SomBaby:
to the topic was changed since and u...the same u brought it along.u don't attack sbd and not expect d person to attack back...u picked on sth he said but never bothered to go tru and knw where he is coming from...eruditor didn't insult anybody except for ppl dat took it personal wit him...he also is entitled to his opinion or views just like everybody else...if u want to attack him, first start from where it all started and u will see he didn't throw d first punch...u shld ve advocated for peace and not picking offence for wat he replied his opponent ...u instead bought d case and now...u sound so defeated...LESSON...do not start wat u cannot finish...PEACE...

Defence minister.. ... Let the case die now.. we have moved on... I dey go learn grammar too so u can support me... Naa joke ooo

SomBaby, what would this thread have been like without you?

babacha:


Federal govt (NNPC) own 60% of wat ever any E and P company produce in this contry under the production sharing contract(PSC) agreement. Go and find out before u start saying patently false

I have found out, that is why I can make bold to say your assertion was patently false. For example, a PSC is a variant of a JV and it allows for less Government stake in the agreement than what obtained during the JV days. FGs stake in some of those agreements are now between 51-40% as against 60% some 20 years ago. I know some JVs still exist but most of the agreements in the E and P sector are now PSCs. This therefore invalidates your claim that "FG owns 60% of whatever any E and P company produces in Nigeria".

I can explain more but I am a bit engaged. Can you ask yourself why FG seem to be phasing out the JVs for PSCs these days? What is the significant difference between these 2 agreements?

Eruditor:


I have found out, that is why I can make bold to say your assertion was patently false. For example, a PSC is a variant of a JV and it allows for less Government stake in the agreement than what obtained during the JV days. FGs stake in some of those agreements are now between 51-40% as against 60% some 20 years ago. I know some JVs still exist but most of the agreements in the E and P sector are now PSCs. This therefore invalidates your claim that "FG owns 60% of whatever any E and P company produces in Nigeria".

I can explain more but I am a bit engaged. Can you ask yourself why FG seem to be phasing out the JVs for PSCs these days? What is the significant difference between these 2 agreements?

I don't need to drag words with u cos if u know wat u are saying, u will not be missing up words and u would have kown dat NLNG is not E&P. Is not only in nigeria it happen, u cannot enter any country and exploit their oil without the govt of dat country having the larger share of wat u produce, it is an agreement. Dat u must sign before u start producing not a JV, ask those who work in the rig. Wat DPR and NNPC staff come there to do

Eruditor:


I have found out, that is why I can make bold to say your assertion was patently false. For example, a PSC is a variant of a JV and it allows for less Government stake in the agreement than what obtained during the JV days. FGs stake in some of those agreements are now between 51-40% as against 60% some 20 years ago. I know some JVs still exist but most of the agreements in the E and P sector are now PSCs. This therefore invalidates your claim that "FG owns 60% of whatever any E and P company produces in Nigeria".

I can explain more but I am a bit engaged. Can you ask yourself why FG seem to be phasing out the JVs for PSCs these days? What is the significant difference between these 2 agreements?

Educate urself with dis information I copy from nnpc websit "As with many other developing countries, the multinationals in Nigeria had been operating under what is called a concession system, with NNPC being the concessionaire, while the companies are the operators". I don't even know dat is eruditor am trying to educate, why wasting my time. Sorry Mr eruditor the nnpc dictionary

Please pals, In which of the NNPC subsidiaries should someone that studied Mechanical Engineering suggest they post him during the interview.

babacha:


Educate urself with dis information I copy from nnpc websit "As with many other developing countries, the multinationals in Nigeria had been operating under what is called a concession system, with NNPC being the concessionaire, while the companies are the operators". I don't even know dat is eruditor am trying to educate, why wasting my time. Sorry Mr eruditor the nnpc dictionary

Babacha! Make we hear word abeg. Why you dey drag nah..............Na quarell? Instead make you learn from other people opinion, you dey argue. Nah u get NNPC?Shuooooòooooooo. Abeg rest bros.............

Eruditor! Oga Principal, Na only you stroll enter here with all the grammar oooo. Which one you nor dey?

Hi guys, which subsidiary can a Physics graduate work in?

delivery is everything. Correction which is delivered in a condescending manner can never be accepted. Academic intelligence alone is not enough, we must strive to attain social and emotional intelligence as well. Only a combination of these can be termed as true intelligence else u would never get far with only the former.

babacha:

I don't need to drag words with u cos if u know wat u are saying, u will not be missing up words and u would have kown dat NLNG is not E&P. Is not only in nigeria it happen, u cannot enter any country and exploit their oil without the govt of dat country having the larger share of wat u produce, it is an agreement. Dat u must sign before u start producing not a JV, ask those who work in the rig. Wat DPR and NNPC staff come there to do

What is a JV?

Who said anything about NLNG?

babacha:


Educate urself with dis information I copy from nnpc websit "As with many other developing countries, the multinationals in Nigeria had been operating under what is called a concession system, with NNPC being the concessionaire, while the companies are the operators". I don't even know dat is eruditor am trying to educate, why wasting my time. Sorry Mr eruditor the nnpc dictionary

You are hyperventilating. What is a JV? How does it differ from a PSC?

Badema:


Sorry but HYSON has its head office in Abuja @ Ceddi plaza, its a JV between NNPC nd Vitol (Mansel n Algasco), NNPC's interest is represented abroad as Calson Bermuda operating mainly in Europe, NNPC Secondee staff holds d positions of MD and EDS while Vitol Holds d position of an EDO, so with utmost conviction its a JVC

And again pls try n verify ur facts, cos not in all corporations NNPC owns above 60%, e.g NLNG, NigerMED etc

First of all, Nigerians, graduates of Nigerian universities and all those that understand ordinary Nigerian behaviour understand the academic concept of "BACK TO SENDER" and this implies that once NNPC has written on their legal website that HYSON and DUKE OIL are subsidiaries of NNPC, then they are Subsidiaries of NNPC whether they really are or not. Therefore any one that thinks otherwise better be ready to prove it beyond doubt if asked while increasing the risks of failing the interview.

Eruditor:


You are hyperventilating. What is a JV? How does it differ from a PSC?

Lol, chairman I loyal, no vex, why I go know watin be JV, I no go school oooo, na u go school, abeg teacher eruditor teach us some tin

babacha:


Lol, chairman I loyal, no vex, why I go know watin be JV, I no go school oooo, na u go school, abeg teacher eruditor teach us some tin

Find out what it means and see if it applies to your "NNPC-owns-60%-of-whatever-any-E-and-P-company- produces-in-Nigeria" theory. It is not even feasible.

.

Some people no even wan agree wetin dey NNPC website. As in ehn.. I'm amazed... people wey you wan work for tell you for their website say see as something be, u wan prove them wrong because Wikipedia or some website talk another thing. Okay. I had to use pidgin coz I didn't know how else to pass my msg.

Eruditor:


Find out what it means and see if it applies to your "NNPC-owns-60%-of-whatever-any-E-and-P-company- produces-in-Nigeria" theory. It is not even feasible.

Is only a fool dat drag words with Eruditor, just to tell u, my company is a servicing company to Agip and I spend 14 days at Agip production facility and 14 days in my house. I don't need to know what is JV and PSC before I can tell u dat NNPC own 60% watever any E&P produce. Any way u are just a young graduate who has no field experience so wat is the point of draging words with u

Eruditor:


http://www.use-in-a-sentence.com/english-words/academic-words-english/former.htm

http://forum.thefreedictionary.com/postst29484_She-is---was-a-former-teacher-.aspx

You put a quote on the supposed sentence but ended up not quoting it verbatim. In any case, this is the sentence: "In fact, the current DMD Bernard Otti, was a former GED of that directorate"

I know your puny brain will overheat trying to make something of the links I provided above so I will try to help (as onerous a task as can be). The phrase 'was a former' (as it pertains to humans) is employed in situations where the person in question is either dead or doing something else after retiring from a previous position as should be indicated in the sentence. So in the sentence above, I used the word 'Current' to indicate his present position and the phrase 'was a former' to indicate what he WAS before taking on the DMD role (his present position).

Feel free to accept or disregard this piece of advice:
1.Get a refund of your tuition from all your English teachers. They bilked you seriously.

2.Grow a pair and be ballsy enough to quote my posts instead of this wanton show of pusillanimity.

3. Don't be a bucolic simpleton. I am not the reason you didn't get a text from PCL. (Oops! I said it)

4. If you are as busy and employed as you claim, leave those of us that are not, to visit NL as often as possible.

Side note: I have learnt to take statements like "I am employed, I don't need this job" with a pinch of salt because most people who aver such, are usually insecure and delusional so they try to use their mouths to make up for what life hasn't given to them.

Personally, I wager you are underemployed but if it helps you sleep at night, then you are the MD of SPDC.

I wonder why people think that when they use "big" words to express themselves they appear better or more knowledgeable. My advice is keep it simple. Well it is none of my business

aligs:
[color=#006600][/color]

First of all, Nigerians, graduates of Nigerian universities and all those that understand ordinary Nigerian behaviour understand the academic concept of "BACK TO SENDER" and this implies that once NNPC has written on their legal website that HYSON and DUKE OIL are subsidiaries of NNPC, then they are Subsidiaries of NNPC whether they really are or not. Therefore any one that thinks otherwise better be ready to prove it beyond doubt if asked while increasing the risks of failing the interview.

Well I didn't actually sent it to you, let alone u sending it back, if u care todo some digging, u will come up with a mindset regarding subsidiary-JVC relationship n how both can mean either way, I was at Hyson for a couple of months, I hv read all n heard all d basics right from 1989 to recent days. If u take hyson to be a subsidiary, yes I would accept but only when you refer to that as not 'wholly-owned' by NNPC, which practically gives room for a JVC arrangement.

And yes, of course Hyson is a JVC, MD n EDS from NNPC, EDO from Vitol. Kindly feel free to avail urself at the Pent house, Ceddi plaza, CBD. For verification and re-affirmation.

babacha:


Hyson and duke are not JV, they are pure subsidiary of nnpc, Hyson represent nnpc in trading off excess grude oil and petroleum products in nigeria while duke represent nnpc in the internation market, that is why their office is in pagama. Both are subsidiary just like WRPC and others. For ur information, nnpc own 60% shares in any E & P company in nigeria be it multinational or indigenous

Well you didnt care to indicate which of the two has its office at 'Pagama' as you clearly referred "that is why THEIR Office is in pagama", adding "both are subs...." in ur next sentence.
Thanks for the update on E&P.

TruthisOut:

I wonder why people think that when they use "big" words to express themselves they appear better or more knowledgeable. My advice is keep it simple. Well it is none of my business

He wants a piece of the pie. *shouts* Waiter!!!...

]pls its not pagama...u ve indicated it here more than often..it is panama...ok..

babacha:


Is only a fool dat drag words with Eruditor, just to tell u, my company is a servicing company to Agip and I spend 14 days at Agip production facility and 14 days in my house. I don't need to know what is JV and PSC before I can tell u dat NNPC own 60% watever any E&P produce. Any way u are just a young graduate who has no field experience so wat is the point of draging words with u

sorry bro...u just referred to urself as a fool...all cos of dis argument...pls U mayb rite but for what it's worth, pls don't loose ur cool or go over d edge just in d name of teaching or learning...mind U...we re also learning...cos I don't knw if I wuld ve dat patience snooping arnd nnpc website.pls keep it up but put down d resentment coz U wuldnt want to get on d other side of my eruditor....u just threw d first punch...pls don't throw another for d sake of peace...

Eruditor:

Find out what it means and see if it applies to your "NNPC-owns-60%-of-whatever-any-E-and-P-company- produces-in-Nigeria" theory. It is not even feasible.

After observation.... Eruditor u got this one wrong... Dont know much about PSCs buh I can tell u d present JVs suchs MPN,Chevron and Total E&P runs on 60/40 wich means NNPC owns 60% stake i.e dey drop 60% of capital for a project and also get 60% of the profit.... Like I told u I work in one of these MNC and also u are free to read from the website of either Mobil or chevron to get 1st hand info... Wish I could give a document to prove ds but MPI is against such.... We live we learn bro

SomBaby:
sorry bro...u just referred to urself as a fool...all cos of dis argument...pls U mayb rite but for what it's worth, pls don't loose ur cool or go over d edge just in d name of teaching or learning...mind U...we re also learning...cos I don't knw if I wuld ve dat patience snooping arnd nnpc website.pls keep it up but put down d resentment coz U wuldnt want to get on d other side of my eruditor....u just threw d first punch...pls don't throw another for d sake of peace...

When someone referred to you as 'Minister of Defence' earlier on, I thought it was a joke. Now you're beginning to sound like one.

babacha:

Is only a fool dat drag words with Eruditor, just to tell u, my company is a servicing company to Agip and I spend 14 days at Agip production facility and 14 days in my house. I don't need to know what is JV and PSC before I can tell u dat NNPC own 60% watever any E&P produce. Any way u are just a young graduate who has no field experience so wat is the point of draging words with u

If I am to reply you with the same tone and in the same manner the Dalai Lama of this thread will start preaching a sermon on Emotional intelligence. Anyways, experience has shown me that when people are bereft of points, they resort to adhominem or verecundiam.

Also, that you stay 2 weeks off and on a facility doesn't afford you the knowledge you so forcefully want to push on others. I know roustabouts and roughnecks who stay longer and they still don't know anything. FYI you need to know about JVs and PSCs before you can know what is being discussed, let alone tell me anything.

.

CaptShinz:

After observation.... Eruditor u got this one wrong... Dont know much about PSCs buh I can tell u d present JVs suchs MPN,Chevron and Total E&P runs on 60/40 wich means NNPC owns 60% stake i.e dey drop 60% of capital for a project and also get 60% of the profit.... Like I told u I work in one of these MNC and also u are free to read from the website of either Mobil or chevron to get 1st hand info... Wish I could give a document to prove ds but MPI is against such.... We live we learn bro

1. Your explanation of JVs is correct but FG doesn't just take 60% of the profit, they own 60% of the whole revenue (Total oil produced). The MNC disburses it to the CBN on behalf of the FG while NNPC keeps a fraction for Cash calls, priority projects and domestic refining.

2. With that in mind, FG is mandated to provide 60% of the capital needed at each time T for any project starting from the exploratory or prospecting stage to the production stage. Recall, we are talking about multibillion dollar investments here. So FG is expected to cough out such billions (in totality) dealing with "all the IOCs and indigenous companies" as some have erroneously asserted.

3. This is the same FG that has recurrent expenditures, capital expenditures, Federal allocations to disburse to states, service loans and debts etc. While funding all such multibillion dollar E and P projects (which could fail, if after the exploration exercise, commercial quantities of the oil isn't discovered).

4. The challenge arose that FG wasn't meeting up to the JV agreements as and when due, consequently stalling alot of deals and causing the overall cost of the projects to increase (interest rates etc.)

I will continue in a separate post as I don't want to make this one lengthy.

prelinctus:

When someone referred to you as 'Minister of Defence' earlier on, I thought it was a joke. Now you're beginning to sound like one.

No she is not, she is the chief media secretary and solicitor in chief for Eruditor campaign group.

CaptShinz:

After observation.... Eruditor u got this one wrong... Dont know much about PSCs buh I can tell u d present JVs suchs MPN,Chevron and Total E&P runs on 60/40 wich means NNPC owns 60% stake i.e dey drop 60% of capital for a project and also get 60% of the profit.... Like I told u I work in one of these MNC and also u are free to read from the website of either Mobil or chevron to get 1st hand info... Wish I could give a document to prove ds but MPI is against such.... We live we learn bro

5. There were 3 solutions to the aforementioned problems. a) PSC b) Concessionaire Arrangement c) joint entity. B and C are beyond what is being discussed, so I would talk about only A.

6. PSC is a variant of the JV and it was introduced from 1991 FOR ALL NEW ACREAGES. The major disparity between it and a JV is that in the latter, FG takes 60% of the risk and expenses but in a PSC FG only comes in after the exploration exercise.

7. This implies that all the risks and expenses are shouldered by the MNC until commercial quantities of crude are discovered then FG signs a PSC with the MNC. Now you can see why that talk of 60:40 in ALL E and P activities is vacuous and false. No sensible company will give FG 60% in a PSC for example knowing that FG shouldered a lesser risk. On the flipside, no responsible FG will demand 60% in such an agreement as it would scare off investors.

8. Crude from a PSC are divided into 3 ways: i) cost oil ii) tax oil iii) profit oil.

i) is the cost the company incurred while prospecting and producing. FG lets them make their investment back.
ii) is the fraction from which the MNCs pay their taxes and royalties.
iii) is now the profit aspect of the crude and this is where FG can get a chunk, say 60% of the value.

Cummulatively, one can see that the OVERALL FGs stake cannot be 60%. Also, take note that not all MNCs or indigenous companies use a JV with NNPC. So it is very fallacious for anyone to claim that FG gets 60% of all crude produced.

CaptShinz:

After observation.... Eruditor u got this one wrong... Dont know much about PSCs buh I can tell u d present JVs suchs MPN,Chevron and Total E&P runs on 60/40 wich means NNPC owns 60% stake i.e dey drop 60% of capital for a project and also get 60% of the profit.... Like I told u I work in one of these MNC and also u are free to read from the website of either Mobil or chevron to get 1st hand info... Wish I could give a document to prove ds but MPI is against such.... We live we learn bro

In conclusion, the real question we can ask ourselves is if ALL the IOCs and indigenous companies have JV agreements with the FG? The answer is a resounding no. That doesn't go without saying that I know some JVs still exist but it is specific for the location and most times companies in question. So ExxonMobil could be using JV for a particular location and yet PSC for another. The PIB will address such.

You can take everything I have just said to a superior at your workplace or you can do your own private research.

SomBaby, I am the one who clicked 'Like' under your post.