at this time, because the military would have taken over for sure.

Abiagirl777:
Of course let it fall to 0.0ⁿ0/$ so we can have peace
Meanwhile I want to wish Happy Christmas to the man who appropriated a large portion of the budget for further exploration of oil in the chad basin.
GIVE IT UP FOR!!!!!!!!!!

Your fada

This is the time we needed our judiciary to cooperate with anti corruption agency to end all our looted fund cases within six(6) months from high Court to Apex court. Reason being that the money would be return in full to fund the 2016 budget without borrowing. Since Abacha looted fund were recovered and returned back to this country without litigation, our judiciary should just used there power to over rule frivolous motion and adjournment.

This country is finished.A combo of Selfish leaders & ignorant followers will always bring disaster. Agriculture is dormant, solid minerals is dormant, everybody is waiting for oil money because its like free cash, ok but today many are selling it & few are buying. The make matters worse, the North is still busy breeding children like rabbits because they feel they will use it to win elections & get more oil windfall, tell them about birth control & they will tell you its anti islam. In 2050 Nigeria will be the third most populous country in the world with a comparatively small landmass, impoverished populace that cant afford 3 square meals, maybe by then 99% will be below poverty line, what an accursed country!!!

[size=28pt]It is well.

Rest assured that at $20 a barrel the 44 million dollars daily will enter our treasury under the watch of Buhari.


It is better for Nigeria with oil at 20 amd Buhari than oil at 130 and jonathief as president.


Igbos oya take over abuse me finish.[/size]

zheroes:
if you don't have something better to say kindly log out, people didn't vote PMB because of what you just said, he was the bestest candidate amongst all the contestants, even your incumbent GEJ lost the election and would have been more clueless and calamitous at this time, because the military would have taken over for sure.

Bro I follow you because you are a very sensible person. I believe the task of sanitizing Nigeria is one that will span generations and is certainly not going to start with present crop of leaders and youths. Do you know why? because we are problems first to ourselves and then to the country. We are the greatest un-loyal citizens of the world.

I like and suppprt PMB.

But I doubt if there are enough people around him to successfully navigate this situation.

I am an optimist but need to face reality.

The huge numbers of thieves in government positions not just politicians for the past 30 or more years have drained this country dry.

Since the infrastructure is below what is needed I wonder how we can grow a modern economy if oil prices keep dropping?

October1960:
I like and suppprt PMB.

But I doubt if there are enough people around him to successfully navigate this situation.

I am an optimist but need to face reality.

The huge numbers of thieves in government positions not just politicians for the past 30 or more years have drained this country dry.

Since the infrastructure is below what is needed I wonder how we can grow a modern economy if oil prices keep dropping?

it is time for regionalism..true federalism...It is time..Now is the time for any dullard in this administration to check up the confab report and espouse it...nigeria can't go on like this forever..Our collective foolishness can not continue forever

We need to bring back mrs ngozi, the former minister of finance. She really saw the future. During gej administration, she discussed about saving for the rainy day in anticipatation of the fall in the oil price in the international market. But some governors especially rotimi ameachi muted the ideas by dragging her to court.

Now, we are paying the price of lack of forsight. We should hold this government accountable for poor policy articulation. Buhari need help now before nigeria turn to zimbabwe.

IzonOwei:
every single one of them ..they all deserve to die some way..The Niger delta is as good as shit. .I hope our militants who forgot about the real fight to emancipate their own people can now rest now that oil price would nose dive to nothing...collectively the Niger delta became foolish to almost an irredeemable point. ..All oil companies are now located in lagos and jobs evading indigenes of the Niger delta like never before all because of the foolishness of a few erratic humans..sea piracy and militancy has dragged us aback..


Truckpusher what do we do

Your sentiments are fully noted. Nice to see ND indigenes like you finally opening their eyes to the real problems.

CHAI!!! It's times lyk dis dt makes me feel lyk askn God y he made me a Nigerian. Check it... All d problems we have in dis country r all man made. I'm sure God self is even tired of dis country. Afta many years & generations of politicians, leaders (both military & civilian), civil servants & their cronies robbing d country blind, D chickens have come home to roost. & somebody wld nw come & say '1 Nigeria'. When oil prices were @ $150/barrel,wt did we do wt it? During d global recession when oil was @ $50/barrel, we still didn't take heed 2 diversify d economy & boost local production so as 2 reduce importation drastically. Nw d suffering we wld suffer if d oil price continues 2 drop wld b worse Dan Greece' own because we dnt have an EU 2 bail us out. Naija don tire me o.

Bollinger:


I am glad you said that. With that being said, i wonder why almost everyone is blaming this present predicament on Buhari. All this didn't just start today. The only way you can blame this present administration is if everything was groovy in the past and all of a sudden things went bad. As far as i can remember, things have always been terrible in Nigeria since independence, so blaming Buhari is nonsensical. Nigerians never rate performances on how good things were; it is always rated on how bad compared to the last administration. Depending on which administration was/is in power. There is a way out of this but will the citizens accept the hard choice? I doubt it.

Bia, in the last 6 months which GOOD thing has come out of this PRESENT administration other than play blame game. Fry pan to fire is what is happening now.

fuckerholic:
It better fall to 1 dollar..this is good for Africans BC it seems their lazy silly brains can't see any other thing than oil as a means of income.in particular Nigerian politicians can now at least rest or better still back out from politics so the real called ones can stand out

bros that is my daily prayer point

let it drop to 0 dolars a barrel so dat make nigeria get sense

AT THIS POINT IN TIME, ALL NIGERIANS SHOULD WISEN UP, BEGIN TO SET UP ASSETS because am in doubt if our govt is on the ride direction,and in order to avoid being a victim of the economic crash.. For our YOUTHS, entrepreneurship is the way forward, start a business TODAY.
LEARN SOMETHING, DO SOMETHING AND SELL SOMETHING.

so crude oil don turn purewater now! interesting, e remain make 9ja dey hawk am for oyinbo peepul street

roughdiamond:
Nigerian citizens should just sit up. No more light at the end of the tunnel. I 'm not against this administration but it lacks measures to curb the surfacing hard time

why dont you give them a good advice....or you are clueless

EternalTruths:
Buhari should have pegged the benchmark at $20 and keep any extra for 2017 Capital Projects

Because if this prediction becomes real, we might end up in an economic crisis.

Borrowing money to finance Capital Projects in a nation like Nigeria whose citizens are corrupt minded might cause Buhari a stroke if these saboteurs divert the money.

Buhari should study his subordinates in 2016 before borrowing.

A wise leader should be patient enough to know the Judas in his ranks.

when the senators are still batling to make it 40

It's high tilme we started diversifying...