It's Too Late, Nigeria: Nigeria Discovers Oil In Northern Region Of Upper Benue Trough [ News Report and Analysis]
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Oluwatoyin Vincent Adepoju
Oct 14, 2019, 6:46:11 AM10/14/19
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From: Kayode Adebayo kayu...@yahoo.com [NaijaObserver] <NaijaO...@yahoogroups.com>
Date: Sun, 13 Oct 2019 at 02:24
From: Kayode Adebayo kayu...@yahoo.com [NaijaObserver] <NaijaO...@yahoogroups.com>
Date: Sun, 13 Oct 2019 at 02:24
It's too late in the day for Nigeria to be discovering and exploring new oil fields now anywhere in Nigeria. All this should have taken place in the 70s, 80s and the 90s. I said the same thing last year, when oil was discovered in Lagos. It's a waste of money, time and energy to be investing in new oil fields in Nigeria.
Nigeria will be better off investing in Tourism, Iron and Steal, Agriculture and other areas that will bring revenues to Nigeria for a very, very long time.
America is now the world biggest producer of oil, surpassing Saudi Arabia just like I predicted, and it will start exporting oil in large quantities to several countries next year. Yet, it uses the cheapest form to produce oil.
Furthermore, oil is now in less demand around the world, as there are too many producers of oil and other sources of energy are popping up to challenge oil. In addition, the world is about to reduce its carbon footprint due to Global Warming.
Like I said before, oil prices will never go above $100 per barrel again, never, and they have been holding consistently below $100 like I predicted for the past four years. This is the beginning of the end oil like I said and the prices of oil will tank in next five years, just like I predicted.
Unfortunately, Nigeria will never learn.
Kayode
Nigeria Discovers Oil In Northern Region Of Upper Benue Trough
Sahara Reporters
However, the corporation noted that the commercial viability of the discovery coming from the drilling of a total depth of 13,701 feet before hitting oil and gas on several levels is yet to be ascertained.
The corporation, in a statement, added that a Drill Stem Test (DST) was ongoing to confirm the commercial viability and flow of the Kolmani River reservoirs.
About 40 years ago, the Nigerian government commenced the search for oil in the northern part of the country.
While the initial plan of the well drilling was designed to be 14,500 feet, the eventual drilling activities with ‘IKENGA RIG 101’ stopped at 13,701 feet after encountering oil and gas on several levels.
President Muhammadu Buhari had on February 2, 2019, flagged off drilling of the Kolmani River II Well insisting that there was a need to explore hydrocarbon across the country.
NNPC said the outcome of the search would be announced 60 days after activities began, but this is coming eight months after.
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