Amotolongbo:
When other nations are looking away from crude oil as the only source of revenue, we keep on making explorations of crude oil with part of the resources we have.

Yes, we should diversify away from oil as virtually our "only" revenue source, but NOT from crude exploration..

The US (a leader in renewable energy development) has INCREASED its exploration, even into previously protected areas...
Meanwhile, leading environmentalist nations like Norway and Canada issued their HIGHEST-EVER exploration licenses in 2019.
>

ikorodureporta:
oil wey Boko don dey drill since

Hen en, na true o. So dats where dem get money to buy all thos munitions.

Ol'boy sense no go kill u.

EgunMogaji2:
It doesn't matter at this point in life.

Crude oil is not a dirty word.

The exploration money should be spent on solar and wind farms.

GamalNasser:
The era of oil is gone , the UK has announced 2035 as the year to stop the sale of petrol engine vehicles . You will not see any IOC invest in that useless oil from the north

Car engines are NOT the only consumers of petroleum (and hybrids use petrol anyway)...

The US (a leader in renewable energy development) has INCREASED its exploration, even into previously protected areas...
Meanwhile, leading environmentalist nations like Norway and Canada issued their HIGHEST-EVER exploration licenses in 2019.
>

HisSexcellency:
Found oil in which state and in what local government
All these political statements just to justify the enormous amount of money spent drilling dust in the North.

oil has been found in Kolmani, a border town between Bauchi and Gombe state.

We keep looking for oil we can’t even manage

i see an asslicker impressing his paymasters. Wetin u gain

nairalandbuzz:

USA wants to stop importation of Oil, so they discovered oil for themselves... By fracking

So not to export

The US exports more than THREE TIMES the amount of oil that Nigeria does - 7.6 million per day in 2018!
>

grandstar:
If Nigeria was a country of 10m, this should be exciting news.

For Nigeria, a country of 190m people to be jubilant finding 1billion barrels of crude because the resource contributes over 70% of the government's revenue is lamentable. Britain, with a population of 66m, has a budget of 842billion pounds. That is more than double Nigeria's GDP.

It even produces crude oil but it is hardly ever mentioned in the revenue projections. It probably contributes no more than 2% of the country's budget.

People in the UK pay taxes...
And are PRODUCTIVE, rather than sharing money.

Nonetheless, North Sea oil SAVED the UK economy...
Before then, the UK was in rapid economic DECLINE!
>

After so much transportation of our 'CRUDE OIL' to the North, that dry land?

You contribute for them na, that's why you got your seat, Mr Sylva!

grandstar:
If Nigeria was a country of 10m, this should be exciting news.

For Nigeria, a country of 190m people to be jubilant finding 1billion barrels of crude because the resource contributes over 70% of the government's revenue is lamentable. Britain, with a population of 66m, has a budget of 842billion pounds. That is more than double Nigeria's GDP.

It even produces crude oil but it is hardly ever mentioned in the revenue projections. It probably contributes no more than 2% of the country's budget.

Wait don't tell me our GDP is about 200 billion dollars cause that is what I heard.

Audio oil :-)

Every well Reasoning minded Nigerian Know that they have being Crude oil in the Northeast Just that it is not in Commercial quantity if not ask yourself this question..why is Boko Haram only interested in the northeast ?..they know the Richness of that Region and want to size control so that it will be under their control...any way what do i knw

donbachi:
1 billion barrels of tomato oil.

Spit out the hatred which your parents planted in you before it suffocate you to death.

Positivepoint:
Alot of u guys don't understand why the North has so much Insecurity. The reason is simple the total control of the natural resources of the region. And it's a serious fight between Western countries. They are developing Alqida, ISSI type situation that may engulfed the country in serious crises.

We need to rise up as Nigerians to fight this deadly covert invasion for it will affect us all at the end.


May God help us.

Rise up alone.

Audio Oil

executive12:


Last time the Igbos tried leaving the shithole, it's still the confused ones like you that took up arms against them.

Lolz, u tried leaving the shit hole, yet the larger % of u are still in the SW and north. I expect all of u to be in ur mud land now, so that Nigerians can take u serious.

fk002:
If Niger and Chad Republic can discover crude oil then definitely there is crude oil in Northern Nigeria. And we must explore it.

.................if the money wasted so far in oil exploration in the north is used to explore in the south west and south east, by now Nigerian will have enough oik than this but they prefer to waste the money in searching for audio oil up north.... The 1b barrel oil will soon dry up just like that of Lagos shaaaaa

9jaRealist:



Car engines are NOT the only consumers of petroleum (and hybrids use petrol anyway)...

The US (a leader in renewable energy development) has INCREASED its exploration, even into previously protected areas...
Meanwhile, leading environmentalist nations like Norway and Canada issued their HIGHEST-EVER exploration licenses in 2019.
>

I’ve stated my position and I stand by it.

Internal combustion engine is the most used derivative of crude oil.

It and the other uses dies not justify the environmental damage caused by oil extraction and there are clean alternatives to every single derivatives.

I don’t care what Canada does. I care what Nigeria do.

Amotolongbo:
When other nations are looking away from crude oil as the only source of revenue, we keep on making explorations of crude oil with part of the resources we have.


This administration is just so clueless.

No nation has looked away from oil. Oil is still a very high demand commodity because it is used for so many things beside in cars.

What he is talking about is Oil reserves.

United States has one of the highest oil reserves in the world because they buy from others and store it up.

They are doing this for a reason.

Nigeria is diversifying to other areas of economic sustainability but we still need to have reserves just as people need to save up money in the bank.

EgunMogaji2:
I’ve stated my position and I stand by it.

Internal combustion engine is the most used derivative of crude oil.

It and the other uses dies not justify the environmental damage caused by oil extraction and there are clean alternatives to every single derivatives.

I don’t care what Canada does. I care what Nigeria do.

Strawman Argument....
That was NOT the point you made or the one I commented upon.

As for what Canada and Nigeria does..
EDUCATED Nigerians are voting with their feet which one they prefer what it does! SMH
>

SS and SE politicians should go and buy oil Wells there. It will be a shame if they don't.

Crude oil has become a burden to Nigeria.
Despite the huge reserve in the Niger Delta, there's no comesorate development in that region.
Even if a trillion deposit of crude oil is discovered in the north, with this same crop of leaders, nothing good will come out of it.
Crude oil, in the north, will only result to more billionaires, more money in the vault of banks in SaudI Arabia, in Dubia and other safe haven.
More poverty for the vast majority in that region.
More pollution, more banditry.

Ausrichie:

Wait don't tell me our GDP is about 200 billion dollars cause that is what I heard.

Officially it is ESTIMATED (emphasis added) at between 400-500 billion dollars...

But the reality is that no one knows for sure because the vast majority of Nigerian economic activity is INFORMAL!
Personally, given that informality and prevalence of UNDER-REPORTING in the semi-formal sector, I would guess in the region of 1-1.2 trillion dollars.
>

9jaRealist:


Strawman Argument....
That was NOT the point you made or the one I commented upon.

As for what Canada and Nigeria does..
EDUCATED Nigerians are voting with their feet which one they prefer what it does! SMH
>

The mistake I made was giving you an audience before recognizing your UserID.

This news smells fishy

1 billion barrel of audio oil

Blindersoff:


No nation has looked away from oil. Oil is still a very high demand commodity because it is used for so many things beside in cars.

What he is talking about is Oil reserves.

United States has one of the highest oil reserves in the world because they buy from others and store it up.

They are doing this for a reason.

Nigeria is diversifying to other areas of economic sustainability but we still need to have reserves just as people need to save up money in the bank.

Read what you quoted very well.

when other nations are looking away from crude oil as their only source of revenue

Sheer painment from the usual quarters.
Lol, E dey sweet me as e dey pain una

Amotolongbo:
Read what you quoted very well.

when other nations are looking away from crude oil as their only source of revenue

Read what I wrote very well yourself.

Nigeria is diversifying to other areas of economic sustainability but we still need to have reserves just as people need to save up money in the bank.

The minister is working.

9jaRealist:


Officially it is ESTIMATED (emphasis added) at between 400-500 billion dollars...

But the reality is that no one knows for sure because the vast majority of Nigerian economic activity is INFORMAL!
Personally, given that informality and prevalence of UNDER-REPORTING in the semi-formal sector, I would guess in the region of 1-1.2 trillion dollars.
>

We try small na.

9jaRealist:



Car engines are NOT the only consumers of petroleum (and hybrids use petrol anyway)...

The US (a leader in renewable energy development) has INCREASED its exploration, even into previously protected areas...
Meanwhile, leading environmentalist nations like Norway and Canada issued their HIGHEST-EVER exploration licenses in 2019.
>

They are not the only consumers of petroleum but but are substantial consumers of petroleum products which means demand for fosssil fuels will drop greatly and the price of a barrel drop significantly which inturn means oil explorers will opt for Wells with with the cheapest cost of production per barrel which automatically knocks out any oil in the. North because it will be too expensive to produce and evacuate . By 2035 the price of a barrel of oil will be about 20 dollars so where is the north going to see any IOC that will drill oil there when there are far cheaper oil sources out there