^^^ Thank you people! Beiafer, see I do not even have to move a finger to show you how stooooopidly stupid and dense like your "job security" master the PinHead Dull brain (Ph. D) Odechukwu is because almost everyone is doing an excellent job of that already. Shame that your could sell your entire kith and kin for a few kobos and absent your already umbleleara" coconut any kind of reason?? What a phat-faced joke this B(h)eifer is. . .LOL

Akainzo:

Eku_bear, this Diezani is the same Minister that wept on seeing the Lagos-Benin expressway. She was Minister for 2 years and by the time she left, the Laos-Benin expressway was still the same!  
Now here she is at a campaign rally talking of an MOU with oil companies to build petrocheicals and fertilizer plants. It all crap and just words. Nothing like that would happen.

Beaf, first it says, the government will sign, not has signed. So it is still a poposal, so don't spread any rumours or add to what was not said.

When I saw your bolded parts, I broke out into laughter. The entire oil industry in this nation does not currently employ 300,000 people, so how would a petrochemical plant now create such an amount of job? I aint one of those to be fooled by big numbers you know.
And you obviously don't know much about the oil industry either and how crude oil shipments are handled. Come to think of it, you do not know much about the Petroleum Industry Bill either. Nigeria cannot and will not make $687Billion annually from oil.
Let me explain it in simple mathematics:  If we assume that Nigeria currently makes $102B from oil, to make $687B it has to increase by 600% its annual oil production. Now our OPEC quota is 2 Million barrels per day, a 600% increase would translate to what per day? The pertinent questions are: Do we even have that nstalled capacity, what would happen to other OPEC countries, what would happen to price of oil if suddenly there is surplus of supply?

You guys like throwing numbers to deceive, but a critical examination always shows how shallow the thoughts behind these numbers are.

Sorry, but you are the joker here. Why should we have to drill more to make more money? Do you have a clue of how much Nigeria is being fleeced off on a daily basis?
It is obvious that you have no clue as to what Nigeria can make simply by adding value to the oil we drill, and you either know nothing about business or have the inferiority complex that makes certain Nigerians think what other countries attain on a routine basis is impossible for Nigerians. It isn't.
$687billion is a conservative amount, we could make quite a bit more if we stopped being the houseboys to Shell that we currently are.

Expand your mind.

NNPC will become a profit making, self funding company (though still govt owned)

@beaf, tell us one govt owned company that is self funding and making profit, is it  the nigeria railway comp, nepa/phcn,aviation, nama and its associates, port authority that is in total shambles .[y every custom off. has a big belly , i dont know], nnpc,  i can go on.
the point is, as already proven all over successful economy, govt owned parastatals dont make profit cos of endemic
management inabilities to turn things round.
in japan can you believe that most of the nuclear plants are privately owned?

CyberG:

^^^ Thank you people! Beiafer, see I do not even have to move a finger to show you how stooooopidly silly and dense like your "job security" master the PinHead Dull brain (Ph. D) Odechukwu is because almost everyone is doing an excellent job of that already. Shame that your could sell your entire kith and kin for a few kobos and absent your already umbleleara" coconut any kind of reason?? What a phat-faced joke this B(h)eifer is. . .LOL

Dude, my apologies but you sound really daft. Are you real? lol!

Akainzo:

Beaf, you are joking right? Or are you smoking some igbo? Please, please and please, go and read the PIB! Abeg you, go and read the PIB. Once again, go and READ the PIB.

You don't even know what the PIB is, thats why you are talking crap with confidence. You go and read the PIB, and then come and engage in an intelligent discussion.

Akainzo:

Beaf, you are joking right? Or are you smoking some igbo? Please, please and please, go and read the PIB! Abeg you, go and read the PIB. Once again, go and READ the PIB.

dude, this is team gej you're talking to - audacious incompetence all the way

Beaf:

Sorry, but you are the joker here. Why should we have to drill more to make more money? Do you have a clue of how much Nigeria is being fleeced off on a daily basis?
It is obvious that you have no clue as to what Nigeria can make simply by adding value to the oil we drill, and you either know nothing about business or have the inferiority complex that makes certain Nigerians think what other countries attain on a routine basis is impossible for Nigerians. It isn't.
$687billion is a conservative amount, we could make quite a bit more if we stopped being the houseboys to Shell that we currently are.

Expand your mind.

Beaf, your ignorance would one day kill you! You need to drill oil or gas to make money from the oil industry.

Now due to your membership of OPEC, you are limited to 2 Million barrels of oil per day. It is from that drilling and producing that 2 million per day, that you can get Natural Gas for your LNG plants. It is from refining the oil produced that you can get the off shoot for the petrochemical plants.  Now the only one you can get on its own, is if you drill more gas wells which are not associated with oil, then you can make money from gas alone, but then you already have an installed capacity for LNG.

So given the above scenario, where would the extra $542B come from? Even if you retrieve the oil blocks from the current Shell or Chevron or Mobil of today, you can only sell oil blocks once, so where would the $687B annually come from?

Adding value to the oil we drill? That is some bonkum you filed away from listening to a program on TV ko? Itemised above are what you can do with oil and all are already in this country, except of course the tyre companies that have now ran away. But the basis upon which all are based, is oil production and that is limited by your OPEC quota.

Beaf:

You don't even know what the PIB is, thats why you are talking crap with confidence. You go and read the PIB, and then come and engage in an intelligent discussion.

Beaf, read my posts above and see if it suggests to you I don't know about the industry. You know why I started laughing when I read your post, it did not even include the most important change in the oil industry that PIB would bring about.
Once again, Beaf, GO and Read the PIB!

The topic of this thread is misleading.

@ Beaf,

Please go to bed.
You sound as though you sleep on the same bed with President Jonathan. Your attempt at providing explanations for every Jonathan statement or action is becoming extreme and deceitful.
No matter how intelligent you sound, folks tend to dismiss whatever you say cos of the way you spam threads with you excessive support for President Jonathan. In addition, you are becoming as insulting and uncouth as the people you argue with every now and then.

No man is perfect so stop making an angel out of President Jonathan.

Same advice goes to all Blind Buhari Followers (BBFs).

^
So, talking about the PIB, which is the most fundamental fiscal thing that will hit Nigeria since the war, is politics to you? Quit while you can, some of your mates have actually been spending their days protesting at the NASS, cos they are aware.

Akainzo:

Beaf, your ignorance would one day kill you! You need to drill oil or gas to make money from the oil industry.

Now due to your membership of OPEC, you are limited to 2 Million barrels of oil per day. It is from that drilling and producing that 2 million per day, that you can get Natural Gas for your LNG plants. It is from refining the oil produced that you can get the off shoot for the petrochemical plants.  Now the only one you can get on its own, is if you drill more gas wells which are not associated with oil, then you can make money from gas alone, but then you already have an installed capacity for LNG.

So given the above scenario, where would the extra $542B come from? Even if you retrieve the oil blocks from the current Shell or Chevron or Mobil of today, you can only sell oil blocks once, so where would the $687B annually come from?

Adding value to the oil we drill? That is some bonkum you filed away from listening to a program on TV ko? Itemised above are what you can do with oil and all are already in this country, except of course the tyre companies that have now ran away. But the basis upon which all are based, is oil production and that is limited by your OPEC quota.

Beaf, read my posts above and see if it suggests to you I don't know about the industry. You know why I started laughing when I read your post, it did not even include the most important change in the oil industry that PIB would bring about.
One again, Beaf, GO and Read the PIB!

Dude, what are you even making noise about? You don't know what it means to add local content, do you? Neither can you imagine what it would mean for NNPC (as NOC) to compete globally. You still live in the small World of sign the paper, receive Shells money and watch like a spectator in your own country. You cannot imagine anything outside drilling, which is every bit like our clueless past govts. Dude, you're clueless.

Much more money will come from local companies taking part in all areas that can be localised; from Nigeria taking part in prospecting and drilling; from NNPC having refineries in other parts of the World to which we export oil etc etc. I hope your mind can grasp such things?

Do you know we lose a whopping $150 billion annually to gas flaring? Maybe you think we need to drill more oil wells to retrieve that money. Step aside for those who have a clue.

Beaf is correct. A lot of this expanded income issuing from the PIB is not going to be money going directly into government coffers, but rather, the wider economy.

ROSSIKE:

Beaf is correct. A lot of this expanded income issuing from the PIB is not going to be money going directly into government coffers, but rather, the wider economy.

Please shut up!

Akainzo:

Please shut up!

You sound like those enemies of Nigeria in the Senate that are holding the bill up. Shame on you.

Beaf:

^
So, talking about the PIB, which is the most fundamental fiscal thing that will hit Nigeria since the war is politics to you. Quit while you can, some of your mates have actually been spending their days protesting at the NASS, cos they are aware.

I wont answer you this one. Just go and read the PIB and then come back.

Dude, what are you even making noise about? You don't know what it means to add local content, do you? Neither can you imagine what it would mean for NNPC (as NOC) to compete globally. You still live in the small World of sign the paper, receive Shells money and watch like a spectator in your own country. You cannot imagine anything outside drilling, which is every bit like our clueless past govts. Dude, you're clueless.

You dunceness is typified by the bolded part above. NNPC cannot even compete favourably for an oil block in Equitorial Guines talk less of globally.
To educate you, I hope you are aware that NNPC actually has an oil producing company for like over Ten years now? It is called the Nigerian Petroleum Development Company with headquarters in Benin. Go and find out how many wells they have successfully drilled and what their daily production is. Mumu.
And in case you do not know again, there have been other Nigerian companies successfully drilling and producing oil in Nigeria for about 4 years now.

Much more money will come from local companies taking part in all areas that can be localised; from Nigeria taking part in prospecting and drilling; from NNPC having refineries in other parts of the World to which we export oil etc etc. I hope your mind can grasp such things?

Local companies taking part would not generate such a staggering amount to have a 600% increase in revenue. Let me help you here, even if PIB is passed as is, the best that can happen is that if it would take Schlumberger $15M to drill a well, Shell or Chevron would award it to a Nigerian company at $17M, which then sub-contract it to Schlumberger at $15M. Except of course you want to manufacture a Nigerian company that has the resources, equipments and  technical knowledge to carry out drilling operations.
Is it the same NNPC that cannot run a single refinery successfully in Nigeria that would pronto at the passing of PIB, be able to own and run refineries across the world?   You are defintely on some kinda drugs.

Do you know we lose a whopping $150 billion annually to gas flaring? Maybe you think we need to drill more oil wells to retrieve that money. Step aside for those who have a clue.

You, Beaf, defintely has no clue! If we lose $150B from gas flaring, how much is the nation's gross earnings annually from oil and gas? You need to lay off whatever you are smoking or injecting and start thinking rationally before you come up with high sounding figures.

Posted by: ROSSIKE

Beaf is correct. A lot of this expanded income issuing from the PIB is not going to be money going directly into government coffers, but rather, the wider economy.

Seconded solidly. The truth is that there is something this government is doing already that it liberalizing the Nigerian economy. There is no way Buhari can understand the Nigerian economy more than Jonathan. NO WAY. Period.

Whether these anti-GEJ folks realize it or not, Jonathan is a Liberal while Buhari is a dubious conservative.

I don't want someone who would be shouting corruption this corruption that while our economy is pushed into the stone age, cos frankly, Buhari is not educated enough to have a clue. Quote me on that.  

Beaf:


The PIB will absolutely modernise Nigeria's oil industry. As I said earlier, all past govts did was sign where Shell asked them to sign, and that was it; even the figure for barrels per day we drill cannot be verified by govt, we simply accepted any figure the oil companies gave us. A master-slave relationship.
That has changed, but the PIB promises much more, including the tearing up of the Petroleum Act handed down by the military.

The PIB will remedy the fiscal, ownership and operational defects of the current Petroleum Act. There are many aspects to the PIB:
1. Harnessing our gas and boosting it above oil, instead of flaring it.
2. Floating NNPC as an oil company that will compete on the Worldwide stage
3. Creating a petroleum Research and Development company
4. Reallocating dormant oil blocks to indegenious companies
5. Ensuring a high degree of local content, with local companies getting first call (as against zero local content currently)
6. A company floated out NNPC will oversee the upstream sector (drilling, prospecting and production)
7. NNPC will become a profit making, self funding company (though still govt owned)

Basically, the bill will make Nigeria a player in the energy market, as well as add value through local content and processing. It will be truly revolutionary if it succeeds, instead of being kicked around like balls, we would be able to call the shots and expand overseas.

Sorry to burst your bubble but any reforms that will be handled by the Nigerian Government WILL FAIL. They are too inept and corrupt to do it. You said "NNPC will become a profit making, self funding company (though still govt owned)" Really? and you believe this drivel? NNPC that cannot even run a refinery, that cannot even boast of drilling for oil and has to rely on AGIP to manage their NPDC oil wells, that cannot even compete on a national scale talkless of a global with the likes of Statoil, Petrobras.  NNPC that is a vehicle for unconscionable sleaze and crass mismanagement. NNPC that is currently insolvent and is only being propped up by the FG. If they were a private company, they would have been declared bankrupt.

If the IOCs withdraw from Nigeria, our oil industry will collapse. That is the NNPC that you think will do all you listed? I don't think so

Beaf:

You sound like those enemies of Nigeria in the Senate that are holding the bill up. Shame on you.

Yeah, like the same friends of Nigeria in the Senate that were holding the Freedom Of Information bill up.  

Two (Beaf and ROSSIKE ) clueless amd shameless dimwits.

This so called puritanism is why I believe that Sanusi killed our banks by destroying Soludo's vision of an African finance hub in Nigeria.

Jonathan is bullish, while Buhari is bearish. I'm a business man mehn!

Steal $100 but create $10,000.  

Don't just come to save $100 and only creating $200!  

Nigeria should be rushing forward not backwards.

[size=18pt]Buhari is not educated enough!!![/size]

Onlytruth:

Posted by: ROSSIKE
Seconded solidly. The truth is that there is something this government is doing already that it liberalizing the Nigerian economy. There is no way Buhari can understand the Nigerian economy more than Jonathan. NO WAY. Period.

Whether these anti-GEJ folks realize it or not, Jonathan is a Liberal while Buhari is a dubious conservative.

I don't want someone who would be shouting corruption this corruption that while our economy is pushed into the stone age, cos frankly, Buhari is not educated enough to have a clue. Quote me on that.  

You are probably one of those guys that went to school because popsie said so and could afford it, otherwise you'd not make the above statement.

Goodluck is a PhD holder and common knowledge in the public domain shows that Bill Gates was not as educated as him when he designed the DOS system that revolutionised computing. The same computer you are using to make baseless educational analogies. So if you'd have been alive at that time you'd have foolishly made the same statement about Bill Gates. Can't help shaking my head at your ignorant post.

^^

Dude its all about societal development and modern perspectives in this case. You and I know that the Nigerian society cannot equip anyone who never ventured into school with enough skill-set to thrive in modern thinking.

US society is different; so quit bringing in Bill Gates here.

Again we are talking about Nigeria - a 150 million nation with 250 different ethnic groups and the most powerful country in Africa in practical terms.

We also have the highest number of educated folks in Africa.

Who can Buhari work with in this 21st century Nigeria?

Abeg Nigerian presidents should have at least a Masters degree level of education. 

kalokalo:

Sorry to burst your bubble but any reforms that will be handled by the Nigerian Government WILL FAIL. They are too inept and corrupt to do it. You said "NNPC will become a profit making, self funding company (though still govt owned)" Really? and you believe this drivel? NNPC that cannot even run a refinery, that cannot even boast of drilling for oil and has to rely on AGIP to manage their NPDC oil wells, that cannot even compete on a national scale talkless of a global with the likes of Statoil, Petrobras.  NNPC that is a vehicle for unconscionable sleaze and crass mismanagement. NNPC that is currently insolvent and is only being propped up by the FG. If they were a private company, they would have been declared bankrupt.

If the IOCs withdraw from Nigeria, our oil industry will collapse. That is the NNPC that you think will do all you listed? I don't think so

It goes without saying that all deadwoods will be weeded out. In fact that process is already well underway, how do you think petrol is now available 24/7 and at N65.00 per litre? How do you think the refineries have been operating at near installed capacity (at least, before the Warri pipeline was blown up)? Guy, things are changing.

Beaf:

It goes without saying that all deadwoods will be weeded out. In fact that process is already well underway, how do you think petrol is now available 24/7 and at N65.00 per litre? How do you think the[b] refineries have been operating at near installed capacity[/b] (at least, before the Warri pipeline was blown up)? Guy, things are changing.

Ah hah ha, I am sure the refineries were operating at full installed capacity but were not producing kerosene, which explains why there has been kerosene scarcity for such a long time now. Such alarming nonsense you spew out to defend mediocrity. further increasing the amount of stupidity in circulation.

I remember when he was sworn in as president and swore in his minister. He promised to evaluate them on set targets every three months, I even posted it as a thread saying how focused anf determined he was. 9 months down no single evaluation no single target reached or acheived.

Onlytruth:

Again we are talking about Nigeria - a 150 million nation with 250 different ethnic groups and the most powerful country in Africa in practical terms.

We also have the highest number of educated folks in Africa.

Who can Buhari work with in this 21st century Nigeria?

Abeg Nigerian presidents should have at least a Masters degree level of education.  

Don't mind Akainzo that keeps arguing as if he left his brain in his arse. Buhari has zero social skills and can barely spell his name, talkless of functioning in a high-tech connected World, where relationships are as physical as they are virtual. How can someone like Buhari ever understand the PIB (much like the lost Akainzo)?

Onlytruth:

Again we are talking about Nigeria - a 150 million nation with 250 different ethnic groups and the most powerful country in Africa in practical terms.

We also have the highest number of educated folks in Africa.

Who can Buhari work with in this 21st century Nigeria?

Abeg Nigerian presidents should have at least a Masters degree level of education.  

This is the reason why Japan is governed only by PhD holders I guess.  

Your stupidity know no bounds. Out there are Nigerians delivering quality products and breaking new grounds across the world in the 21st century and you are here spewing jargons. Anyway, you are probably a government businessman, so no need for deep thinking, corruption would get you the jobs.

^^

I am more concerned with societal development- economic, social, political, cultural, technological,  etc.
I don't see Buhari outperforming Jonathan in these. Frankly. 

This is where education gives you the edge. This is why President Hu Jintao of China is a graduate

This is 21st century, not 19th century.

Akainzo:

Ah hah ha, I am sure the refineries were operating at full installed capacity but were not producing kerosene, which explains why there has been kerosene scarcity for such a long time now. Such alarming nonsense you spew out to defend mediocrity. further increasing the amount of stupidity in circulation.

Do you even know what percentage of our fuel needs the local refineries can meet? You really argue blindly!

We must import to cover any shortfalls; right now, the cost of any fuel on the World market is very high, leading to less fuel than projected budgets can meet. NNPC for its part recently pumped 50 million litres into the market.
The blame for the poor infrastructure in the petroleum sector lies squarely with our myopic past rulers, Buhari is one.

Beaf:

Don't mind Akainzo that keeps arguing as if he left his brain in his arse. Buhari has zero social skills and can barely spell his name, talkless of functioning in a high-tech connected World, where relationships are as physical as they are virtual. How can someone like Buhari ever understand the PIB (much like the lost Akainzo)?

He has zero social skills? Yet when he goes campaigning you see people around him. Oh the campaign organisation are not people in the 21st century that he can work with?

Well, it seems you did not read the PIB because you believed you would not understand it, thus you concluded that others would not understand it either.  
You do amaze me with your ignorance. Just as an aside, I have made contributions towards PIB, thus I know it, need not say too much.

Beaf:

Do you even know what percentage of our fuel needs the local refineries can meet? You really argue blindly!

We must import to cover any shortfalls; right now, the cost of any fuel on the World market is very high, leading to less fuel than projected budgets can meet. NNPC for its part recently pumped 50 million litres into the market.
The blame for the poor infrastructure in the petroleum sector lies squarely with our myopic past rulers, Buhari is one.

You are a confirmed dunce! In one breath you say the refineries have been working at full capacity which explains the constant availability of fuel. Then I asked you why those same refineries were not producing kerosene as part of the refining process, (or do you think they have to turn off and put a refinery in kerosene-mode before it can produce kerosene?) Then you reply about percentage in local consumption.
Ok, let me answer you, the installed capacities of our local refineries can meet our local kerosene demands but cannot meet demand for PMS (fuel). Hope you now know why I asked you the question.

I cant believe you intend to blame a man that as Petroleum Minister, oversaw the building of TWO BRAND NEW refineries as contributing to the poor infrastructure in the petroleum sector! Kai, you are indeed a confirmed dunce. QED.

Akainzo:

I wont answer you this one. Just go and read the PIB and then come back.
You dunceness is typified by the bolded part above. NNPC cannot even compete favourably for an oil block in Equitorial Guines talk less of globally.
To educate you, I hope you are aware that NNPC actually has an oil producing company for like over Ten years now? It is called the Nigerian Petroleum Development Company with headquarters in Benin. Go and find out how many wells they have successfully drilled and what their daily production is. Mumu.
And in case you do not know again, there have been other Nigerian companies successfully drilling and producing oil in Nigeria for about 4 years now.
Local companies taking part would not generate such a staggering amount to have a 600% increase in revenue. Let me help you here, even if PIB is passed as is, the best that can happen is that if it would take Schlumberger $15M to drill a well, Shell or Chevron would award it to a Nigerian company at $17M, which then sub-contract it to Schlumberger at $15M. Except of course you want to manufacture a Nigerian company that has the resources, equipments and  technical knowledge to carry out drilling operations.
Is it the same NNPC that cannot run a single refinery successfully in Nigeria that would pronto at the passing of PIB, be able to own and run refineries across the world?   You are defintely on some kinda drugs.

You, Beaf, defintely has no clue! If we lose $150B from gas flaring, how much is the nation's gross earnings annually from oil and gas? You need to lay off whatever you are smoking or injecting and start thinking rationally before you come up with high sounding figures.

Don't try to frighten us into maintaining the backward status quo with all that negative crap about NNPC. Other nations of the World have successful oil sectors and they are not more human than us.

As for the bolded, my guy, you shame me! How is it that you cannot think outside a tiny little box? The losses from gas flaring has zilch to do with the nation's gross oil and gas earnings; rather, it has everything to do with the volume of gas flared. Comprende? No?

Akainzo:

You are a confirmed dunce! In one breath you say the refineries have been working at full capacity which explains the constant availability of fuel. Then I asked you why those same refineries were not producing kerosene as part of the refining process, (or do you think they have to turn off and put a refinery in kerosene-mode before it can produce kerosene?) Then you reply about percentage in local consumption.
Ok, let me answer you, the installed capacities of our local refineries can meet our local kerosene demands but cannot meet demand for PMS (fuel). Hope you now know why I asked you the question.

I cant believe you intend to blame a man that as Petroleum Minister, oversaw the building of TWO BRAND NEW refineries as contributing to the poor infrastructure in the petroleum sector! Kai, you are indeed a confirmed dunce. QED.

LOL! See comedy!
Here I was, actually thinking I was arguing with someone who had an inkling of the oil sector, sadly its the same "loud dunce syndrome" that is common in places like butchers shops, with hunters and of course, some miseducated Nigerians.

Thanks to dunces who ruled us in the past (like Buhari), even if the refineries operate at 100% capacity, they might not satisfy Lagos alone. We must import.
I'm beginning to pity you! Maybe you're just tired, but right now a baby chimp will make more sense.

Dem go take laf kpai pesin for NL o! Chai!

Onlytruth:

^^

I am more concerned with societal development- economic, social, political, cultural, technological, etc.
I don't see Buhari outperforming Jonathan in these. Frankly.

This is where education gives you the edge. This is why President Hu Jintao of China is a graduate

This is 21st century, not 19th century.

I see that you have modified your post to show correctly what it is, at least it shows you can use google! But then use it well, as it will let you know his rise to power was not just because he has a university education but that he rose through the party ranks.