This is nothing but another way of steal our funds. The government has no business in funding exploratory activities such as this - $500million of this fund will simply disappear while they will tell you people that they didn't find any oil where the money was spent!  What is wrong with the current practice of giving out oil blocks and allowing private funds to do the investment in exploration?  This is another scheme by the usual suspects to rob, once again. SMH

The Federal Government has earmarked $1 billion (N160 billion) for exploration for oil in the country’s inland basins particularly the Chad Basin, the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke said.

The Minister disclosed this at the ongoing Nigeria Oil Gas conference and exhibition in Abuja. She said the exploration of the inland basins has become imperative to find more oil and gas as well as increase production and reserves.

Read the rest here

I am dissapointed that govt is exploring for oil in places where there is none. They've been on this Lake Chad thing now since prehistotic times; the money should be diverted to the SE and the Benue trough.

As for the OP's claim that NNPC should not be involved, thats a sad joke. It was only during Yar Aduas time state governors and the Northern Nigeria Development Company were able to sign contracts with Russia that went against the law of the land. All oil wells in the ND belong to the FG, but the ones in the North were going to belong to Northerners.
Who be fool?

GEJ should search out those contracts and tear the damn things.

The government exploring for oil?


These clowns are not only thieves, they have no respect and value for money,

Are you sure they are not using the money to fund Boko haram?






[img]http://2.bp..com/-5x_KTMU1jsY/TzXx5voklrI/AAAAAAAAATU/apPm0U4u6Nk/s1600/319578-always_lie_lying_now.jpg[/img]

Beaf:

As for the OP's claim that NNPC should not be involved, thats a sad joke. It was only during Yar Aduas time state governors and the Northern Nigeria Development Company were able to sign contracts with Russia that went against the law of the land. [b]All oil wells in the ND belong to the FG, but the ones in the North were going to belong to Northerners.[/b]Who be fool?

GEJ should search out those contracts and tear the damn things.

Beaf, you should know better than to come to a thread I opened and post outright lies and deception. Your claim that all oil wells in the ND belong to the FG is a bold face lie designed to continue to spread your untruths in NL. I will debunk your claim with only one example:

A 45% stake of OML 26 owned jointly by Shell, Total and Eni, (NOT FG) was recently sold to First Hydrocarbon Nigeria (FHN), owned by Afren. The federal government does not own any oil well in this block. Guess where OML 26 is located - just a few tens of kilometers from Warri. Look up Ogini and Isoko oil fields if you doubt my statement.

As I stated previously, this $1billion is another way to steal our money, possibly in preparation for 2015. You should be outraged.

i thought oil companies funded exploration by themselves?

ndu_chucks:

Beaf, you should know better than to come to a thread I opened and post outright lies and deception.  Your claim that all oil wells in the ND belong to the FG is a bold face lie designed to continue to spread your untruths in NL. I will debunk your claim with only one example:

A 45% stake of OML 26 owned jointly by Shell, Total and Eni, (NOT FG) was recently sold to First Hydrocarbon Nigeria (FHN), owned by Afren. The federal government does not own any oil well in this block.  Guess where OML 26 is located - just a few tens of kilometers from Warri. Look up Ogini and Isoko oil fields if you doubt my statement.

As I stated previously, this $1billion is another way to steal our money, possibly in preparation for 2015. You should be outraged.

My bad about the oil wells, it was a genuine error. Rather, all oil bearing lands and waters in the ND are the property of the FG, it is only in the North that they were able to get away with a crooked deal that is against the law of Nigeria. It is through that deal that the NNPC is blocking out the place for exploration.

Of course NNPC itself does not explore, so stop being funny; the place just doesn't have a single drop of oil so companies need to be paid to waste their time there digging phucking holes that are always dry.
It is a practice that has being going on for decades; find out how much Yar Adua paid, Abacha same, IBB, Buhari. Its a shame.

If anybody is stealing money, you will know better since your eyes are always on oil.

oyb:

i thought oil companies funded exploration by themselves?

Thank you very much. This is why I am sounding the alarm now - these thieves are at work again and they've unleashed their apologists to defend their actions.

@Beaf, very good, you've rewritten your lies. olodo

oyb:

i thought oil companies funded exploration by themselves?

that is not entirely true. There two types on agreement.

(1) JV: Joint Venture in which NNPC and Oil companies contribute all investment in agreed ratio eg 60 / 40. They share profit after tax and other government collectibles in the same ratio.

(2) PSC profit sharing Contract: in which an oil companies spend all the exploration and production money then share profit after they have produced enough to recoup their investment with government.

Remii:


that is not entirely true. There two types on agreement.

(1) JV: Joint Venture in which NNPC and Oil companies contribute all investment in agreed ratio eg 60 / 40. They share profit after tax and other government collectibles in the same ratio.

(2) PSC profit sharing Contract: in which an oil companies spend all the exploration and production money then share profit after they have produced enough to recoup their investment with government.

Since FG is investing $1billion, then option (1) above must apply, ko? That means that the said $1billion is the 40% contribution to the exploration activities. Pray tell, which companies are going to invest $2.5billion (or N402nillion) in the said exploration? Pondering this question will quickly reveal that this is another scheme to steal the bulk of the $1billion FG contribution. SMH again.

^^^^60/40 is NNPC/IOC so govt is paying 60%. Note also that Govt will not give just a company, it will be to so many companies, so not that one coy would bring 40% of $1B. However, companies invest more than that amount in Oil and Gas, as long as they are sure they would get their money back in good time.

While they're at it, they should also ensure the release of the $1billion needed for the clean-up of the Niger Delta as per the UN recommendation, before we have a crisis worse than MEND.

How far?