Feb. 22 (Bloomberg) -- Nigeria, Africa’s largest oil producer, said it plans to spend $100 billion with its joint- venture partners including Royal Dutch Shell Plc, Exxon Mobil Corp. and Chevron Corp. in the next five years to explore for crude and gas onshore and in deepwater fields as it seeks to boost output and increase reserves.

“That’s our investment profile both in the production sharing contracts and joint ventures from now to 2016 and beyond,” Austen Oniwon, group managing director of the Nigerian National Petroleum Corp., said today in an interview in Abuja, the capital. “Joint venture funds will come from both the government and the international oil companies, while the production sharing contracts will be from the contractor.”

The West Africa nation currently has 37 billion barrels in crude reserves and Africa’s largest gas reserves of 187 trillion standard cubic feet, according to the Department of Petroleum Resources, the country’s oil industry regulator. The government missed its targets to boost reserves to 40 billion barrels and output to 4 million barrels a day by 2010.

Nigeria is the fifth-biggest source of U.S. crude imports. Shell, Exxon Mobil, Chevron, Total SA and Eni SpA operate joint ventures with the state-owned Nigerian National Petroleum Corp. that pump about 90 percent of the country’s crude.

The development of deepwater oil fields is well below the country’s potential, Shell said today in an e-mailed statement. Nigeria needs to introduce better investment terms to encourage companies to explore in deep water, Mutiu Sunmonu, chairman of Shell’s Nigerian unit, said today at a conference in Abuja.

Oil exploration in Nigeria has slumped after producers backed away from investment until the country’s petroleum law is passed. The government will present a draft bill for the regulation of the oil industry to the parliament within six weeks, Petroleum Minister Diezani Alison-Madueke said yesterday.

http://www.businessweek.com/news/2012-02-22/nigeria-to-invest-100-billion-in-oil-and-gas-exploration.html

So what exactly have we been doing since we discovered crude oil back in the 70s?

Funny country with funny leaders.

Another avenue to steal, pure LACK of FOCUS,

60% of these are sure to develop their own wings soonest. oloju kokoro

chiefs & thiefs

Nobody is talking about the mess this bloody oil companies have made in the niger delta, I almost don't know how to blame them when our president is a useless FOOL!

And yet we think we're a poor Nation, chai! See where greed has brought us! Nigeria: The Most Blessed and Most confused Nation on Earth!

dem don come again o,  dem wan begin siphon our money be that o!

When will NNPC take over this oil exploration from this imperialist oil companies. Other countries like Brazil with help of their Petrobras,  while Iranians are been assisted by their own National Iranian Oil Company (NIOC) which also known as the second largest oil company in the world after Saudi Arabia's state-owned Aramco that is also playing a vital in Saudi's oil explorations. What about Petronas of Malaysia, a national oil company with an international vision, when i read a book with the tittle " LOST BOYS OF SUDAN" i was amazed by the fact that even a Malaysian company was involved in Sudanese oil exploration, but for NNPC? what can we boost of?  In Venezuela, their oil exploration is dominated by Petroleos de Venezuela, same with Gulf countries, in Qatar- Qatargeneral petroleum corporation (QGPC), In Kuwait -   Kuwait petroleum corp.  (KOC) In UAE - Abu Dhabi national oil company (ADNOC) In Bahrain - bahrain national oil company (BANOCO) while in Oman - petroleum Development Oman Ltd. (PDO) and all can never be compared to our abysmal NNPC. For further research, also find out how many refineries each and every of the above mentioned countries have. That mighty answer the puzzle why United States can boost of over 153 refineries, perhaps they felt, that there is no need to have them in Nigeria, rather they made available Visa lottery in other to help them recruit workers that will be working over there. I stand to be corrected.

cashmentor:

And yet we think we're a poor Nation, chai! See where greed has brought us! Nigeria: The Most Blessed and Most confused Nation on Earth!

My guy, for Nigeria to be a rich country, our economy should be at least £2 trillion purchasing power parity Per capita. Right now we are at 200 billion range.

^^^ per capita? OK!

@ OP,

Title is misleading.

Interesting to see how a country with $19billion budget can afford $100bln before 2016.

Am sure Naija is contributing a very miniscule amount if any at all. Granting exploration rights to these companies is perhaps our big contribution to this project.

Giving the developed countries greater opportunities to neo-colonise us. What have we gained from the investment we have made in oil so far?

another avenue to syphone money
rubbish!!!

The investment might be witb reputable oil companies, but i doubt investment is the best route for nigeria right now. They need to focus on transperancy the nigerian oil ventures are way to curropt to execute an investment succesfully. They just keep throwing money left and right with nobody questioning the motives.

chivo:

When will NNPC take over this oil exploration from this imperialist oil companies. Other countries like Brazil with help of their Petrobras,  while Iranians are been assisted by their own National Iranian Oil Company (NIOC) which also known as the second largest oil company in the world after Saudi Arabia's state-owned Aramco that is also playing a vital in Saudi's oil explorations. What about Petronas of Malaysia, a national oil company with an international vision, when i read a book with the tittle " LOST BOYS OF SUDAN" i was amazed by the fact that even a Malaysian company was involved in Sudanese oil exploration, but for NNPC? what can we boost of?  In Venezuela, their oil exploration is dominated by Petroleos de Venezuela, same with Gulf countries, in Qatar- Qatargeneral petroleum corporation (QGPC), In Kuwait -   Kuwait petroleum corp.  (KOC) In UAE - Abu Dhabi national oil company (ADNOC) In Bahrain - bahrain national oil company (BANOCO) while in Oman - petroleum Development Oman Ltd. (PDO) and all can never be compared to our abysmal NNPC. For further research, also find out how many refineries each and every of the above mentioned countries have. That mighty answer the puzzle why United States can boost of over 153 refineries, perhaps they felt, that there is no need to have them in Nigeria, rather they made available Visa lottery in other to help them recruit workers that will be working over there. I stand to be corrected.

The same Aramco,Qatar,Bahrain,Omani petroleum companies do have joint venture contracts(JVC) with the so-called imperialist firms. If you may know,Qatar Gas,50% is owned by private oil firms,notably Shell. No man is an island to itself. The same iranian coq do jvc with chinese,russian,veneuzelan oil firms. Am sure yu wil be ok when it's given to chinese,gazprom-guys hu hate blacks. At least my uncle has worked in dos such firms.
What yu should be worried bowt is "what have they used the money we have currently to do" ?

God bless Nigger Area!

Hohohohoh, I laugh in MeND. Make I borrow one line from P-Squre. Na Eday eh ya e don tey. No be 2day we dey hear dis kind story. Investment with a FUKCED UP GOVERNMeNT in a BOKO HARAMISED ENVIROMENT. Days by days these people continues to steal and think they can get away with it when we ask for our money back. Hmmmmm I pity em all$ JUNGLE JUSTICE will be melted out to them all

What is wrong in investing a quarter of that in agriculture?

chivo:

When will NNPC take over this oil exploration from this imperialist oil companies. Other countries like Brazil with help of their Petrobras,  while Iranians are been assisted by their own National Iranian Oil Company (NIOC) which also known as the second largest oil company in the world after Saudi Arabia's state-owned Aramco that is also playing a vital in Saudi's oil explorations. What about Petronas of Malaysia, a national oil company with an international vision, when i read a book with the tittle " LOST BOYS OF SUDAN" i was amazed by the fact that even a Malaysian company was involved in Sudanese oil exploration, but for NNPC? what can we boost of?  In Venezuela, their oil exploration is dominated by Petroleos de Venezuela, same with Gulf countries, in Qatar- Qatargeneral petroleum corporation (QGPC), In Kuwait -   Kuwait petroleum corp.  (KOC) In UAE - Abu Dhabi national oil company (ADNOC) In Bahrain - bahrain national oil company (BANOCO) while in Oman - petroleum Development Oman Ltd. (PDO) and all can never be compared to our abysmal NNPC. For further research, also find out how many refineries each and every of the above mentioned countries have. That mighty answer the puzzle why United States can boost of over 153 refineries, perhaps they felt, that there is no need to have them in Nigeria, rather they made available Visa lottery in other to help them recruit workers that will be working over there. I stand to be corrected.

NNPC is already in charge as they control a major percentage of the oil (just like all other National Oil Companies).

Problem is how they manage the proceeds.

Sensational title.

As Ibime has already said, no way Nigeria has that much cash. Likely the IOCs will supply 90%+ of the funds.

Funny to me that they say "we" when they want to talk about money spent on exploration, but then it becomes "you" when it is time to talk about serving the community, providing electricity, paying for environment damages, etc.

Nigerian government is very two-faced.

Kay-Dee:

NNPC is already in charge as they control a major percentage of the oil (just like all other National Oil Companies).

Problem is how they manage the proceeds.

NNPC is in control of how to channel the money that would be realized from the exploration findings to Swiz banks. NNPC is too corrupt to be trusted. I have never seen them meet up to expectation with what they have been entrusted with. So, to hell with whatever important plan they have.

see as them they call billions upon billions yet the citizens lives have not been touched in any way no wahala sha, them go see

Nigeria should go back to Agriculture, its traditional foreign exchange earner which had a great success during the 60,s We will have a enough food to feed our people.  Agriculture if well developed will employ a lot of persons graduate and non graduate.

Oil have only provided a means of stealing and embezzling cheap and illicit money for some privileged few mostly those in the  Nigeria political circle who have not learnt nothing and are unwilling to change from their behaviour.

Successive Military regime we have had in Nigeria did not help matter as they focus all their attention on Oil and gas, but what is the result today?  We have not been able to diversify our economy to be like the industrialized country of asia such as singapore, malaysia, south korea, china, indonesia etc


The military govt pump our oil and steal the money and the politician are continuing in that direction. Oil community is complaining of oil spills, environmental pollution etc

dem wan siphon our money again,

naijaspeak:

Nigeria should go back to Agriculture, its traditional foreign exchange earner which had a great success during the 60,s We will have a enough food to feed our people.  Agriculture if well developed will employ a lot of persons graduate and non graduate.

this will not work. something that worked yesterday won't necessarily work today. . . the world changes.

And no, agric doesn't employ lots of people, if done correctly

Another $100 Billion OIL EXPLOITATION. Thiefs

SCAM!!!! , instead of investing that money into alternative energies and alternative energy sources,so if we have $100 billion to invest in oil exploration,why are we still running to china to borrrow money.

^^ its definitely not in Nigerias best interest to invest in alternative energies. Dont forget this is where our revenue comes from.

when i said GEJ & his team are educated scammers; some guys think dat i hate South South people,


for christ sake; while not invest :-

min. $20billion in agricuture so that Nigeria will bcom a food exporting nation;
min. $30billion in building refineries that Nigeria will export petroleum pdts to other west & central african countries to start with,


Only how to spend & waste thats what this country is known for,

@ Ekt bear- You are correct bowt the agriculture industry. it employed people then cos it waz done manually,now agriculture is mechanized nd technologically operated. So if in the 60s,yu employed 100 hands-today it will be less than 20 that yu will employ.  
Even in the USA,where agriculture is subsidzed,it employs bowt 3% of the pop.

As for those who say we should invest in alternative energy,do we have the skilled manpower to handle it? Do yu that to generate 2000MW from solar energy,the land mass wil be bowt if nt mur than the size of abuja? Nuclear energy is it not alternative energy? Did Brazil develop as it is with your so-called ALTERNATIVE ENERGY?

lets just pray 4 naija.