http://www.thisdayonline.com/nview.php?id=91770

Nigeria, the largest oil producer in Africa and 11th largest producer in the world, has made not less than 100 billion oil discoveries since 1956 when oil was first discovered at Oloibiri in Bayelsa State by Shell-BP.
Based on the discoveries, it is estimated that the country ought to have realised about $600 billion from oil and gas so far.
President of the Nigeria Association of Petroleum Explorationists (NAPE), Dr. Emmanuel Enu, who made the disclosure at a press briefing yesterday to announce the association’s forthcoming pre-conference workshop, noted that for Nigeria to achieve its aspiration of attaining 40 billion barrels (bbls) reserves of crude oil and four million barrels per day production capacity by 2010, more oil discoveries have to be made and production capacity improved.
He stated that Niger Delta is the mainstay of the Nigerian economy and that for oil exploration to go on undisrupted, security of the multinational companies and people involved in the exploration activities must be guaranteed.
The NAPE boss, who did not rule out the possibility of the Federal Government achieving this aspiration, however, noted that a country can achieve more or less than its set target depending on certain factors such as the security situation and geological environment.
“We have explored about 100 billion barrels of oil since 1956 when oil was first discovered in Oloibiri, in Niger Delta. Nigeria’s target of 40 billion barrels of crude oil reserve by 2010 and to move from two billion barrels per day production to four billion is an aspiration. It is one thing to aspire and yet another thing to achieve it.
“But one good thing about aspiration is that you will work hard to get there. You may not get the exact target, but somewhere near. You may even get more than the target,” he said.
According to him, “NAPE is in charge of exploration activities in Nigeria. The explorationists will have to work hard to ensure this target is met. It is possible, that was why oil blocks were awarded. Just allow the companies to do their drilling, we may get there.”
While noting that the Federal Government is working hard to restore law and order in the region of Niger Delta by pledging to address the genuine demands by the people of the region, Enu said empowering the youths and getting involved in gainful employment will help in addressing the problem.

“Niger Delta is the mainstay of the Nigerian economy. If people are not allowed to carry on with their activities, it will affect the economy.
But I would not say that the problem has defied solutions, but just that it has been on for a long time.
“The government has taken step to restore peace by involving the Joint Task Force and the genuine demands will be met,” he said.
Also speaking, the President-elect of NAPE, Dr. Kingsley Ojoh, noted that for the nation’s oil reserve to increase, oil discoveries have to be a continuous thing.
“Nigeria is among the few regions where oil discoveries are still being made. If we don’t continue to find more, we will run out of oil. So we have to continue finding oil in order to increase our reserve” he said.
This year’s NAPE’s pre-conference workshop is themed “Security Challenges in the Niger Delta.”
A stakeholders’ workshop, according to Enu, was chosen to deliver to the government and all stakeholders, a deep and incisive articulation of the security challenges in the Niger Delta and to propose practical means of resolving the problem.
The association, which comprises top management staff of oil producing companies in the country, mid-wifed the recent technology used in finding more oil and gas in Nigeria.
Following the discovery of oil in 1956, Nigeria joined the ranks of producers in 1958 when its first oil field came on stream producing 5,100 barrels per day (bpd).
Aside the over $600 billion said to have been realised from oil since the discovery was made, the country has about 36 billion barrels of crude oil reserve and 19.2 billion cubic meters of natural gas. There are also large deposits of tins, gold, talc, gemstone, kaolin, iron, bentonite and barite.

$600 Billion from Oil and 75 Million VERY POOR? HOW INTELLIGENT OF US ALL!!!

Surprised?

Show me a developing oil-exporting country that truely developed from oil proceeds.

I can show you many struggling countries that have developed without producing one drop of the stuff.

Kobojunkie:

$600 Billion from Oil and 75 Million VERY POOR? HOW INTELLIGENT OF US ALL!!!

Maybe James Watson was right.

US$600 Billion from oil in over 50 years with a population of over 140 Million to cater for when The United States military budget for 2007 is US$532.8 Billion. This does not include many military-related items that are outside of the Defense Department budget, such as nuclear weapons research, maintenance and production (which is in the Department of Energy budget), Veterans Affairs or the wars in Iraq and Afghanistan (which are largely funded through extra-budgetary supplements, e.g. $120 Billion in 2007).

Untill we diversify our economy the "relatively chicken change" oil money will never be enough for sustenable development. New York State fire service budget is bigger than Nigeria's annual budget.

With all these i will suggest that after each months revenue generation Yaradua should just share the mone for all Nigerians.lol becaus if it is shared people will do all the things Goverment claim will be done for ove 40 yrs.i prefer cocoa days to this so called oil rich nation

diphor:

With all these i will suggest that after each months revenue generation Yaradua should just share the mone for all Nigerians.lol becaus if it is shared people will do all the things Goverment claim will be done for ove 40 years.i prefer cocoa days to this so called oil rich nation

@ diphor

Assuming a current Oil production of 2.5 Million b.p.d and US$75 gets to the Government as @ today and US$ = N125 with population of 140 Million.

Daily Earnings = 2,500,000*75*125/140,000,000 = N167 per head.

If you are given (N167*30 ) N5,010 monthy as your share of the National cake, What Government responsibility will you be able to take care of?

Sometimes its not how much money accrues to the government per head that matters. If food was cheap (a vibrant agricultural sector), roads where good, i didnt have to pay for generators or boreholes, i didnt have to hire a maiguard, public transportation was cheap and reliable, health insurance scheme was working, public schools were good and free e.t.c. then i could more than survive on N5000/month.

davidylan:

Sometimes its not how much money accrues to the government per head that matters. If food was cheap (a vibrant agricultural sector), roads where good, i didnt have to pay for generators or boreholes, i didnt have to hire a maiguard, public transportation was cheap and reliable, health insurance scheme was working, public schools were good and free e.t.c. then i could more than survive on N5000/month.

If we have a vibrant Mechanised Agricultural sector, then the over-dependence on Oil revenues will be reduced and that confirms the earlier comment that we need to diversify our economy. Good roads are only that good because of proper maintenance culture which we lack. The previous question was not if you can survive on N5,000 monthly but what Government responsibility will you be able to perform or take care of?

naijaking1:

Surprised?

Show me a developing oil-exporting country that truely developed from oil proceeds.

I can show you many struggling countries that have developed without producing one drop of the stuff.

Based on what you just spewed there, am I to take it that you then mean that NO COUNTRY CAN BENEFIT FROM IT's OWN OIL RESOURCES?? IT HAS TO BE SOMETHING ELSE @NaijaKing

folem:

US$600 Billion from oil in over 50 years with a population of over 140 Million to cater for when The United States military budget for 2007 is US$532.8 Billion. This does not include many military-related items that are outside of the Defense Department budget, such as nuclear weapons research, maintenance and production (which is in the Department of Energy budget), Veterans Affairs or the wars in Iraq and Afghanistan (which are largely funded through extra-budgetary supplements, e.g. $120 Billion in 2007).

Untill we diversify our economy the "relatively chicken change" oil money will never be enough for sustenable development. New York State fire service budget is bigger than Nigeria's annual budget.

Problem is this @Folem . America did not start with $532.8 Billion overnight,   Sure if we can diversify but right now Oil happens to be our main source of income and where money will come from if we plan to diversify, until we start making use of what we have, the best way we can to get to where we want to be ( diversify our economy), we will remain Stuck in the same pit, the next 10 years. All the companies coming to Nigeria so far ( China, India etc ) are coming because they see the way they can use this to their own benefit, we need to get a brain and use it for our own selves NOW.


AND CAN we please Please Please stop comparing Nigeria to countries like USA, CHINA and the developed countries, We need to at least get off the developing countries ground level FIRST before we start comparing yearly budgets in Nigeria with that of the USA. We are still borrowing money from IMF, Till we get off that list, USA budget is still LIGHT YEARS AWAY FROM US.

davidylan:

Maybe James Watson was right.

LOLOLOLOL,  I don't think we need Watson to tell us that we have so far not handled our resources and land intelligently. We all know this is a FACT and we all know we need to do better. BY the way, deficiency in one area is not reason for mediocrity,  we do not see caucasians cursing themselves and playing victim cause their genes do not code for the protein melanin which helps in defence from sun rays. No,  they came up with SUNSCREEN to supplement for the deficiency.

what a disgrace