₦airaland Forum

rocoh:
All they have found is Gas no one has discovered oil in the Borno Basin which is our own part of the Chad Basin. Geologically two reasons are given :
1 Nigeria is far from the depocenter of Chad Basin.

2 The intrusion of the Jurassic Younger Granite has has gasified any oil that might have been available there.

So does gas not bring money ? for all I care they can prospect water if they will bring the desired revenue. After all gas exploration has less environmental degradation than oil

oil in Lake Chad.

I'll choose the Later, we already have enough Oil but who is buying and at what price, Agriculture is the key, no one, i mean no one can survive without food, but we all can do away with oil,, remember Nigeria built her economy with Agriculture(Groundnut & Cocoa), so why all the craze on this oil sef ?

rocoh:
All they have found is Gas no one has discovered oil in the Borno Basin which is our own part of the Chad Basin. Geologically two reasons are given :
1 Nigeria is far from the depocenter of Chad Basin.

2 The intrusion of the Jurassic Younger Granite has has gasified any oil that might have been available there.

3 MIGRATION.

mapet:
@Amoto94,

can I get some clarifications here;
1. What is the source of this article?
2. Is the following quote under not in bad faith ?

"On a face value, this sounds wise and reassuring to the political elites from the north of the country who not only treasure the allure of petro- wealth but love the idea that oil bragging right could also be theirs."

Ah you too get brain.... It just shows what's in the mind of the northern elite... Lol...

Maybe the physics of the north said oil will be found there .... But my own physics says ... They are running a meaningless job just to keep the owners of Nigeria happy

Oil is almost worthless now, Agro will forever be in demand.

It's a no brainer.

Amoto94:
You are right in some of the points you raised; like failure of past leaders to invest in infrastructures and Agric during the oil boom, oil will always remain relevant till the next century so more is needed to shore up the reserves. Exploration should also be carried out in States like Osun and Ogun

Ogun, yes but in Osun, the state is completely of Crystalline rocks(Igneous and Metamorphic), which makes it impossible to find oil. Sedimentary environments/basins is where the oil is.

MrPresident1:
The price of a barrel of oil is now $28, the cost of production of one barrel is about $20, there is a differential of about $8. Assuming Nigeria produces and is able to sell 2m barrels per day, we have 16million dollars per day as revenue. There are 170 million of us, which means theoretically each of us will get (16,000,000/170,000,000) = 0.094 dollars for each person.

0.094*305= N28.67 for every Nigerian/day.

This of course is very rudimentary economics, the aim nonetheless is to show the dire straits that will be driven home to Nigerians shortly.

Nigeria you have no idea what is staring you in the face!

I agree a bit with your differentials, but I must stress that it is even more crazier than your calculation. The cost of production varies, depending on the geology of the environment. The deepwater(deep offshore)cost of production is close to $26, some are even up to $30, shallow-water and onshore averages between $15 to $20.

dawtune:
I agree a bit with your differentials, but I must stress that it is even more crazier than your calculation. The cost of production varies, depending on the geology of the environment. The deepwater(deep offshore)cost of production is close to $26, some are even up to $30, shallow-water and onshore averages between $15 to $20.

In order words, trouble stares Nigeria in the face!

Oil exploration and agric business are not mutually exclusive. Stop making it seems like we can't pursue both.

[quote author=dawtune post=42283309]Ogun, yes but in Osun, the state is completely of Crystalline rocks(Igneous and Metamorphic), which makes it impossible to find oil. Sedimentary environments/basins is where the oil is. [/quote ] what the sirte basin in Libya?

is this not the same Ahmad Salkida, an expert in Boko Haram ideology that has proffer solution to Boko Haram.

[quote author=sanandreas post=42287443][/quote]What about it? As far as I know, it's a rift system. It can be likened to the Benue Trough in Nigeria.

MrPresident1:
In order words, trouble stares Nigeria in the face!

Real one sir, May God help us.

BABSIN:
is this not the same Ahmad Salkida, an expert in Boko Haram ideology that has proffer solution to Boko Haram.

Yes he is the one

dawtune:
What about it? As far as I know, it's a rift system. It can be likened to the Benue Trough in Nigeria.

The sirte basin in libya produces oil and gas although it is basement rock.

MrPresident1:
The price of a barrel of oil is now $28, the cost of production of one barrel is about $20, there is a differential of about $8. Assuming Nigeria produces and is able to sell 2m barrels per day, we have 16million dollars per day as revenue. There are 170 million of us, which means theoretically each of us will get (16,000,000/170,000,000) = 0.094 dollars for each person.

0.094*305= N28.67 for every Nigerian/day.

This of course is very rudimentary economics, the aim nonetheless is to show the dire straits that will be driven home to Nigerians shortly.

Nigeria you have no idea what is staring you in the face!

Well you r right tho.. But some production blocks produce at a low rate of about $5-$7.

sanandreas:
The sirte basin in libya produces oil and gas although it is basement rock.

Nah nah, it is mainly a sedimentary basin, which borders a basement rock. The basement rock which produces oil is a fractured basement rock. Geologically, oil cannot be found in Basement rocks except when there's a fracture in it. It can be likened to groundwater in basement rocks. Basement are not porous and permeable, so they cannot retain oil, gas and water, except if they are fractured. There are examples of them all around the world(fractured basement, reservoirs).

MrPresident1:
The price of a barrel of oil is now $28, the cost of production of one barrel is about $20, there is a differential of about $8. Assuming Nigeria produces and is able to sell 2m barrels per day, we have 16million dollars per day as revenue. There are 170 million of us, which means theoretically each of us will get (16,000,000/170,000,000) = 0.094 dollars for each person.

0.094*305= N28.67 for every Nigerian/day.

This of course is very rudimentary economics, the aim nonetheless is to show the dire straits that will be driven home to Nigerians shortly.

Nigeria you have no idea what is staring you in the face!

Bros,

If economics are run like this, then we need not go beyond primary 6

rocoh:
All they have found is Gas shows( Gas show----Gas that rises to the surface, usually detected because it reduces the density of the drilling mud. Gas detectors, which the mud logger monitors, measure combustible gases (methane, ethane, butane and others). The mud logger reports total gas, individual gas components, or both, on the mud log. In extreme cases, gas visibly bubbles out of the mud as it returns to the surface. Because the mud does not circulate to the surface for a considerable time, sometimes lagging several hours after a formation is drilled, a gas show may be representative of what happened in the wellbore hours (or many feet) prior to the ) no one has discovered oil in the Borno Basin which is our own part of the Chad Basin. Geologically two reasons are given :

1 Nigeria is far from the depocenter of Chad Basin.

2 The intrusion of the Jurassic Younger Granite has has gasified any oil that might have been available there.

Bros,

Speak English

princejayboss:
Ah you too get brain.... It just shows what's in the mind of the northern elite... Lol...

Maybe the physics of the north said oil will be found there .... But my own physics says ... They are running a meaningless job just to keep the owners of Nigeria happy

Before you resort to your own physics, it will be better to equip yourself with detailed information.

1. It is the objective of Oil producers to find more oil. Oil doesn't last forever
2. By default, Oil are found in basins. So Chad basin, because a credible prospects. I understand other countries who we share the basin with have started prospecting and one of them have had a successful discovery
3. Re:Owners of Nigeria. - I shy away from some discussions that I believe are not profitable

dawtune:
Nah nah, it is mainly a sedimentary basin, which borders a basement rock. The basement rock which produces oil is a fractured basement rock. Geologically, oil cannot be found in Basement rocks except when there's a fracture in it. It can be likened to groundwater in basement rocks. Basement are not porous and permeable, so they cannot retain oil, gas and water, except if they are fractured. There are examples of them all around the world(fractured basement, reservoirs).

Slow down, geology student

Even if they discover the largest oil reserve in the world, it is useless. We should stop this belief in oil being a boost to our economy which has led us to this present quagmire. Chad basin is an agricultural and fishing hub and the money wasted in the past 30years on oil exploration could have developed agriculture. Buhari should not join the bandwagon.

MrPresident1:
The price of a barrel of oil is now $28, the cost of production of one barrel is about $20, there is a differential of about $8. Assuming Nigeria produces and is able to sell 2m barrels per day, we have 16million dollars per day as revenue. There are 170 million of us, which means theoretically each of us will get (16,000,000/170,000,000) = 0.094 dollars for each person.

0.094*305= N28.67 for every Nigerian/day.

This of course is very rudimentary economics, the aim nonetheless is to show the dire straits that will be driven home to Nigerians shortly.

Nigeria you have no idea what is staring you in the face!

According to you, when a barrel is $28,each Nigerian gets N28,so when it was $114 each Nigerian got N114.

What is your point?

lincolnj88:
hope its d revenue from gworo will be used for this unprofitable ventures.....

1) Wrong and misguided statement.It is in Nigeria and indeed the N/Delta interest that Oil is found in other parts of the Country and it is a profitable venture
2) With modern Technology,almost every Country will be discovered to have Oil and as such it may not continue for LONG to be a very sought after commodity for international trade but it will still be needed to power our industries in the short term.
3) Gworo (Kolanut) is chewed very well by the Northerners but it not grown by them.It is grown by the Southerners( S/West and some parts of S/East)

mapet:
Slow down, geology student

Lol abi na bros.

mapet:
Before you resort to your own physics, it will be better to equip yourself with detailed information.

1. It is the objective of Oil producers to find more oil. Oil doesn't last forever
2. By default, Oil are found in basins. So Chad basin, because a credible prospects. I understand other countries who we share the basin with have started prospecting and one of them have had a successful discovery
3. Re:Owners of Nigeria. - I shy away from some discussions that I believe are not profitable

Oga shut de f*ck up... Don't teach me what you will never know.... What do you know about oil exploration and physics involved with it?.... Do you what brings about the formation of crude?.... When you don't a thing.... Politely ask questions.


Asking me to equip myself with information is quite an insult to my person....

In fact, what do you even know about geo-physics ?

Because one country found oil in their side of the basin is where you base your argument?

Oga no just make me vex

princejayboss:
Oga shut de f*ck up... Don't teach me what you will never know.... What do you know about oil exploration and physics involved with it?.... Do you what brings about the formation of crude?.... When you don't a thing.... Politely ask questions.


Asking me to equip myself with information is quite an insult to my person....

In fact, what do you even know about geo-physics ?

Because one country found oil in their side of the basin is where you base your argument?

Oga no just make me vex

1. Zip it loose canon, you're obviously letting yourself and your knowledge of "Geophysics" down.
2. Asking you to equip yourself with more knowledge is an insult? then you don't want to learn, as nobody is infallible or an embodiment of all knowledge. What do I know about Geo-physics? Bros let's not reduce this to chest beating, as there are somethings I can't condescend to.
3. But you know what?, While you're at "Geophysics" conquest, exploration is going on in the Chad basin

mapet:
1. Zip it loose canon, you're obviously letting yourself and your knowledge of "Geophysics" down.
2. Asking you to equip yourself with more knowledge is an insult? then you don't want to learn, as nobody is infallible or an embodiment of all knowledge. What do I know about Geo-physics? Bros let's not reduce this to chest beating, as there are somethings I can't condescend to.
3. But you know what?, While you're at "Geophysics" conquest, exploration is going on in the Chad basin

It's not chest beating... It's real. ..... If you are physics student in Nigeria and keep arguing that the exploration is justified then you need to tell your lecturer yo quit his job....

This is one problem with Nigerians and our educational system... We never upgrade.... I use to argue foolishly like you when I had my B.Sc. in Nigeria but when I went further to this stage of Ph.D. I realized the need for our lecturers to upgrade From sentimental and wrack teachings....


Final question, why is NNPC doing the exploration... When has NNPC become an oil exploration company.. ""

Stop and think

princejayboss:
It's not chest beating... It's real. ..... If you are physics student in Nigeria and keep arguing that the exploration is justified then you need to tell your lecturer yo quit his job....

This is one problem with Nigerians and our educational system... We never upgrade.... I use to argue foolishly like you when I had my B.Sc. in Nigeria but when I went further to this stage of Ph.D. I realized the need for our lecturers to upgrade From sentimental and wrack teachings....


Final question, why is NNPC doing the exploration... When has NNPC become an oil exploration company.. ""

Stop and think

Your case is simply that "premature ejarculation" of new found learning and knowledge missapplied. You're asking stuupid questions. What's the meaning of asking "if NNPC is an exploration company". At this rate I'm persuaded to discontinue any discourse with you as this exchange with you is giving me no value. As for PHD...

[quote author=mapet post=42331822][s]Your case is simply that "premature ejarculation" of new found learning and knowledge missapplied. You're asking stuupid questions. What's the meaning of asking "if NNPC is an exploration company". At this rate I'm persuaded to discontinue any discourse with you as this exchange with you is giving me no value. As for PHD... [[/s]/quote]

Trash