₦airaland Forum

mrvitalis:
Bro the corruption in the oil sector is super big,... . It's a world wide thing

I thought Bubu came to power wearing a toga of corruption slayer?

A year is not enough, bah?

I guess it would be same story in 3 years.

AreaFada2:
I thought Bubu came to power wearing a toga of corruption slayer?

A year is not enough, bah?

I guess it would be same story in 3 years.

Oil sector corruption is a super intelligent feild. .. .
They have the best in all feild.. . People are paid millions of dollars to block any lackage...

mrvitalis:
Oil sector corruption is a super intelligent feild. .. .
They have the best in all feild.. . People are paid millions of dollars to block any lackage...

So those guys just suddenly acquired their super intelligence, while they were dumbos during GEJ's time?

Is it not the same clever tricks they have used for decades that GEJ was blamed for??

AreaFada2:
So those guys just suddenly acquired their super intelligence, while they were dumbos during GEJ's time?

Is it not the same clever tricks they have used for decades that GEJ was blamed for??

This is not a Nigerian thing bro.. . Jonathan has his fault and I don't blame him for anything in the oil sector

Abacha Era is about 18yrs ago, Nigeria has been sucking oil since 1956, our current reserves are currently in the deep and ultra deep regions compared to what I will describe as easy to access exploitation that we enjoyed in abacha Era. Fields like those in Oloibiri has been pumped dry. The summary of all my Jargons: the more we pump, the harder it gets to extract which requires more tech = requires more money
Hence, production cost would have been ridiculously low back then.
PS: am not an expert on the subject, blunders might be in the write up, try adding Google
Cc: niyigeol

wirinet:
My main question is; if the production cost of Nigeria' s crude is about $29, how was nigeria able to survive low oil prices of between $8 - $16 under the Babangida and Abacha administrations?

Wait till we are sure the naira is stronger with the FX policy.

folem:
Since the devaluation of Naira the estimates will need to be recalculated. Maybe $18 production cost?

wirinet:
My brother, the figure is correct. My friend in the oil exploration industry gave me the same figure last year.
I think this figure is grossly over inflated. With the technology employed and the fact that Nigeria oil reserves are relatively shallow (not very deep), the cost of extraction can't be more than $15 per barrel. A suspect corruption between, the oil companies, NNPC officials including DPR and some politicians.
I think Buhari should beam his corruption search light into the production cost of Nigeria's crude. It is way too high.

How deep is "not very deep"

The tax is part of what we earn as a nation from this IOCs nau, why reduce to increase their profit why
Abeg turn it up

fellis:
Not really, they make about 20 dollars profit per barrel.
Maybe if they reduce taxes like Saudi Arabia the profit will be higher.




The whole tax issue is another discussion entirely

Excellent point

kannymoore:
I guess it's partly due to having a stronger Naira against the dollar back in the day, along with a much lesser population compared to now.

PassingShot:
This explains why Saudi does not favour production output cut. She can afford to sell even at $15 per barrel and still make some profit.


How does this relate to the contents of the news?

Hatred for PMB (loved by most Nigerians anyway), has affected how some of you reason and react to news.

In the process, you worsen your ability to reason critically instead of advancing it.

They don't read and they lack credible reading and comprehension skills. Everything to them is bigotry and hate.

And Naija only gets 60% of the profit.. i.e $6 out of $10.

Flyingngel:
In Nigeria, we cannot discuss anything without mentioning crude oil. I weep for this nation.

The problem of Nigeria is buhari.

Thank you Avengers. Keep bombing

khristals:
with this government, its one valley to another... see the problems they've lined up for Nigerians

Why is the hatred for PMB clouding people's sense of judgement?

What will be your gain if this Country fails? Is militancy in the creek helping this Nation to move forward?

It's so true some people can cut off their nose to spite their face! SMH

E print version

erumena:
Why is the hatred for PMB clouding people's sense of judgement?

What will be your gain if this Country fails? Is militancy in the creek helping this Nation to move forward?

It's so true some people can cut off their nose to spite their face! SMH

Imagine the level of hatred required for a people to doom their region to desolation. Maybe it's plain evil. Maybe it's a result of alienation and a non inclusive government. Maybe it's just to make Buhari look bad. Hmmm.

[s]

DaBullIT:
Production cost at $29 per barrel

And some erdyots are complaining Buhari is not doing anything for them

Some other erdyots are blowing pipelines

Apparently as far as Nigeria is concerned , there's no profit on crude oil ,

$50 per barrel , $29 processing fees per barrel , cost of import and export nko ? cost of delivery to states all over the country

Son of the soil sold crude oil for $120 per barrel and left empty treasury and some edyotic assvengers are expecting miracle abi ?


Thank God for wall street journal , some people for use agitation rob us die

[/s]


"cost of delivery to states all over the country"? Are you kidding me?


Mumu! Who told you it was crude oil that is been delivered to states.. Just mumu dey go until you miss road..

People with head are talking abt CRUDE and you rush into the matter without digesting it's contents and started spraying your ignorance all over the place like 'Riad' Mosquito spray..

BTW I won't be the one to teach you what is been distributed to states all over the country so you may die in your hate for Jonathan enwrapped in ignorance..

Maybe i was in a hurry to write my comment, but what i meant was cost of delivering finished products to various locations , that has to be factored in , But in your holiness , you failed to understand , every other person understood what my comment meant and you effed up , you insulted me Now why would you do such a stupid thing ? can't you make your point without insults ? There will be consequences for that later , but if it's any relief to you Almighty corrector , You spelled RAID wrong

CHIJIOKE1314:
[s][/s]


"cost of delivery to states all over the country"? Are you kidding me?


Mumu! Who told you it was crude oil that is been delivered to states.. Just mumu dey go until you miss road..

People with head are talking abt CRUDE and you rush into the matter without digesting it's contents and started spraying your ignorance all over the place like 'Riad' Mosquito spray..

BTW I won't be the one to teach you what is been distributed to states all over the country so you may die in your hate for Jonathan enwrapped in ignorance..

DaBullIT:
Maybe i was in a hurry to write my comment, but what i meant was cost of delivering finished products to various locations , that has to be factored in , But in your holiness , you failed to understand , every other person understood what my comment meant and you effed up , you insulted me Now why would you do such a stupid thing ? can't you make your point without insults ? There will be consequences for that later , but if it's any relief to you Almighty corrector , You spelled RAID wrong

"You spelt RAID wrongly" hahahhahahaah!! .

CHIJIOKE1314:
"You spelt RAID wrongly" hahahhahahaah!! .

http://www.quickanddirtytips.com/education/grammar/spelled-versus-spelt

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