Izigha:

You wan help han, or you wan scam han join
anyway he is selling recharge card under powerline in Aba

Lol, I wan learn na, I plan on going into agriculture irrespective of my job in the future

Barezzi:
That's not Nigeria's crude.
Bonny light crude is what we sell and it's currently trading at $22.

What is the cost of production of Nigerian Crude?

Obrigardo:
trumps fingers are all over this. At the same time, Shale Oil production is booming... What is in it for trump? The truth will surely come out someday. trumps hideous fingers is in all of these things happening, but like the morons many are, they will tell you black is white and white is gray

How?When nobody wants to take delivery for May.

DabuIIIT:


Shut up. We wish the oil dries up....then we will see how parasites will manage their parasitic lives

It won't dry up but it will remain buried in the ground. No point in exploring it.

Zikar:


It's below $1 right now.

That is cheaper than a bottle of water.
Thank God I left the sinking oil industry.
Since 2015, the producers have been barely making profit.
Oil companies are mean. Even at $50 per barrel, they were cutting jobs and expenses like no man's business.

Its now -$36,no buyer for May's contract due to storage issue.

dawnomike:
I hope oil will not become $1 dollar let barrel before this pandemic ends

It is now $1 just now. It is crazy how the price just nosedived today

salford1:

What is the cost of production of Nigerian Crude?

$18 - $22

It's now less than $1

Bevista:
$18 - $22

That means if brent, bonny light, Arab light etc are being sold for circa $21 - $26, that means the companies are barely or just making little profit on each barrel.

dayleke:
Wahala dey o. Brent crude or crude Brent Abi wetin dem dey call our own nko?
How much be that one?

Our Brent is 26.76.
The Op is just creating unnecessary panicking.

salford1:

That means if brent, bonny light, Arab light etc are being sold for circa $21 - $26, that means the companies are barely or just making little profit on each barrel.

Yup. But when you consider that our oil is priced at $3 - $4 discount to Brent, then we're practically operating in negative territory.

Mcy56:


Our Brent is 26.76.
The Op is just creating unnecessary panicking.

I read somewhere that the Nigerian budget was pegged at $57 USD per barrel. Hope it has been reviewed Sha. This downturn might make bonny light hover around $20 a barrel for a long time.

If the president, Vp, Senator, Reps and Governors refuse to adjust their Jumbo pays and salaries with the current reality then they must all be tied to a stake and executed Jerry rawlings style.

It means they want to asphyxiate Nigerians in order to keep maintaining their extravagant lifestyle. Nigerians would rather have them die off so we can live.

Mcy56:


Our Brent is 26.76.
The Op is just creating unnecessary panicking.

Thank you.

salford1:

I read somewhere that the Nigerian budget was pegged at $57 USD per barrel. Hope it has been reviewed Sha. This downturn might make bonny light hover around $20 a barrel for a long time.

They reviewed it downwards already, around $25 or something, not sure now.

unikwa:
Oil has been a curse for the common Nigerian.

Ajaokuta steel complex was estimated to employ about 500,000 Nigerians.
Shagari started it, then Obasanjo, Yar'adua, Jonathan, all failed to get it working.
Easy oil money made them abandon the project, which has been 98% complete for almost 40 years. We've been importing 10 million tonnes of steel ever since with foreign currency. Imagine how many Trillions of Dollars Nigeria could have made if Ajaokuta had been operating for 30 years.

South Korea, and India had a replica steel plant, also built by USSR. Theirs have been working for 30+ years. In fact, SK has increased their output from 10 million tonnes to 45 million tonnes per year.

Kudos to Buhari for trying to resuscitate the project. He pumped $1 billion into it. Hopefully, they haven't embezzled that also.

Shagari dnt start anything in Ajaokuta. Shagari became president in 1979, the contract was awarded in 1967. I like the way you jump from Shagari to OBJ, without telling us who were ruling during those years, guess what Buhari was there. when he kick out Shagari all capital project in the country were suspended, the naira lost more than 300% of its value.
Kudos for what exactly? All our leaders have failed, and they are all microcosm of the whole Nigerians none of them have come from Jupiter.

Mcy56:

They reviewed it downwards already, around $25 or something, not sure now.

Good to read that it has been reviewed.

dawnomike:
I hope oil will not become $1 dollar let barrel before this pandemic ends

.
Already is

salford1:

I read somewhere that the Nigerian budget was pegged at $57 USD per barrel. Hope it has been reviewed Sha. This downturn might make bonny light hover around $20 a barrel for a long time.

Was reviewed down to $30.

Obrigardo:
trumps fingers are all over this. At the same time, Shale Oil production is booming... What is in it for trump? The truth will surely come out someday. trumps hideous fingers is in all of these things happening, but like the morons many are, they will tell you black is white and white is gray

Shale production is no longer booming. Atleast I can say for the Bakken Oil field area especially Saskatchewan/Dakota. So many lost jobs and cancelled projects. The aim of the Saudi/Russia was to push the shale producers out of the market. Not sure how well that is going to work.

haywire07:
It's hightime Nigeria stopped international sales of oil in full capacity.
Let us channel ample amount of the oil to a reservoir and save up for a better day.
Cut deals with some African countries and use their reservoirs if ours is filled

When we save enough, the Government should declare our refineries ''out of service".
Luckily, Dangote refinery is near completion.

After this Covid -19 pandemic, we begin to sell from our reservoirs for the main time, while the refineries will be under renovation.

And also very importantly is the need to diversify.

We simply dont have the capacity to store..

haywire07:
It's hightime Nigeria stopped international sales of oil in full capacity.
Let us channel ample amount of the oil to a reservoir and save up for a better day.
Cut deals with some African countries and use their reservoirs if ours is filled

When we save enough, the Government should declare our refineries ''out of service".
Luckily, Dangote refinery is near completion.

After this Covid -19 pandemic, we begin to sell from our reservoirs for the main time, while the refineries will be under renovation.

And also very importantly is the need to diversify.

Your proposal is dead on arrival. What reservoirs do you think can hold even a million barrels a day production.

Sell to which African countries? They are minnows when it comes to oil demand. Britain uses about 2million barrels of oil a day alone which is almost 5 times out daily That might be Africa's entire demand.

The reservoirs of other African countries will be minute and very quickly will run out of capacity

What the country needs is diversification. That's where you got it right.

Bevista:
Was reviewed down to $30.

Thanks. That makes alot more sense than $57 per barrel.

salford1:

Shale production is no longer booming. Atleast I can say for the Bakken Oil field area especially Saskatchewan/Dakota. So many list jobs and cancelled projects. The aim of the Saudi/Russia was to push the shale producers out of the market. Not sure how well that is going to work.

For once I sounded like a trumper
Because a trumper will make you believe trump is the best thing to happen to Shale
Shale oil is a bust I see that now. All thanks to dear leader trump

Obrigardo:


For once I sounded like a trumper
Because a trumper will make you believe trump is the best thing to happen to Shale
Shale oil is a bust I see that now. All thanks to dear leader trump

salford1:

It won't dry up but it will remain buried in the ground. No point in exploring it.

Yes jare

haywire07:
It's hightime Nigeria stopped international sales of oil in full capacity.
Let us channel ample amount of the oil to a reservoir and save up for a better day.
Cut deals with some African countries and use their reservoirs if ours is filled

When we save enough, the Government should declare our refineries ''out of service".
Luckily, Dangote refinery is near completion.

After this Covid -19 pandemic, we begin to sell from our reservoirs for the main time, while the refineries will be under renovation.

And also very importantly is the need to diversify.

This is a Brilliant idea

Is already 1$

dawnomike:
I hope oil will not become $1 dollar let barrel before this pandemic ends

haywire07:
It's hightime Nigeria stopped international sales of oil in full capacity.
Let us channel ample amount of the oil to a reservoir and save up for a better day.
Cut deals with some African countries and use their reservoirs if ours is filled

When we save enough, the Government should declare our refineries ''out of service".
Luckily, Dangote refinery is near completion.

After this Covid -19 pandemic, we begin to sell from our reservoirs for the main time, while the refineries will be under renovation.

And also very importantly is the need to diversify.

Good input but we need to ask ourselves these questions.

1) Where will revenue come from to sustain the economy ( in terms of salaries, infrastructure development, etc) & budget if this is implemented?

2) What will happened to the Naira value?

Diversification is what the economy needs. Agriculture sustained us before oil era and this is what we need to place our focus on.

The kingdoms of this world are shaking because the kingdom of God is about to be established on earth.

US Crude oil Futures for May is $0. Nobody wants to buy US crude for May. Typically, prices of commodities are agreed in advance (hence the word futures) and Futures Contracts signed. But buyers are saying they are not interested in buying any crude oil in May. So price is $0 for the first time in USA history. This is due to COVID-19. Global economies are affected by this COVID-19.

NNPC has asked multinational oil companies to demand 405 discount from contractors working for them. Normally the contractors will refuse because when oil prices go up, the oil companies don't increase contract prices. What happens in that regard is that the oil companies will terminate the contracts and pay termination fees if part of the contracts. ExxonMobill has released 4 of the rigs working for them. The drilling contractors will have to lay-off their workers. Directly over 400 employees will be affected.