mrvitalis:

How many years did it take Ghana and Kenya to find oil ?

cstr1000:

Are you seriously kidding me?

Oil is not something you just look for on a whim.

There need to be concrete proof that there is presence of oil bearing reservoirs before full time exploration which is very very expensive.

Ghana did not have to waste so much time before they struck oil. The moment they discovered presence of oil bearing reservoirs, which is a relatively basic exercise due to modern advances in tech, they struck oil.

The north have been looking for oil since yar'adua. That is as long if not longer than Ghana has.

GavelSlam:


[font=Lucida Sans Unicode]No oil company goes into any territory without government approval and that is the support. Hence the sharing of proceeds.

Presently we have the NPDC which considers the sedimentary basins of Nigeria as potential hydrocarbon yielding basins. The proof is in the cuttings as is said in exploration.

Stop being bitter. Had you been from Bornu you would have loved for the matter to be settled.

FortifiedCity:


That doesn't mean they will conquer. If the south is willing to defend their territories, they will always be conquerous

DerideGull:


I really do not know how old you are and will not speculate. You started this discourse with Federal government of Nigeria. When the crude oil exploration started in the Amalgamated territories, it was solely private matter and colonial masters. However the exploration coincided with creation of regions and regional governments. At this juncture, Nigeria was not yet born as country. From 1954 to 1956, the exploration was entirely between a private company called Shell D'Arcy and Eastern Regional government in the Amalgamated Nigeria. The regional government gets the bulk of the proceeds and pays royalty to government of at the center. The crap you mentioned came about after the soldiers from northern region of Nigeria took over the government of Nigeria and abolished regional system.

mrvitalis:


Lol even the then president said they almost gave up before a young geologist came did the magic

It's every evident north and northern south east (Enugu and ebonyi )have oil

But is it in commercial quantity ? That's a different question

GavelSlam:


Stop being ignorant.

No oil company can get into a terrritoy without government approval. Whether 100 years ago or today.
In saying that, NPDC has been involved in exploration in Nigeria today and I don't hear any complaints. It only is so when they go into unproven basins.

GavelSlam:


Stop being ignorant.

No oil company can get into a terrritoy without government approval. Whether 100 years ago or today.
In saying that, NPDC has been involved in exploration in Nigeria today and I don't hear any complaints. It only is so when they go into unproven basins.

cstr1000:

The NPDC did not exist when Nigeria discovered oil and became rich in the 60s.

Private investors discovered oil in Nigeria with their own money.

cstr1000:

The NPDC did not exist when Nigeria discovered oil and became rich in the 60s.

Private investors discovered oil in Nigeria with their own money.

DerideGull:


You are simply too stiff to continue this discourse. No wonder Nigeria is a home of dunces. The so-called Nigeria is an event and you need to study the event.

GavelSlam:


Oh but NPDC exists today.

Are you against their exploration in the ND?

cstr1000:
If the only thing the FG is giving is approval, I don't think anybody would care.

Billions and billions of Niger-delta money is been wasted on fruitless venture and a so-called itshekiri man on nairaland does not care.

cstr1000:

We are talking about the north here. The ND have been very fruitful.

If the northern venture was viable, which would have been evident by now, then yes.

It is not. The wastage is pointless.

GavelSlam:


Every government supports the exploration programmes within its borders. Don't be bitter.

A time would come when the results would be conclusive.

GavelSlam:


It is not ND money.

It is Nigerian money.

As long as our constitution states that we are one united country, that's what we are.

cstr1000:

Because it is the entire Nigeria that suffers the effect of pollution and environmental degradation.

Itshekiri man indeed. What a scammer.

GavelSlam:


I don't do tribe or religion.

You don't want the North to suffer pollution and environmental degradation too?

cstr1000:

It seems you like arguing in circles. Bringing me back to arguments I have already addressed.

How many billions and billions possibly even trillion that would need to be spent to make the north suffer pollution?

How is this different from Dasuki? Both of them are mindless waste of Nigerian scarce resources.

cstr1000:

The east has oil. You don't need magic to know that. Its proximity to Africa's largest oil reserves is already enough to know that.

The commercial viability is what takes time to ascertain, because you need to determine the scope of the reservoirs, and if it is even financially feasible at all to explore due to the terrain.

GavelSlam:
So they don't deserve to explore for oil?

Did any region in Nigeria discover oil without federal government support?

GavelSlam:


Anywhere you find NPDC .

GavelSlam:
So they don't deserve to explore for oil?

Did any region in Nigeria discover oil without federal government support?

NDelta4fulani:


You have a fundamental misunderstanding of exploration goals. The present SS did not discover oil because they deserved or were assisted by the govt.

Oil is an energy resource. The MNCs that produce could care less about where it ia located. If the geology is right and the tech sufficient then u have an industry.

Nigeria's govt could not even materially assist the early German and.British bitumen companies that came before ww2 to explore in ondo. Look at the revenues of the govt by as late as the mid 60s u would see that all agro revenues Amounted to a budget of less than a 100 million Nigerian pounds. Shell's commitments alone during this period in e$p was more than 1.5 times govt revenue....... The govt was in desperate need of the devt of the sector. They had no choice but to allow the IOCs.

There's the anambra Benin bida sokoto lake chad and three NIger delta basins ( onshore,continental shelf and deep offshore). No body directed the IOCs to the delta. They searched all around the country and found there. Oil will not appear because u want it to.
The companies only go where they can justify costs. Till today they all explore in the delta region and nowadays even in the Dahomey basin that includes western states. With successes esp offshore Niger Delta.

Why has no one opted fpr any of the three northern basins Is it u that marries ur own daughters lol We talk about lake chad benefitting off the the possibilities in chad etc. What would highly acidic crude of tops of say 20k barrels do for a per barrel rate priced at a steep discount. U can't even market that oil without deducting transport costs and then heavy-acidic discounts on the benchmarks lol.

Govt is not the one that goes looking for oil. You do so out of economics considerations. The red flag already is that how come the IOCs aren't going there ? They have proper accounting and analysis methods that's why. Why isn't indimi drilling in borno why NDelta ? What about amni ? Danjuma nko ? Or the other northern bigwigs on oil ? But they drill in the south. Over half a billion dollars spent in futility. No boardroom will ever tolerate that nonsense. Hence the wariness of serious companies. Mind u this isn't even a deep offshore project that technically demands such costs. Onshore dry land costing that much and still no results ?

The blocks in all those basins barely receive bids .... The red flags are clear. This is just a ruse to spend cash on exploration contracts wxwcuted by cronies. Give Us abreak. And u put on ur economics thinking cap.

GavelSlam:


Your lengthy thesis does not preclude the existence of
an NPDC which has extensive knowledge of the sedimentary basins and can carry out an investigation wherever it finds necessary.

Stop being sentimental. You are not more knowledgeable than the NPDC staff supported by university lecturers.

DerideGull:

There shall be a Republic of Igbo land or Biafra after all.

GavelSlam:
So they don't deserve to explore for oil?

Did any region in Nigeria discover oil without federal government support?

NDelta4fulani:



Nowhere did I allude to being more knowledgeable than anybody. I only highlighted the relevant details. Onshore exploration gulping more than half a billion dollars over a decade is unheard of. That is where no significant technical challenges exist. An npdc person Doesn't have to explain that to u. If u ever did natural resource econ or just follow the industry u should understand this.
The most profitable basins are courted by IOCs and nnpc has issues with JV cash calls still... U can't live up to ur 60% equity thata providing ur firm with billions but can down huge sums on fruitless exploration. Dont tell me you'd classify this wastage as development costs
Or wait. Maybe you'd wait to hear baxk from npdc since u can't reach basic conclusions with basic available info

Download DPR info brochures and take a look at how few the blocks in those basins are , yet they rarely attract bids.
That's akin to the Saudi govt drilling in the western or najd areas of the kingdom. Say because the Persian gulf was too shia.so they need more sunni oil ? Lol. Can't happen cos Aramco is an actual profit focused company.

GavelSlam:


But NPDC is an exploration company.

We must not always wait for others to blaze the trail.

No matter where you talk about in Saudi Kingdom except for sacred places, some form of exploration has taken place.

Could be magnetic or seismic or even drilling so that argument holds no water.

The Chad basin is a proven basin. But for the bias of the average Nigerian who deep down cannot stand others having the same resources as she does, there should be nothing wrong with an exploration exercise.