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Nairaland Forum / Nairaland / General / Politics / It Doesn't Make Any Economic Sense To Explore For Oil In North East Now- Opinion (1328 Views)
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It Doesn't Make Any Economic Sense To Explore For Oil In North East Now- Opinion by hopilo: 1:32pm On Jan 23, 2016 |
With the dwindling oil price now, the commodity is gradually becoming worthless and most sensible countries and multinational oil companies had since Last year stopped further drilling and explorations for Oil leading to lost of Jobs by Rig workers. The rather maintain production from existing wells hoping the slide will not get to production cost. However with Nigerian government appropriating funds in the 2016 budget to continue oil exploration in the North East, this action in my opinion is not appropriate in view of the current market condition in the Oil and gas. The government should have re-strategies by at least using the funds to increase funding of the sector they want to diversify. Probably the Agric sector to gain some momentum for the next 3 years. Do you think the govt. got their priorities right on this? Have your say. |
Re: It Doesn't Make Any Economic Sense To Explore For Oil In North East Now- Opinion by DAVEZONIGLTD: 1:35pm On Jan 23, 2016 |
hopilo: Thank you my brother....40billion naira would turn our Agric sector to one of the best in the world. 2 Likes 1 Share |
Re: It Doesn't Make Any Economic Sense To Explore For Oil In North East Now- Opinion by geez18(m): 1:41pm On Jan 23, 2016 |
funds that are supposed to go to salvaging a seriously ailing economy being used for a frivolous and gigantic elephant project all in the name of being competitive in oil production with the south.this country is heading for the abyss! 3 Likes 1 Share |
Re: It Doesn't Make Any Economic Sense To Explore For Oil In North East Now- Opinion by MagicBishop: 1:42pm On Jan 23, 2016 |
geez18:. And 39bn for lying campaign in the guise of budget for ministry of misinformation under liar Mohammed will help the country Abi? 1 Like 1 Share |
Re: It Doesn't Make Any Economic Sense To Explore For Oil In North East Now- Opinion by Nobody: 1:42pm On Jan 23, 2016 |
hopilo:is for check and balance because oil producing state are getting extra budgetary and other benefits from the FG, why not for the north to gets its own share? |
Re: It Doesn't Make Any Economic Sense To Explore For Oil In North East Now- Opinion by MagicBishop: 1:47pm On Jan 23, 2016 |
Asapcymg: Receipts are drawn from actual oil production and sales and not from existing wells. My opinion is that that money is going to be diverted to compensating their bokos. A huge chunk of that 40bn will be diverted by the NNPC in the guise of community development. At the end of the day it is just another scam meant to compensate and reintegrate their bokos. 1 Like |
Re: It Doesn't Make Any Economic Sense To Explore For Oil In North East Now- Opinion by hopilo: 1:49pm On Jan 23, 2016 |
Asapcymg:I think it is resource producing states, if earnings in any of the solid minerals is increase the budgetary allocation for that state will follow same. Today a bucket of KFC chicken is $28, while a barrel of oil is $27. |
Re: It Doesn't Make Any Economic Sense To Explore For Oil In North East Now- Opinion by coolzeal(m): 1:52pm On Jan 23, 2016 |
We made the Northerners to feel too important with our divisive concept in the South when they are nothing in this entity called Nigeria. The best solution for this nation is Regionalism. 1 Like |
Re: It Doesn't Make Any Economic Sense To Explore For Oil In North East Now- Opinion by Nobody: 1:59pm On Jan 23, 2016 |
hopilo:what would you say when 1.5L of swan water is 120 and 1L of petrol is 65 @2009 don't we survive |
Re: It Doesn't Make Any Economic Sense To Explore For Oil In North East Now- Opinion by kingzizzy: 2:03pm On Jan 23, 2016 |
Northern Oil exploration is a waste of time, even if Oil was $1000 a barrel. The reason is that Northern Nigeria has gained an unenviable worldwide reputation as a hotbed of sectarian violence and terrorism. No international investor is going step one foot in there and neither will the big oil players like Agip, Shell and Texaco etc. They are not going to spend billions in resources and equipment in a place where everything could be blown up the next day. I don't see any Oil coming out of the North this century 1 Like |
Re: It Doesn't Make Any Economic Sense To Explore For Oil In North East Now- Opinion by Nobody: 2:04pm On Jan 23, 2016 |
MagicBishop:no more boko boys,why living such as +ompolo to vandalised your property go and fight them to stop uncivilisation stop waiting for government to make jungle justice |
Re: It Doesn't Make Any Economic Sense To Explore For Oil In North East Now- Opinion by tempest01(m): 2:05pm On Jan 23, 2016 |
If the prospect is there, then it is worthy to invest. "First oil" takes some years to come on, and oil price is not going to stay low for eternity. Finding the reserves counts as assets for the country. Now is the better time to explore, because low prices will make firms to scramble for any contract, and they can carry out relatively cheaper than the oil boom period. This is the period we should have been relying on internal refining and exporting of finished products. 2 Likes |
Re: It Doesn't Make Any Economic Sense To Explore For Oil In North East Now- Opinion by Nobody: 2:06pm On Jan 23, 2016 |
Mallams want to get 13% derivation too and also NEDC in NE just like NDDC in ND Musa want to start shouting "our oyel" too 1 Like |
Re: It Doesn't Make Any Economic Sense To Explore For Oil In North East Now- Opinion by Nobody: 2:09pm On Jan 23, 2016 |
kingzizzy:my freind you are joking when the Oil is out come and sealed it. That's why your clueless brought that boko things in order to sabortage oil exploration in the north 1 Like |
Re: It Doesn't Make Any Economic Sense To Explore For Oil In North East Now- Opinion by MagicBishop: 2:13pm On Jan 23, 2016 |
Asapcymg: The bokos are there to uproot the Christians from their land by your evil caliphate. Boko haram is a northern Muslim problem created by you Muslims for to wrest power for themselves. But as long as there is God you will all pay for your evil ways. 2 Likes |
Re: It Doesn't Make Any Economic Sense To Explore For Oil In North East Now- Opinion by Nobody: 2:18pm On Jan 23, 2016 |
MagicBishop:why is it we don't see them in active like before,we just heard that there are out of stock ask cowboy whether FG has closed his account. |
Re: It Doesn't Make Any Economic Sense To Explore For Oil In North East Now- Opinion by hmuhammad(m): 2:43pm On Jan 23, 2016 |
Asapcymg:help me tell that clueless boi, they'll never see anything good in this present administration. PMB will govern him for good 8years 1 Like |
Re: It Doesn't Make Any Economic Sense To Explore For Oil In North East Now- Opinion by Nobody: 2:57pm On Jan 23, 2016 |
2019 around the corner. People will go to jail for the nonsense oil prospecting 1 Like |
Re: It Doesn't Make Any Economic Sense To Explore For Oil In North East Now- Opinion by douchesnozzle(m): 3:06pm On Jan 23, 2016 |
Good luck to NNPC. They'll end up drilling dud wells. |
Re: It Doesn't Make Any Economic Sense To Explore For Oil In North East Now- Opinion by SkyBlue1: 3:19pm On Jan 23, 2016 |
DAVEZONIGLTD: No it would not. All these empty statements void of reasoning. How much is 40 billion naira in dollars? |
Re: It Doesn't Make Any Economic Sense To Explore For Oil In North East Now- Opinion by geez18(m): 7:09pm On Jan 23, 2016 |
Riensi: i tell you my brother,it will be another "dasukigate" all over again or maybe it'll be tagged "buharigate" then since buhari is the petroleum minister,for one thing is sure;this venture has been activated as an avenue to loot funds! |
Re: It Doesn't Make Any Economic Sense To Explore For Oil In North East Now- Opinion by geez18(m): 7:12pm On Jan 23, 2016 |
SkyBlue1: what are you saying man!! would you rather have it lining the pockets of some selected few? |
Re: It Doesn't Make Any Economic Sense To Explore For Oil In North East Now- Opinion by NavierStokes(m): 7:41pm On Jan 23, 2016 |
Political expediency! !! |
Re: It Doesn't Make Any Economic Sense To Explore For Oil In North East Now- Opinion by SkyBlue1: 8:46pm On Jan 23, 2016 |
geez18: What are you on about, what is difficult to understand in what I was saying? Maybe I should be clearer in my objection to your post: your proposal that 40billion naira is enough to make Nigeria's agricultural sector one of the best in the world is outlandish and shows poor appreciation of the investment required for such an endeavour, especially in a sector that Nigeria has successively underprioritised and underinvested in. |
Re: It Doesn't Make Any Economic Sense To Explore For Oil In North East Now- Opinion by Chinazaekperem5: 9:01pm On Jan 23, 2016 |
I will be shocked if the government proceeds with the project It makes no economic sense. Oli prices are plummeting and I dont see a recovery in the short term and even in the long term, the world is gradually moving beyond oil and unsustainable energy. The government should focus on more innovative projects 3 Likes |
Re: It Doesn't Make Any Economic Sense To Explore For Oil In North East Now- Opinion by Abagworo(m): 9:18pm On Jan 23, 2016 |
Chinazaekperem5: I pray Nigeria has learnt her lessons from this 2nd doom. Time to seek alternative revenue and stop dependence on foreign goods. |
Re: It Doesn't Make Any Economic Sense To Explore For Oil In North East Now- Opinion by geez18(m): 3:38pm On Jan 24, 2016 |
SkyBlue1: there waa never a time the writer said it would be enough,whar he said was that,it should go to agriculture;it will serve a better use in that sector |
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