P0intBlank:



This discussion started because I felt you exaggerated the figures.

In 2016, the period the article you referenced talked about, the average price of a barrel was $39.69 (not $25) and there was never a point that year where a dollar exchanged for 180 Naira. So your calculation is faulty.

BTW You've still not shown 1 billion barrels were lost.

which can brain you get ...if ur installed capacity is 2.4 million daily and your are producing 1.4 m million barrel that a lost of 1 million barrel ,between 2009 to 2016 that 2555 days at only 1000days x 1 million daily that 1 billion barrels 2009 was height of mend while 2015 was height of avenger amd ipob .....all through gej 5 yrs crude was stolen at an industrial scale ...400,000 barrel per day....u dont know all this funds would have been dollar earning to the federal govt i check ur profile and observed you are kid if i remove 10 yrs from your age that 2007 u will be in primary school so am not suprise

Alikote:
which can brain you get ...if ur installed capacity is 2.4 million daily and your are producing 1.4 m million barrel that a lost of 1 million barrel ,between 2009 to 2016 that 2555 days at only 1000days x 1 million daily that 1 billion barrels 2009 was height of mend while 2015 was height of avenger amd ipob .....all through gej 5 yrs crude was stolen at an industrial scale ...400,000 barrel per day....u dont know all this funds would have been dollar earning to the federal govt i check ur profile and observed you are kid if i remove 10 yrs from your age that 2007 u will be in primary school so am not suprise

1) You're one of those that don't know how address issues without attacking personalities. FYI, I was already through with Uni in 2007

2) Your points are incoherent. U've still not proven anything. I suspect it's because you don't want to admit to being wrong.

Note: The avengers started their wahala in January 14, 2016. That's slightly over a year (less than 400 days)

Alikote: when avenger dey blow pipeline that is the source of the dollars to the economy edey sweet ipod and co now we lost 1 billion barrel of exportable crude which will have earned us 26 billion dollar ....when u blow gas pipe there will not be electricity and we all suffer buhari will not suffer he will have access to dollars and electricty na we poor nigerian go suffer

The above quote was what started the argument. You put 1 billion barrel, avengers, and IPOD in the same sentence. Anyone reading it will deduce that Nigeria has lost 1 billion barrels to the terrorist activities of the Avengers. When I questioned the figure you gave, instead of admitting it was a mistake, you started go round in circles doing calculations with figures you concocted. Dollar to Naira figure wrong, Average crude oil price in 2016 wrong and now you're using 2.4 million bpd (when Nigeria's export (OPEC) quota is 2.2 million bpd). Anything above 2.2 million will be reserved for domestic refining (That means it will not earn us FOREX)

P0intBlank:


1) You're one of those that don't know how address issues without attacking personalities. FYI, I was already through with Uni in 2007

2) Your points are incoherent. U've still not proven anything. I suspect it's because you don't want to admit to being wrong.

Note: The avengers started their wahala in January 14, 2016. That's slightly over a year (less than 400 days)



The above quote was what started the argument. You put 1 billion barrel, avengers, and IPOD in the same sentence. Anyone reading it will deduce that Nigeria has lost 1 billion barrels to the terrorist activities of the Avengers. When I questioned the figure you gave, instead of admitting it was a mistake, you started go round in circles doing calculations with figures you concocted. Dollar to Naira figure wrong, Average crude oil price in 2016 wrong and now you're using 2.4 million bpd (when Nigeria's export (OPEC) quota is 2.2 million bpd). Anything above 2.2 million will be reserved for domestic refining (That means it will not earn us FOREX)

exportable learnt to comprehend English.who told anything above 2.2 million will be reserved for local local is 400,000 barrel which is part of any production by NPDC which has been swapped for refined product with vitol and transfuga and other if you dont know bent crude was 27 dollar last year so need to talk to you or prove anything to you guess NEPA is already doing that with black out...and Forex scarcity induced inflation is hurting your ass that enough prove

Alikote:
exportable learnt to comprehend English.who told anything above 2.2 million will be reserved for local local is 400,000 barrel which is part of any production by NPDC which has been swapped for refined product with vitol and transfuga and other if you dont know bent crude was 27 dollar last year so need to talk to you or prove anything to you guess NEPA is already doing that with black out...and Forex scarcity induced inflation is hurting your ass that enough prove

It's ok. We are not fighting.

To answer you question about the export quota. Read this: http://www.thisdaylive.com/index.php/2016/03/14/kachikwu-nigeria-is-targeting-2-4mbpd-oil-output-in-2016/

Learn to read in between the lines. I said average price. I'm sure you know what average means. Of course, I know brent crude fell to $27.36 (Jan 19, 2016). This happened briefly in January 2016 after which it rose until it peaked at $57.19 (Dec 30, 2016). You can neither use the lowest price nor the highest price to do a calculation for the year in question. You'll have to use the average.

P0intBlank:


It's ok. We are not fighting.

To answer you question about the export quota. Read this: http://www.thisdaylive.com/index.php/2016/03/14/kachikwu-nigeria-is-targeting-2-4mbpd-oil-output-in-2016/

Learn to read in between the lines. I said average price. I'm sure you know what average means. Of course, I know brent crude fell to $27.36 (Jan 19, 2016). This happened briefly in January 2016 after which it rose until it peaked at $57.19 (Dec 30, 2016). You can neither use the lowest price nor the highest price to do a calculation for the year in question. You'll have to use the average.

NIGERIA currently swaps a part of her 445,000 barrels of the (daily) domestic crude oil allocation to refineries with some oil companies and in return receives refined products – under one of the most opaque processes ever known in commercial and bilateral relations.
Oil swap derives from the fact that Nigeria’s four refineries operate mostly below 50% installed capacity and since 2003, the NNPC has continued to allocate them 445,000 barrels of crude oil per day, which corresponds to 100% capacity.

This means that a balance of about 222,500 barrels a day has to be exported. Part of this balance is exchanged for refined petroleum products, within the framework of ‘SWAP contracts’ (exchange of crude oil for petroleum products).

https://www.google.com.ng/url?sa=t&rct=j&q=&esrc=s&source=web&cd=6&cad=rja&uact=8&ved=0ahUKEwj9m86A-unRAhVFPRQKHT6PCYwQFgg6MAU&url=http%3A%2F%2Fguardian.ng%2Fopinion%2Fwhy-government-should-stop-oil-swap%2F&usg=AFQjCNFKazQWlK9OCBj6j2ghHiIC2lMbCw&sig2=t8ZyuLsQoB_-GCza-injVw

Average annual UK Brent crude oil price from 1976 to 2016 (in U.S. dollars per barrel)
This statistic shows the UK Brent crude oil price from 1976 to 2016. In 1980, the average price of UK Brent crude oil was at 36.80 U.S. dollars per barrel. Brent is the world's leading price benchmark for Atlantic basin crude oils. The price of crude oil is closely observed as it influences costs across all stages of the production process and consequently alters the price of consumer goods as well.

Crude oil benchmarks

In 2015, the UK Brent crude oil prices totaled an average of around 53 U.S. dollars per barrel, down significantly from the 2014 average price of 99 U.S. dollars per barrel. To put the 2014 figure in context, however, it was a large increase from the 2001 average, at 24.45 U.S. dollars per barrel. Brent Crude is considered a classification of sweet light crude oil and acts as a benchmark price for oil around the world. It is considered a sweet light crude oil due to its low sulfur content and a low density. This oil originates in the North Sea and is comprised of several different oil blends including Brent Blend and Ekofisk crude. Often, this crude oil is refined in Northwest Europe.

West Texas Intermediate (WTI) oil prices totaled 25.9 U.S. dollars per barrel in 2001 and rose to 93.25 U.S. dollars per barrel in 2014, before decreasing significantly to 48.66 U.S. dollars per barrel in 2015. The WTI is another type of sweet light oil and is often referenced alongside of UK Brent.

Urals oil is used as a benchmark price for Russian export oil mixtures. It is a combination of heavy and light oils. The price of Urals crude oil was expected to rise from 78.2 U.S. dollars per barrel in 2010 to 116 U.S. dollars per barrel by 2016 (based on a 2012 projection), however this benchmark has followed the general trends of other benchmarks, and has had a daily oil price between 34 U.S. dollars per barrel and 41 U.S. dollars per barrel in April 2016. Oil futures class Urals is listed on the Russian Trading System stock exchange.

which average are u talking about your can only talk within a range 10 year or 1000 yrs