Love Machine:
While the prices of crude oil is going down in the international market,as other nations are diversifying from crude oil,buhari has budgeted #37b to source for oil well in the north.Is that not a clueless expenditure?

Some of you guys simply write like ignoramuses.......
1. So because of diversification we should simply abandon our competitive asset?
2. So exploration for more oil is a clueless expenditure? are you dumb or something? The major thrust of the Oil and Gas countries/industries is to seek for and find more oil.....and not only to deplete the already found ones as if they exist for eternity

AmeLonRo:
If you know what domestic borrowing mean you will position yourself to benefit in 2016! Instead of criticizing and condemning. Position yourself to take your share legally. can someone give me ideas of how?

Government Bonds for starters

NavierStokes:


Most of these countries that are investing in exploration at the moment are the gulf countries already producing at near optimal levels and for them production volumes is not the priority but reserves whereas as a country we have been struggling over the years to bring up production to 3million bopd, our priorities should be about our position when the oil price commences its upward journey.

Bros,

1. Production normally declines almost immediately, and when you consider that many of our wells are old, then the only viable option is to replace your reserves
2. Exploration does not necessarily mean you want to produce immediately. Some of these endeavours lasts from between 18months and 3years
3. Exploration and finding helps to increase the valuation of your asset.

luvinhubby:

That is a crazy borrowing for a country that runs a dwindling single commodity economy like Nigeria and given the fact that oil price has no plans of climbing up in the near future seeing that America has joined the league of oil exporters and Nigeria has no immediate plans of diversifying our economy any time soon. The servicing of such borrowings in the near future will simply destroy Nigeria.

APC abeg get sense small.

We will finance the loan from the new increased MTN fine...lol

It is important that very NIgerian must get the hard copy of this budget, in other to follow with Mr president change agenda!

mapet:


Bros,

1. Production normally declines almost immediately, and when you consider that many of our wells are old, then the only viable option is to replace your reserves
2. Exploration does not necessarily mean you want to produce immediately. Some of these endeavours lasts from between 18months and 3years
3. Exploration and finding helps to increase the valuation of your asset.

Fratello,

Our reserves were already above 34billionbbls, which with current productiim rates can last us up to 40+ years, we have several explored projects that we could phase upwards to development and production. And dont forget that for these existing projects the lifetime of a reservoir exceeds 20 years in a great many cases.
My point if you didn't get is: why the rush for exploring the Chad at a time like this, when we should be positioning ourselves for the rise expected from Q4 2016. Considering that even with this downturn, technologies is what a lot of companies are expecting to do the magic, and reserves is a function of Technology and economics. I do hope you get my argument, the budget is already out there we may not be able to change what's on ground but at least we can still air our opinions like we did with the cbn months ago before we found ourselves where we are today.


In this downturn every company is trying to go leaner and more efficient by trying to allocate resources to the most important projects, and the drive is towards production volumes except the already efficient producers who have the luxury of exploration.

luvinhubby:

That is a crazy borrowing for a country that runs a dwindling single commodity economy like Nigeria and given the fact that oil price has no plans of climbing up in the near future seeing that America has joined the league of oil exporters and Nigeria has no immediate plans of diversifying our economy any time soon. The servicing of such borrowings in the near future will simply destroy Nigeria.

APC abeg get sense small.

Someone's quoted a reliable energy info that the lower limit forecast for next is 30 dollars while the upper limit is 60....thr median isis supposed to be 50 dollars therefore our 38 dollars is sober enough for the season.... It is still a projection that can swing either ways.

Unless ISIS is degraded I don't see oil prices going up..... Ordinarily with nations like Iraq, Syria in tatters oil prices are supposed to be upup but this is not the case

Themandator:


Someone's quoted a reliable energy info that the lower limit forecast for next is 30 dollars while the upper limit is 60....thr median isis supposed to be 50 dollars therefore our 38 dollars is sober enough for the season.... It is still a projection that can swing either ways.

Unless ISIS is degraded I don't see oil prices going up..... Ordinarily with nations like Iraq, Syria in tatters oil prices are supposed to be upup but this is not the case

With U.S & Iran beginning to export, there is no realistic hope of oil price rise & ISIS is the reason the price is still above $30.

4Play:


It's the projected non-oil revenues that I find wildly optimistic. 2016 is only a few weeks away and so far we are not seeing any substantial increase in non-oil revenues which will justify the revenues projection being made for next year.

What might save us is a rally in oil prices which could happen next year but that is a big gamble. My view is that this is budget of irresponsibility.

no I think it is a budget of optimism.

mapet:


Some of you guys simply write like ignoramuses.......
1. So because of diversification we should simply abandon our competitive asset?
2. So exploration for more oil is a clueless expenditure? are you dumb or something? The major thrust of the Oil and Gas countries/industries is to seek for and find more oil.....and not only to deplete the already found ones as if they exist for eternity

What if there was no oil?

Love Machine:
What if there was no oil?

Then you latch on to any other competitive asset you have

mapet:

Then you latch on to any other competitive asset you have

Wasted fund.

NavierStokes:


Fratello,

Our reserves were already above 34billionbbls, which with current productiim rates can last us up to 40+ years, we have several explored projects that we could phase upwards to development and production. And dont forget that for these existing projects the lifetime of a reservoir exceeds 20 years in a great many cases.
My point if you didn't get is: why the rush for exploring the Chad at a time like this, when we should be positioning ourselves for the rise expected from Q4 2016. Considering that even with this downturn, technologies is what a lot of companies are expecting to do the magic, and reserves is a function of Technology and economics. I do hope you get my argument, the budget is already out there we may not be able to change what's on ground but at least we can still air our opinions like we did with the cbn months ago before we found ourselves where we are today.


In this downturn every company is trying to go leaner and more efficient by trying to allocate resources to the most important projects, and the drive is towards production volumes except the already efficient producers who have the luxury of exploration.

Pls do not forget that a lot of Nigerians work for the exploration companies too.

So put a hold on the exploration activities is not also good for the economy, as this ppl would be out of jobs and would not have funds to spend, which is detrimental to economical growth.

Also, cost of exploration at this moment would be cheaper than when oil prices are higher.

vizion:


Pls do not forget that a lot of Nigerians work for the exploration companies too.

So put a hold on the exploration activities is not also good for the economy, as this ppl would be out of jobs and would not have funds to spend, which is detrimental to economical growth.

Also, cost of exploration at this moment would be cheaper than when oil prices are higher.

True but let's not forget that activities in that area had been suspended for about 6 years now.

Where is my own money?

NavierStokes:


Fratello,

Our reserves were already above 34billionbbls, which with current productiim rates can last us up to 40+ years, we have several explored projects that we could phase upwards to development and production. And dont forget that for these existing projects the lifetime of a reservoir exceeds 20 years in a great many cases.
My point if you didn't get is: why the rush for exploring the Chad at a time like this, when we should be positioning ourselves for the rise expected from Q4 2016. Considering that even with this downturn, technologies is what a lot of companies are expecting to do the magic, and reserves is a function of Technology and economics. I do hope you get my argument, the budget is already out there we may not be able to change what's on ground but at least we can still air our opinions like we did with the cbn months ago before we found ourselves where we are today.


In this downturn every company is trying to go leaner and more efficient by trying to allocate resources to the most important projects, and the drive is towards production volumes except the already efficient producers who have the luxury of exploration.

Exploration around Chad Basin is political and of great necessity. Your points are fantastic but you see there are decisions that are not just economic but also necessary for political reasons. The issue of Boko Haram itself is a potential threat to oil exploration around the Chad Basin while that of Militants is a rather latent threat to oil production activities around the Niger Delta. I feel i will agree with you if you point at more offshore explorations.
My case for strenghtning the energy sector is getting these refineries privatized, license loads of modular refineries and major ones, invest in underground pipeline transports system and build more LNG.
OUR FUTURE LIES IN OUR DOMESTIC MARKET where we can determine our own price regimes and wage price war in taking over the neighbouring markets if we decide to price our crude cheaper for domestic refineries and open our boarders for sales to other countries.
Government at all levels can generate incomes and taxes if consumption is stimulated like while raising taxes on luxury cars, basic cars are made cheaper, raises domestic gas consumptions and encourage more many gas to power plants. Our future lies here with our huge population and landmass, we can raise our GDP above a trillion dollar.

Meanwhile, those criticising the non oil budgeted income never realised that tax incomes have been largely underreported through various corrupt practices. Customs, council officials and revenue officers do not report sufficient revenues to government.Many organizations are owing and shortchanging government but if there is zonal restructuring and involvement of tax collectors you will be surprised more so when states beging to levy the huge informal sector like markets and shops by introducing compulsory tax cards.

I actually do not subscribe to rich government poor people but if government spend to improve infrastructures, health and education, then economic activities will thrive.

mandarin:

Exploration around Chad Basin is political and of great necessity. Your points are fantastic but you see there are decisions that are not just economic but also necessary for political reasons. The issue of Boko Haram itself is a potential threat to oil exploration around the Chad Basin while that of Militants is a rather latent threat to oil production activities around the Niger Delta. I feel i will agree with you if you point at more offshore explorations.
My case for strenghtning the energy sector is getting these refineries privatized, license loads of modular refineries and major ones, invest in underground pipeline transports system and build more LNG.
OUR FUTURE LIES IN OUR DOMESTIC MARKET where we can determine our own price regimes and wage price war in taking over the neighbouring markets if we decide to price our crude cheaper for domestic refineries and open our boarders for sales to other countries.
Government at all levels can generate incomes and taxes if consumption is stimulated like while raising taxes on luxury cars, basic cars are made cheaper, raises domestic gas consumptions and encourage more many gas to power plants. Our future lies here with our huge population and landmass, we can raise our GDP above a trillion dollar.

Meanwhile, those criticising the non oil budgeted income never realised that tax incomes have been largely underreported through various corrupt practices. Customs, council officials and revenue officers do not report sufficient revenues to government.Many organizations are owing and shortchanging government but if there is zonal restructuring and involvement of tax collectors you will be surprised more so when states beging to levy the huge informal sector like markets and shops by introducing compulsory tax cards.

I actually do not subscribe to rich government poor people but if government spend to improve infrastructures, health and education, then economic activities will thrive.

excellent points brother, i totally agree with you.

vkon2:
Hop they still ave in mind the monthly payment of #5k for the graduate every month

is it for only graduate

vkon2:
Hop they still ave in mind the monthly payment of #5k for the graduate every month

is it for only graduates

blazetitov:
That's good. But the implementation of the budget successfully is key!

them go sha implement pass pdp na yeti I sabi

NavierStokes:


True but let's not forget that activities in that area had been suspended for about 6 years now.

That to me doesn't still justify spending any of our much "needed-for-other things" dollars on probabilistic projects like Chad exploration.
I think the IOCs have more reliable data than FG itself and should such projects be profitable, they'd have started it on their own since.

Having to pipeline the oil down to the ports would only further increase expenditure and vandalism.
Not to forget that FG has almost never singlehandedly completed a business-sensible and self sustaining project lately, almost none.

So I see the money ending up in pockets and GMB's successor putting it on the shelf to face "more pressing" issues.

Dynamics may change shd we have in-house refineries though but I won't bet on it.

mickey45:


That to me doesn't still justify spending any of our much "needed-for-other things" dollars on probabilistic projects like Chad exploration.
I think the IOCs have more reliable data than FG itself and should such projects be profitable, they'd have started it on their own since.

Having to pipeline the oil down to the ports would only further increase expenditure and vandalism.
Not to forget that FG has almost never singlehandedly completed a business-sensible and self sustaining project lately, almost none.

So I see the money ending up in pockets and GMB's successor putting it on the shelf to face "more pressing" issues.

Dynamics may change shd we have in-house refineries though but I won't bet on it.

Good points bro. I for one have never been against increasing reserve, my only issue is the timing.

so just 30% for capitals expenditure? rubbish, so all the infrastructures they promised us what happened to them? imagine, Buhari could've been a good president but because of the havens they promised; monthly stipends, 1square meal etc they have to make sure the recurrent expenditure is 70%. Nigerians stop promising rubbish until u assume office.

Themandator:


Someone's quoted a reliable energy info that the lower limit forecast for next is 30 dollars while the upper limit is 60....thr median isis supposed to be 50 dollars therefore our 38 dollars is sober enough for the season.... It is still a projection that can swing either ways.

Unless ISIS is degraded I don't see oil prices going up..... Ordinarily with nations like Iraq, Syria in tatters oil prices are supposed to be upup but this is not the case

Who do you think Isis is selling their oil to? Some country are buying at cheaper rate from Isis so they have no reason to purchase the one with higher price