₦airaland Forum

The oil industry, with its history of booms and busts, is in its deepest downturn since the 1990s, if not earlier.
Earnings are down for companies that have made record profits in recent years, leading them to decommission nearly two-thirds of their rigs and sharply cut investments in exploration and production. More than 200,000 oil workers have lost their jobs, and manufacturing of drilling and production equipment has fallen sharply.

The cause is the plunging price of a barrel of oil, which has been cut roughly in half since June 2014.
Prices have recovered a few times this year, but executives think it will be years before oil returns to $90 or $100 a barrel, pretty much the norm over the last decade.

What is the current price of oil?

Brent crude, the main international benchmark, was trading at around $32 a barrel on Monday.The American benchmark was at around $31 a barrel.

Why has the price of oil been dropping so fast? Why now?

This a complicated question, but it boils down to the simple economics of supply and demand.

United States domestic production has nearly doubled over the last six years, pushing out oil imports that need to find another home. Saudi, Nigerian and Algerian oil that once was sold in the United States is suddenly competing for Asian markets, and the producers are forced to drop prices. Canadian and Iraqi oil production and exports are rising year after year. Even the Russians, with all their economic problems, manage to keep pumping.

There are signs, however, that production is falling in the United States and some other oil-producing countries because of the drop in exploration investments.

On the demand side, the economies of Europe and developing countries are weak and vehicles are becoming more energy-efficient. So demand for fuel is lagging a bit.

Who benefits from the price drop?

Any motorist can tell you that gasoline prices have dropped. Diesel, heating oil and natural gas prices have also fallen sharply. Households are likely to spend $750 less on gas this year because of the oil prices, the United States Energy Information Administration said in January. Europeans and consumers around the world will enjoy similar benefits.

The latest drop in energy prices — regular gas nationally now averages around $2.03 a gallon, down about 19 cents from a year ago — is also disproportionately helping lower-income groups, because fuel costs eat up a larger share of their more limited earnings.

Gasoline prices are now inching down as refineries finish their maintenance to switch to more inexpensive winter gasoline blends.
As the price of crude oil fluctuates, why some countries are faring much better than others. Credit Video by Quynhanh Do on Publish Date January 27, 2015

Who loses?

For starters, oil-producing countries and states. Venezuela, Iran, Nigeria, Ecuador, Brazil and Russia are just a few petrostates that are suffering economic and perhaps even political turbulence. Persian Gulf states are likely to invest less money around the world, and they may cut aid to countries like Egypt.

In the United States, Alaska, North Dakota, Texas, Oklahoma and Louisiana are facing economic challenges.

Chevron and Royal Dutch Shell recently announced cuts to their payrolls to save cash, and they are in far better shape than many smaller independent oil and gas producers that are slashing dividends and selling assets as they report net losses. Other companies have slashed their dividends.

Source
http://www.nytimes.com/interactive/2016/business/energy-environment/oil-prices.html?_r=0
Video
http://nyti.ms/1Ywc3Ck

This man

Black market 1300 for keg

This man need To

As petrol stations have refused to sell in Jerry cans for those who use generator, this young man decided to kuku buy his inside this nylon bag. Lagos na wa!

As petrol stations have refused to sell in Jerry cans for those who use generator, this young man decided to kuku buy his inside this nylon bag. Lagos na wa!

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Merry xmas from Dasukigate

The Encounter chronicles the story of a crucial moment in the Nigeria-Biafra civil war. The moment in question is the conversation between Biafran Commander-in-Chief General Emeka and imprisoned Emmanuel Ifeajuna.


https://www.youtube.com/watch?v=5UZbKboaP50

Merry xmas from Da..........

ccc Lalasticlala

This is so sad..Workers have no right in Nigeria..
They have no future....
One can just wake up to find they have been locked out of a job they toiled for years to help grow...

THE LEADERSHIP,
PENGASSAN,
288, IKORODU ROAD,
ANTHONY,
LAGOS

Cc : DPR, NAPIMS
Dear Sir,

APPEAL FOR SUPPORT AND URGENT INTERVENTION
This letter would have come earlier, we painfully but sincerely admit, especially when we initially nurtured the thought of starting the Union in our entity. But for reasons which we would in the latter part of this letter highlight, we opted to defer the establishment of the Union for a more opportune time.

It is however inevitable at this time, under this strenuous circumstance, to make to you a clarion call, for desperate times call for desperate measures.
The information may have filtered through to you – by way of news or rumour – of how Oando Energy Resources (OER) have slashed a significant percentage of its work force, but we would also like to formally communicate that to you as well as the true situation of things.

On Monday, 30th of November, 2015, the CEO of OER, Mr. Pade Durotoye, called and Emergency Townhall Meeting of all OER staff at about 4:40pm. The meeting served the purpose of communicating Management’s intention to immediately embark on a retrenchment exercise. The meeting lasted about 20 minutes, till 5:00pm (i.e. COB). The staff to be affected would be communicated by way of letters, the following day Tuesday, 1st of December, 2015. It was like a bombshell and rendered the entire work floor cold with eerie silence and shell shock.

This announcement came just few weeks after the Group Chief Executive of Oando Plc, Mr Jubril Adewale Tinubu, in a townhall/video conference prior to the public release of the company’s 2014 Consolidated Financials, made a categorical statement that no Oando staff would be fired for any reason relating to the current business climate and bad business fortune occasioned by the falling oil prices which led to huge impairment losses with significant final loss on the books. Suffice here to say that the action to sack staff is a direct betrayal of the earlier assurances.

On Tuesday the 1st of December 2015, before 9:00am, the Chief Human Resource Officer, Mr. Ademola Ogunbanjo, came with the letters to the open work space, called staff to gather round and one after the other handed the letter to staff. Those who were retained got letters titled ‘Notice of Continued Service’ while those affected got letters titled ‘Notice of Redundancy’. About 90% of peopled fired were officers. Most managers retained their jobs.
We would hereby highlight our grievances, in no particular order or preference, whilst appealing to your good offices for urgent intervention:

The staff had been assured that no one will be sacked. This assurance had made a number of staff now affected, already prospecting other opportunities to put aside getting another job. This is blatant insincerity and directly oppositional to one of the company’s core values – Integrity;
The notice of redundancy was too urgent, hasty and of immediate effect;
The severance package is too meagre. The amount offered to each affected staff is less than 9% of the Annual Gross Salary;
Staff were not given enough time to handover and clear personal documents. Staff were denied access to the network and work station as early as from Friday the 4th of December 2015, a date earlier than the effective date stated on the letter being 31st December 2015;
Cost cutting and general expense reduction drive was among reasons cited for the downsizing. However, the cadre of staff mainly affected is the lower level comprising the least earners in the company. The highest earners all retained their jobs;
All staff affected have not been found wanting in terms of performance and dedication on the job. Performance on the job, going by the formal appraisal system and the company’s HR Policy, was not a yardstick that was used. One of the company’s slogan it might interest you to note is that the company is a ‘Performance Driven’ organization;
The basis for the exercise was not at any time explained. It remains unknown why those who were affected were dropped;
The distribution of letters was done as a roll call in full public glare of every member of staff rather than the more dignified way of calling staff one by one in private;
Some of the affected staff were poached from other companies less than six months ago, and they are already being evicted from the job they have sacrificed so much for;
As a company that parades itself as proudly African, it is quite ironical that only Nigerians were fired while the foreign expatriates are not affected. This is a seeming violation of Section 10 of the Nigerian National Petroleum Corporation (“NNPC”) Act, Sections 9(1) (b) and 12(1)of the Petroleum Act and Section 28 of the Nigerian Oil and Gas Industry Content Act, which generally provides that Nigerians shall be given first consideration for employment and training in the oil and gas industry;
As a company that claims to be world class, the least expected is to give a just compensation (as similar companies that have embarked on such exercise would do) and handle the process with utmost dignity and respect for human beings. This is not the case;
A few months ago, staff of the company thought of establishing a union having attained the required quorum. Management, on getting the wind of this called for a meeting, asking staff to set up a committee, which would represent an informal union, with the assurance that the committee would be accorded with the same seriousness and respect deserving. The first sign of insincerity was when 40% of elected members of the committee were forced to step down by the HR office and replaced with their own selection. The second sign was when every recommendation put forth by staff via the committee was turned down, and in exchange, HR issued out letters of what they felt they were willing to give – all be it – even without reaching any form of agreement with staff. After seeing so many staff unceremoniously laid off, a member of the management executive confessed to how the whole committee set up was intentionally orchestrated to derail staff from joining the Union;
The DPR ‘Guidelines and Procedures for the Release of staff in the Nigerian Oil and Gas Industry’ (‘The 2015 Guidelines’) requires the approval of the Minister of Petroleum Resources for the release of employees from their job. We do not believe that the Minister’s consent has been obtained by OER in laying off staff;
We believe that the retrenchment exercise is malicious, ill advised, undignified, unprofessional, and demeans the years and months of dedication and hard work the staff have put in whilst with the company.
We would like you to come to our aid and intervene in the situation in a spirit of solidarity. What we demand in addition to addressing the highlighted issues are:

OER to render an unreserved apology to affected staff for treating them with indignity;
That the severance package be reviewed to an amount obtainable in companies that have retrenched staff recently especially where the staff are unionized. At least four years’ gross pay would be acceptable;
OER to agree in writing that, should oil price return to at least $50/bbl, the affected staff who are still available would be reinstated since performance was not the basis for the pruning down exercise;
OER to maintain benefits due to staff throughout their search for another job;
OER to promise in writing not to victimise staff once the business fortunes reverse and staff are to be reabsorbed;
PENGASSAN to mandate OER to establish Union in the organization;

We have also attached herewith, some documents that give evidence to our story and support our claims.
We would like your candid advice as to the next steps while anticipating your fullest support, benevolence, solidarity and comradery as we weather the storm together.

One in heart and mind,
Brothers with a common debt
Victoria Acerta!
Solidarity Forever!!
Yours sincerely,

Aggrieved staff of OER.

Imagine the hardship this administration caused us

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https://www.youtube.com/watch?v=kfiZWeiyPTI

GMan650:
Lies...... The highest denomination of a dollar currency is $100 and the man was acclaimed to have swallowed $115,00, that makes 1,150 currency notes(if the currency were in $100 notes); how on earth is it possible to swallow 1,150 notes. OP, check your link wella, I'm sure something is wrong somewhere, either the EFCC are daydreaming or the link is lying.

You said it all i thought it was cocaine.

Very Poor 0.5/10..... Buhari take .5 or do you want -olodo

As long as a northerner is ur president thing like these will continue.

Noooooooooooo :' truth be told nigerians are suffering.

Hardship everywhere