Buhari single-handedly destroyed this country completely!

More wahala

The NNPC GMD is actually economical with the truth as to why the IOCs are leaving. Yes the world is transiting to green energy, but is it not shocking that the IOCs are investing heavily in other african countries. Total just invested billions of dollars for the Pazflor oil field in Angola, also the same in Mozambique.
Mobil is divesting because they have a huge commercial find in Guyana and it makes more economic sense for them. Make no mistake our inconsistency and insincerity with the PIB is one factor, another factor is the endless corruption in the country. Imagine where senate committee on oil and gas will undertake to inspect facilities why? what is DPR's function? if not that they want to fleece these guys. These factors are the real reason for their exit and there is also vandalization of oil installations on another hand. The issue of the environment is there again, yes in the past their sharp practices in connivance with government made them degrade the environment, but in recent times it is the Kpo fire specialists and pipeline vandals that are the cause of most of the spills and in most cases these IOCs are made to bear the unfair brunt of it.

TWoods:


The minister is not serious. Oil was discovered in Nigeria in 1958, that is 64 years ago. When does the minister expect we will "get our act together"? No one is preventing Nigeria from enjoying our resources, I think what the minister is alluding to is we do not have the ability to extract oil and gas by ourselves. We relied for so long on foreign O&G companies, leaving our refineries moribund and NNPC a white elephant for corrupt Nigerians. In serious countries (e.g. Qatar and Saudi Arabia), we would be talking of developing the resources and manpower to tap our own resources, rather he is busy begging others to do it for him.

You don't understand, he's referring to new investments. Oil and gas is where Nigeria gets most FDI from. From the look of things, no mega project is coming up in future.

Drilling oil is not hard, once you own OML, you simply get a technical partner to operate the OML while you collect royalties.

Donpuffy:
And finally, it's over for the petrol era,

IOC backing out at this crucial time will cause more harm.

May God gives us the power to forge ahead.

Does this affect Dangote in any way??

Your statement is so deep.

Texas, a state almost the size of Nigeria was built on oil.

It's two major cities Houston and Dallas showcase the money that oil has brought.

Nigeria has little or nothing to show for the billions and billions of dollars that oil has brought us.

These same useless politicians are getting ready to waste the potential gas revenue.

Evil People.

SarkinYarki:
The useless leaders made sure Nigeria gained nothing from the age of petrol

MANDIPUTIN:
Where is the trillion cubic feet of gas reserves located in Nigeria. Is it in the South South states or South East states?

edo state.

ahuja12:
Buhari single-handedly destroyed this country completely!

it goes beyond buhari administration.

groovie:
So what are they doing in Guayana, Namibia, Mozambique, Senegal They're leaving Nigeria to countries where it is much cheaper to explore and produce. Stop trying to be smart Sir GMD.

They know war is coming to nigeria
Don't mind them.

It is finished. Now we will know if one Nigeria will continue since what binds the country together is fast loosing relevance.

SocialJustice:
You don't understand, he's referring to new investments. Oil and gas is where Nigeria gets most FDI from. From the look of things, no mega project is coming up in future.

Drilling oil is not hard, once you own OML, you simply get a technical partner to operate the OML while you collect royalties.

What new investments is he asking for? Cant Nigeria develop its own resources after 64 years?

SE must never allow a repeat of the fleecing witnessed in the Niger Delta oil in our huge gas deposit.

visijo:
Your account balance no reach to buy knife and you want to cut some people off from your life. �

if I must,I I won't mind using razor blades,
Seriously some people deserves to be cut off from other people's life

Donpuffy:
And finally, it's over for the petrol era,

IOC backing out at this crucial time will cause more harm.

May God gives us the power to forge ahead.

Yes, more or less. This is why some of us, who know precisely the hard times ahead, are against the machinations of the Northerner to perpetuate themselves in power.

Nigerians complaining now should know this is 'Chicken change' suffering compared to what awaits when most nations fulfil their energy transition plan. Nigerians will be eating each other if care is not taken.

A Northerner cannot manage the next stage of Nigeria's future, a very difficult one full of new and harsh challenges, because they are all brought up to focus on oil income, government work/offices/parastatals and political income. In short non has the vision, change mentality/readiness or ideological inclination to rescue Nigeria.

They will always seek to consolidate their hold on those 'cash cow' sectors instead of understanding that all (whether oil income, government work and political cash) are on their way out, and that alternative plans must be put in place asap, because of global development beyond our national control.

Just look at how Nigeria is suffering currently because no President, since 1999, has been able to do the right thing and create insulating socio-economic buffers that can reduce our economic susceptibility to negative developments worldwide.

Most ordinary Nigerians are myopic and lacking critically important knowledge and this is why we still see anyone, even Norrtherners, hankering for a Northern President.


We have just seen our legislative representatives shoot down State policing, restructuring and other badly needed reforms in the current amendments they are carrying out. Self-destructive myopia caused by greed and complete selfishness.

Meanwhile the Nigerian public remains silent as the legislative arm shortchanges them and potentially destroys their future.

God must either intervene or we are inevitably going down because leadership greed and selfishness won't allow the right things to be done and ordinary Nigerians themselves don't know how to insist the right thing must be done.

https://www.spglobal.com/en/research-insights/articles/what-is-energy-transition

HIGHLIGHTS


Energy transition refers to the global energy sector’s shift from fossil-based systems of energy production and consumption — including oil, natural gas and coal — to renewable energy sources like wind and solar, as well as lithium-ion batteries.

The increasing penetration of renewable energy into the energy supply mix, the onset of electrification and improvements in energy storage are all key drivers of the energy transition.

Regulation and commitment to decarbonization has been mixed, but the energy transition will continue to increase in importance as investors prioritize environmental, social and governance (ESG) factors.

“We niggas is chilling you don’t want to f with us”

SarkinYarki:
The useless leaders made sure Nigeria gained nothing from the age of petrol

Wasted oil boom years with nothing to show for it. Last time I checked, Nigeria is still the world's poverty capital with insignificant infrastructure despite billions of dollars that were earned since 1957!

The biggest losers are the Niger Delta people who had their region grossly polluted and yet are the worst.

Sad!

TWoods:


What new investments is he asking for? Cant Nigeria develop its own resources after 64 years?

Do you have spare $200m-$10b to invest in developing new projects or you think money falls from the sky or Nigeria has money to fund such projects 100%?

EastisBae:


Wasted oil boom years with nothing to show for it. Last time I checked, Nigeria is still the world's poverty capital with insignificant infrastructure despite billions of dollars that were earned since 1957!

The biggest losers are the Niger Delta people who had their region grossly polluted and yet are the worst.

Sad!

Very sad and now the oil era is coming to a close. The focus now is zero carbon and the fuel of the future is hydrogen. Customers of energy commodities such as coal, oil and gas are fed up of constant massive price shifts and the operational hazards it causes to their business.

Donpuffy:
And finally, it's over for the petrol era,

IOC backing out at this crucial time will cause more harm.

May God give us the power to forge ahead.

Right now, Virtually all fabrication yards that build Oil and gas facilities are currently moribund.

When Shell, decided to put the HI project on hold for another year, my heart sank

These IOCs are backing out, yet they are running in droves to Angola, Guyana, Mozambique etc, despite our excellent crude oil grade and almost infinite gas deposits?

Let us continue to deceive ourselves.

We are yet to come to terms with the extensive damage this administration has caused the Upstream oil and gas sector, specifically with new field developments.
When people criticize Jonathan's administration, I simply laugh. After Obasanjo, That was the best period in the Nigerian Oil and gas industry, despite the non-signing of the PIB at the time.
And Believe it or not Diezaini was instrumental to those glory days (yes, you can come for my head).

Within 5 years, we had Erha, Egina, Ofon, Bonga NW, and Agbami(to a lesser scale) Field development projects. That was why there was a lot of money in the system.

With Buhari's body odour coming on board, over 80BN USD was pulled out of the system. And what did he do? Wasted billions of dollars in looking for non-existent oil in the North. That was one of the reasons The Naira fell like the wall of Jericho (and is still falling). The corruption in this administration is the most unprecedented in the history of Nigeria

Oil is over $100, and we cannot even meet up with 1.2 million barrels of our almost 2 million barrels per day quota.

Brace up Nigerians, there is still more to come.

SocialJustice:
Do you have spare $200m-$10b to invest in developing new projects or you think money falls from the sky or Nigeria has money to fund such projects 100%?

All the money we made from oil exploration for 64 years is worth trillions of dollars. Money doesn't fall from the sky, it just disappears into pockets and bank accounts of thieves masquerading as Nigerian government officials. Let them use what they stole to set up the investments they keep crying that Nigeria needs.

Biofuels to the world

groovie:
So what are they doing in Guayana, Namibia, Mozambique, Senegal They're leaving Nigeria to countries where it is much cheaper to explore and produce. Stop trying to be smart Sir GMD.

Are you sure they re going to continue oil exploration in those countries?Those countries dont have crude.

Gas has a future but oil...infact na only palm oil and gnut oil go dey useful soon. Foolish Govt.

PeaceJoyLove:
This is a huge opportunity for private investments. Since Buhari's government lacks a good strategic vision plan, individuals should start looking into which spot to fill in the new energy value chain.

Gas and oil will not live long. This I am sure of. I understand why the Nigerian government is still living in the last, but reality will always be faced one day.

You won't believe in the last 5 years the govt has not developed or expanded any gas-related projects in this country.

ahuja12:
Buhari single-handedly destroyed this country completely!

iwaeda:
Finally my brethren

Can you break this down to a lay man. What does this mean?.

Though we celebrated Seplat taking over ExxonMobil,we know deep down that it's bad news. Even the government knows. We need increase in foreign investment not exit. Our oil production may go down. Operational and safety standards may never be the same. Workers, contractors, suppliers and others are expecting something downwards. We are yet to see huge investment in gas and the IOCs are in a better position to diversify to gas,yet they are leaving. What's the hope of new investors coming into the sector. We need to look at our business environment again.

obynzo:
The NNPC GMD is actually economical with the truth as to why the IOCs are leaving. Yes the world is transiting to green energy, but is it not shocking that the IOCs are investing heavily in other african countries. Total just invested billions of dollars for the Pazflor oil field in Angola, also the same in Mozambique.
Mobil is divesting because they have a huge commercial find in Guyana and it makes more economic sense for them. Make no mistake our inconsistency and insincerity with the PIB is one factor, another factor is the endless corruption in the country. Imagine where senate committee on oil and gas will undertake to inspect facilities why? what is DPR's function? if not that they want to fleece these guys. These factors are the real reason for their exit and there is also vandalization of oil installations on another hand. The issue of the environment is there again, yes in the past their sharp practices in connivance with government made them degrade the environment, but in recent times it is the Kpo fire specialists and pipeline vandals that are the cause of most of the spills and in most cases these IOCs are made to bear the unfair brunt of it.

Valid points, thank you for sharing.

fashrola:


I swear ...... When the Blacks took over critical position in Chevron, ExxonMobil a lot of things deteriorated (Safety, Salary etc)

That is the truth, who will now pay pensions of retired staff and disengaged employees?

Inception:


Right now, Virtually all fabrication yards that build Oil and gas facilities are currently moribund.

When Shell, decided to put the HI project on hold for another year, my heart sank

These IOCs are backing out, yet they are running in droves to Angola, Guyana, Mozambique etc, despite our excellent crude oil grade and almost infinite gas deposits?

Let us continue to deceive ourselves.

We are yet to come to terms with the extensive damage this administration has caused the Upstream oil and gas sector, specifically with new field developments.
When people criticize Jonathan's administration, I simply laugh. After Obasanjo, That was the best period in the Nigerian Oil and gas industry, despite the non-signing of the PIB at the time.
And Believe it or not Diezaini was instrumental to those glory days (yes, you can come for my head).

Within 5 years, we had Erha, Egina, Ofon, Bonga NW, and Agbami(to a lesser scale) Field development projects. That was why there was a lot of money in the system.

With Buhari's body odour coming on board, over 80BN USD was pulled out of the system. And what did he do? Wasted billions of dollars in looking for non-existent oil in the North. That was one of the reasons The Naira fell like the wall of Jericho (and is still falling). The corruption in this administration is the most unprecedented in the history of Nigeria

Oil is over $100, and we cannot even meet up with 1.2 million barrels of our almost 2 million barrels per day quota.

Brace up Nigerians, there is still more to come.

Cost of doing business in Nigeria is killing and bad government policies on taxes and royalties major contributor

SocialJustice:
You don't understand, he's referring to new investments. Oil and gas is where Nigeria gets most FDI from. From the look of things, no mega project is coming up in future.

Drilling oil is not hard, once you own OML, you simply get a technical partner to operate the OML while you collect royalties.

Most of them are not making FDI and are cancelling existing projects.