liveLongNprospa:


Does it matter if the production of oil is low?

Any links also what what NUPRC said?

seankafor:
Everybody shaa wan cash out this period

The amount of suing and counter suing

https://x.com/Morris_Monye/status/1815764871260033325?t=4jWIyxAVq8-4i9pyT3v1jA&s=19

BlueRayDick:


I don't know o. I'm not an IT person, but I know with enough social engineering a person's info can be mined online

monerozi5590:



Nope. They are operating in Nigeria and there's law concerning that. They are to prioritise local market first.

NNPC has crude to sell to Dangote. I don't wanna say this again.

It should interest you to note that Nigeria’s daily average crude oil production is about 1.25 million barrels of crude oil per day, given that Nigeria has a 60/40% JV arrangement with the IOCs, save for the now departed Shell with 55/45% equity distribution. Accounting for the PSC, Nigeria should be getting around 750,000 barrels of oil per day. Kindly note that Dangote’s refinery needs about 650,000 per day.

“However, because NNPCL and the Nigerian government have not been funding their share of the cost of producing oil, this volume is always lesser than the quoted amount above. Buhari executed 7 forward sale agreements, that is, he borrowed money and used our crude oil for several years as repayment. A good example is the Afrexim bank loan of $3.3b dollars that Tinubu took last August, the crude oil commitment at about 11.58% interest is 90,000 barrels of crude oil per day.

“Given all these crude oil deductions, Nigeria gets about 200,000 barrels of crude oil per day. This is what Tinubu sells for about $16 million dollars at $80/barrels as the main source of dollars for 213 million Nigerians. Out of this money, there is a backdoor subsidy of about $8m per day. Now, where does Dangote expect NNPCL to get the 650,000 barrels to give him for his refinery?

“Regarding the accusations against the IOCs, they are bending over backward to accommodate Dangote’s requests… IOCs have SPA (Special Purchase Agreement) commitment spanning 10 to 20 years with international buyers; there is penalty for default of these contracts. Despite these constraints, one of the IOCs had to incorporate another trading company in London at the cost of millions of dollars to sell crude oil to Dangote. Dangote’s ship arrived at one of the IOCs export terminals, loaded crude oil but, once again, could not provide an LOC (letter of credit) since 29th June 2024; demurrage is ongoing as we speak. Dangote is asking for an additional $6 per barrel discount and wants to pay in Naira.


“No one will sell crude oil to Dangote in Naira because oil blocks are awarded in dollars, signature bonus are paid in dollars, seismic survey and aeromagnetic survey with gravity data are acquired in dollars, interpretation of the data is 80% dollars, wells are drilled in dollars, production facilities are constructed in dollars… The PIA Act permits payment in Naira or dollars but given my explanations here, who will sell in Naira?

monerozi5590:



I have been following the news. By law they suppose to sell to Dangote and local refineries. They are to prioritise local market first.

Dangote even escalated it to NUPRC and they promised to look into it but we still know those ones are NNPC people.

BlueRayDick:


I want you to read this excerpt below really carefully. After you are done, tell me if you believe NNPC has crude to sell to Dangote



https://ntm.ng/2024/07/11/between-nnpc-ioc-and-dangote-who-is-fooling-nigerians/

Prospa u should read this too

BlueRayDick:


I want you to read this excerpt below really carefully. After you are done, tell me if you believe NNPC has crude to sell to Dangote



https://ntm.ng/2024/07/11/between-nnpc-ioc-and-dangote-who-is-fooling-nigerians/

Prospa u should read this too

liveLongNprospa:

My guy it's the same question I asked about supply to Dangote.

For me it's about subsidy.
Pay Dangote the subsidy after he brings in oil.
Or pay him some form of subsidy.
The FG really doesn't have alot of moves because I also don't think we can compel IOC's to give him oil especially with our low production

liveLongNprospa:


So that's a longer process for nairaland unless you are well known

BlueRayDick:




Pay Dangote subsidy as how? From where to where?

iamoyindamola:

Person hol you money 🤣

BlueRayDick:


I want you to read this excerpt below really carefully. After you are done, tell me if you believe NNPC has crude to sell to Dangote



https://ntm.ng/2024/07/11/between-nnpc-ioc-and-dangote-who-is-fooling-nigerians/

Prospa u should read this too

“On a final note, the PIA came 20 years late; investments have moved elsewhere… Shell, ExxonMobil, and Agip have left. It’s only Chevron and Total remaining. If we cause too much trouble for them because of Dangote, they will leave as well. Dangote is looking for another monopoly. People should be able to read between the lines”.

Vintage crossfire! Are the figures peddled here factual and correct? What we can deduce from the exchange of fire above is that the Buhari administration ruined the Nigerian economy not only during its tenure and for his successor but also for generations of Nigerians yet unborn! Why, then, is the Tinubu administration reluctant to make full disclosure to Nigerians? Why is it contented with carrying the can for Buhari and his ruinous henchmen and suffering in silence? Why is the same Buhari and his cabals still roaming the street free?

izzou:
Marketers wey dey chop 700 billion monthly for subsidy, na him una wan side with?

BlueRayDick:


Quote that particular law you are referring to . At least for the sake of knowledge , let us know what law it is and what exactly the law says

liveLongNprospa:


If he is importing oil for his refinery, why not pay him subsidy and have him supply to the marketers at a lower price.

Now that I think about it, it will probably cost nnpc alot more because Dangote will also bill us for cost of production. Unless they come to an agreement that makes everything alot cheaper than what nnpc pays for imported petrol

monerozi5590:



Hahahahaha. Calling Dangote a monopolist and all, I already know where he is heading to.

The official barrel per day is what me and you know. Is much more than that.

Dangote did not say NNPC to be supplying crude to him every day. NNPC promised him 300, 000 barrel of crude and not every day.

I understand oil is an international commodities but everyday we keep saying Nigeria should not be dollarise and all. Selling it in Naira to local refineries will even make Naira stronger.

TrebleChamp:
I just tire

BlueRayDick:


When did FG start paying subsidy on crude ? (raw material)

Prospa wetin u smoke today na ?

BlueRayDick:
monerozi no vex, I just had to do this

BlueRayDick:


Did u read that post and not understand it ? Did u not see the paltry figures of crude avaialble to NNPC after all the deductions from payment of legacy loans Buhari fosisted on this country and the one Tinubu has committed to since becoming president?

monerozi5590:


This man doesn't know what he is saying. Shell is still in Nigeria, Oando I believe is Agip now. ExxonMobil is still in Nigeria. This man is spreading fake news.

monerozi5590:


That's the official figure you know. A lots is uncounted for. Is it everyday that they will be selling to Dangote?

liveLongNprospa:


Not on crude oooo.
Lets assume Dangote is importing crude oil and processing it to fuel.
If he wants to sell that to marketers, at what rate will he sell?
It will be higher than what nnpc sells because nnpc is reducing the price of fuel with subsidy payment.

Now I'm saying nnpc can pay Dangote that subsidy to reduce the amount he will sell to the marketers.
But how much profit will be there considering he is still sourcing for crude outside the country.
Now it would have helped if Dangote could get crude oil from nnpc directly.
We save alot more on that.

BlueRayDick:


You are actually the one spreading fake news .

Shell has exited exploration, ENI( Agip) has done same . It is Oando that bought Agip shares .

By the way, Oando is a Nigerian owned oil company and not IOC

BlueRayDick:


So it is unofficial figures which you urself is unsure of that u want them to sell to Dangote ?

BlueRayDick:


Nobody forced Dangote into the business . He has never failed to remind us that his refinery is a private business .Let him run it as one

monerozi5590:


Fake news. Absolutely fake. Shell has not existed exploration. They have so many subsidiaries. This man is doing agenda news.

They are still very active in offshore exploration.

liveLongNprospa:

Mention the shell subsidiaries still active biko

liveLongNprospa:

That's true.
But omo I had hopes it would help the country's financial situation.