Oil is about to become worthless commodity as Australia discovers oil larger than many oil producing nations. Prices are expected to fall to all time low. My fellow Nigerians, it's high time we started to explore other areas where we can generate revenue to sustain us.


Massive Oil Discovery Is Deathblow For Saudis
By MONEY MORNING STAFF REPORTS
PrintEmailShareA++A+A Text size


It's the biggest find in 50 years and the media is completely ignoring it...

It is 6 times larger than the Bakken, 17 times the size of the Marcellus formation, and 80 times larger than the Eagle Ford shale.

All told the recent discovery outside a sleepy Australian town contains more black gold than in all of Iran, Iraq, Canada, or Venezuela.

The current estimates of 233 billion barrels are just 30 billion barrels shy of the estimated reserves in all of Saudi Arabia.

Now, one renowned international energy expert predicts the proven reserves will be much bigger.

"The find may land at 300 or 400 billion barrels, making it one of the greatest unconventional oil discoveries any of us will see in our lifetimes," says Dr. Kent Moors and advisor to six of the top 10 oil producers and active consultant to 20 world governments.

"It represents a bona-fide redrawing of the global energy map as we know it," Moors says, "and the mainstream media is completely ignoring it."

Editor's Note: Experts value this find at over $20 trillion. To see the one stock that will deliver a record payday, go here.

Where the Hell is Coober Pedy?
To the people who call this place home, the oncoming oil boom means nothing will ever be the same ($20 trillion worth of oil can do that to a town).

The boom is centered around a place called Coober Pedy, an inhospitable speck on the map in Southern Australia.

The big draw is the riches found in the region's vast geological structure, the Arckaringa basin.

Encompassing an area in excess of 30,000 square miles, what's buried within the basin is enough black gold to completely change the global oil landscape-not to mention the lives of early investors.

Analysts believe this is equivalent to investing in Saudi Arabia in the early 1950's.

And according to this inner circle briefing by Dr. Moors, one little company controls the whole thing.


http://moneymorning.com/articles/this-massive-discovery-has-put-the-saudis-into-a-panic/

That's good news! I want it to become worthless so that it will be cheap in our country. Our leaders should learn to diversify the economy and stop depending only on Oil.

awa economy is in trouble

Food for thought ooo...

Nigeria should be planning, very aggressively, to diversify its economy away from its current dependence on oil because, this Australian oil discovery aside, several considerations will change the demand for oil drastically in the next decade or so.

The electric car that used to be a concept is now a fully-fledged reality with virtually every major motor manufacturer now having a model. Check out the BMW i3 below.

https://www.bmw.co.uk/en/topics/discover-bmw/bmw-i/philosophy.html?bmw=1y0aqC210UfEvIDVu84tUGyRmjnBIl&lbmatchtype=e&lbcreative=36123640298&lbnetwork=g&lbkeyword=bmw%20electric%20car


Born electric. With BMW i and 360° ELECTRIC, everyday journeys can be 100% electric and a pleasure from start to finish. BMW i also thinks beyond the car with its innovative mobility services.

LoL... I knw dz Oyel in the Niger delta keeps giving some Ediots in the north and in the west sleepless nights... No worry even if it becomes worthless una no go fit eva get am.

berem: That's good news! I want it to become worthless so that it will be cheap in our country. Our leaders should learn to diversify the economy and stop depending only on Oil.

Agree with you.

lygn19: LoL... I knw dz Oyel in the Niger delta keeps giving some Ediots in the north and in the west sleepless nights... No worry even if it becomes worthless una no go fit eva get am.

If the Oil becomes worthless,the people of the Niger Delta will lose because there's no meaningful development in that region since the discovery of oil at Olobiri. So who's laughing last?

berem: If the Oil becomes worthless,the people of the Niger Delta will lose because there's no meaningful development in that region since the discovery of oil at Olobiri. So who's laughing last?

LoL... Worthless as in d nxt 50years?

lygn19:
LoL... Worthless as in d nxt 50years?

Do you think its gonna be worthless because its gonna dry up in 50 years time? I can see your line of reasoning. Go back and read the original post slowly but carefully.

Best news so far. Oil=all the bad things happening in Nigeria since the 1960s. It needs to go so that we can be human being again.

berem: Do you think its gonna be worthless because its gonna dry up in 50 years time? I can see your line of reasoning. Go back and read the original post slowly but carefully.

LoL...don't worry when it becomes worthless, we wud diverstify into COCOA production, not termite infested one's like d one's in some regions o, real cocoa.

I don't know how legitimate this Australian oil claim is (the source looks a little sketchy to me) but the writing has been on the wall for oil-dependent exporter nations for a little while, I think.

This article is from yesterday's Wall Street Journal:


Shell Looks to Sell Nigerian Pipeline
Theft and Vandalism Have Plagued Company's Operations in Niger Delta

By
Sarah Kent,
Benoît Faucon and
Justin Scheck

Oct. 30, 2013 6:14 p.m. ET

Royal Dutch Shell RDSB.LN +1.23% PLC is trying to exit an oil-rich but violent part of Nigeria, say people briefed on the company's plans to sell a leak-prone pipeline and several oil wells there.

In recent weeks, the Anglo-Dutch energy giant has had early talks with Nigeria-based companies over selling them four oil-production blocks and a major pipeline in the southern Niger Delta, say two people with knowledge of the talks. Shell has sent confidential financial information on the assets to at least two dozen suitors, these people say.

Selling the Nembe Creek Trunk Line—which moves oil through the Delta to the Atlantic coast—would be Shell's biggest move yet to exit onshore crude production in a region that has caused problems for decades. Over the past year, the Nembe Creek line has had multiple punctures and closures, and at least one fire.

The resulting environmental cleanups and financial losses have been a drag on profits for Shell, which is set to report its quarterly results Thursday. Now, Shell is trying to get rid of the infrastructure in favor of focusing on potentially less-problematic natural-gas production and offshore oil drilling, say Shell executives and bankers briefed on the company's Nigeria plans.

Shell operates the pipeline and oil blocks with a 30% ownership stake. State-owned Nigeria National Petroleum Corp. owns 55%, Total SA FP.FR -0.91% of France owns 10% and Eni ENI.MI -0.54% SpA of Italy owns 5%.

Since 2010, Shell's Nigeria subsidiary has sold $1.8 billion in Nigeria assets, and it isn't alone among Western oil companies in reducing its onshore presence there. ConocoPhillips Co. COP -1.21% says it is selling its entire Nigerian business, and Chevron Corp. CVX -2.02% is in the process of selling some assets in the country as well.

In June, Shell announced a strategic review of its Niger Delta operations, which it said could result in some divestments, while at the same time announcing that it planned to invest $3.9 billion in other projects onshore in the Delta.

A company spokesman said the strategic review is ongoing, "and therefore we are not in a position to confirm which, if any, blocks may be put up for sale."

Shell could face hurdles to selling its pipeline. The company says it supports the Nigerian government's efforts to have indigenous firms take over onshore oil assets, but Nigeria-based oil firms have had trouble getting financing to buy assets from international companies in recent years. The parties to any sale also would have to figure out how to manage potential liabilities from spills and other environmental damage. Shell could end up retaining liability for years after a divestiture, say people familiar with the matter. The Shell spokesman said the company would comply with applicable laws but commercial arrangements haven't yet been decided.

It isn't clear what the pipeline is worth. Advisers and officials with companies considering buying Shell assets say Shell could get $2 billion or more for the oil fields linked to the pipeline.

Shell can get almost 400,000 barrels of oil a day from its Nigeria installations, but its production has suffered as a result of oil theft and vandalism in recent years. Other companies are also suffering from the unrest in the Delta. Italy's Eni said Wednesday that oil theft in Nigeria contributed to a decline of more than 3% in its oil and gas production in the first nine months of the year. Nigeria's national oil company also said this week that "relentless attacks on major crude arteries" have hurt the country's economy.

The Nembe Creek pipeline has been a particular target, even after Shell invested over $1 billion to rebuild it in 2011. The pipeline was shut for much of this year, taking 150,000 barrels per day offline. It reopened briefly in the fall but was shut again after new oil-theft incidents, which have totaled at least 60 this year on the line, Shell said.

Shell says at least three-quarters of the spills are due to sabotage or puncturing of pipelines by thieves trying to siphon off oil. Others are from maintenance problems or pipeline breakdowns, bringing criticism on Shell from environmental groups and, this month, from a Norwegian government advisory body, which recommended the country's $780 billion oil fund keep a close watch on Shell spills in the Delta.

The United Nations Environment Program in 2011 called Shell's control and maintenance of the infrastructure in the area "inadequate." Shell says it has made progress on addressing the issues raised in the report and is committed to cleaning up all oil spills from its facilities.

Despite Shell's backing of the government's push to see Nigerian companies take over local infrastructure, Jacob Mandi, a former oil thief who used to steal from the Nembe Creek line, says he's not sure that will help things. While having local owners may ease problems, he said, if the owners are unknown to those who live near the pipeline, "they will need to settle the community" by paying money to avoid vandalism.

Maybe the domestic market for refined products will grow aggressively in Nigeria (this is the Dangote strategy, as far as I can see) but the traditional export market is going to shrink with the growth of US shale. China has significant reserves as well.

TerraCotta: I don't know how legitimate this Australian oil claim is (the source looks a little sketchy to me) but the writing has been on the wall for oil-dependent exporter nations for a little while, I think.



This was discussed extensively on CNN and CNBC yesterday. It is a credible news.

Im dreaming already. How peaceful my eastern region was before Oloibiri

Igbo proverb says that the person who has people is greater than b someone who has money,gold, and oil

@ least fuel subsidy scandal by the cabals will reduce in my beloveth con3 and farming will know be our priority

soon d world will no longer need our oil, even d imf has been warning opec countries especially Nigeria and Saudi Arabia to diversify their economies, this is d time for this country to make judicious use of our oil wealth but alas corruption on d part of our leaders and tribalism by d followers will never let dat happen. Nigeria bye bye

Oil cabal, nepotic officials, and the many post 1960s riverine "independent nations" founded based on oil beware. Your fuel is about to run out.

I hope those that claim "its our oil " like the taste of oil - a time will come where una go dey drink am -as thing no get value anymore.

Honestly, this is a great news. Soon y'all will undestand *hova's voice*

"The Stone Age didn’t end for lack of stone, and the oil age will end long before the world runs out of oil." - former Saudi oil minister Sheik Ahmed Zaki Yamani

"Stones are not scarce. Therefore the reason for the end of the stone age was not scarcity. Therefore all resources are not scarce..."

There was a big discovery off Brazillian coast also recently, in no time oil will be worthless. Countries like UAE and Qatar are already diversifying their economy while Nigeria is using hers to destroy nature and wasting their resources like a prodigal son.

I've just read it that in the near future, Human Mental Resources (Ideas)) will be the main resource that will rule the world.

If people still think there's no life outside Natural resources, their future will be bleak.

The Arabs have realized it and use the money they realize from their oil to develop ideas eg Real-Estate, Tourism etc.......

This is good news, I am really loving it, soon our vast arable land will become more valuable and the north would be contributing even more to the national GDP; then the REAL PARASITES who do not contribute anything themselves will trully emerge.
National conference, SNC, resource control here we come, yeah! who is afraid of the big bad wolf?
In fact let this country break, let everybody go on his own - abeg, make we hear word

Twould still take some time before oil sale drops and I'm sure the goverment will slouch till it's too late.

This is a blessing. The cabal will soon be out of work forever and ingenuity will return by force

Hmmmmm... nigeria in trouble..'..south south u beta use ur oil wisely before h?mmmmmm.....south west use ur seaport and tourism potentials well oh.........south east abeg make una enta d trading area oh, lol onitsha and aba things......midle belt our food basket must b full at all time.......oir northerners abeg cattle rearing oh....

ROSSIKE:

Why don't some of you dunces read and research before coming online to type ignorant, beer parlour rubbish?

The Nigerian economy is diversifying at its fastest rate since the discovery of oil. The annual rise in GDP is attributed mostly to the growth in the non oil sector - telecoms, banking, retail, agriculture, construction and manufacturing.

EVERYONE WITH EVEN A MODICUM OF KNOWLEDGE OF THE NIGERIAN ECONOMY KNOWS THIS, yet we still have people like you coming online typing ignorant, outdated nonsense.

He he he lwtmb diversifying on paper, you think posters here don't know you as a cheap propagandist. Nigerian economy is diversifying yet we still base our budget on the price of oil I'm not ready for your usual gibberish this time you can have the whole thread to yourself and many naive posters that you can deceive.

The multinational oil companies are quietly selling off all their assets so take profits and out of Nigeria.