how many barrels per day?

Worldwide - about 80 million bpd 

with Nigeria @ 1 - 2 million 

Top 3 oil producing countries: USA, Russia, Saudi Arabia 

source: Wikipedia - List of countries by oil production

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What will happen to oil money?

SLS, the Central Bank Governor, told the nation that, based on what he had calculated... up to $20bn of the money was not accounted for...more in This Yam, This Goat, This Country: PwC on NNPC – Part 1

Abeokuta, January 2015

...Scatter The Place...it is not by force to have a national oil company...Since 1977 when it was established, the company has been a constant source of pain for the country.  My preference is for NNPC to be completely dismantled...And now is the best time to deal it a decisive blow from which it will never recover. More in This Yam, This Goat, This Country: Pwc On NNPC – Part 2

The Word On The Streets XIII: The Buhari Is Coming Edition
Lagos #Petrocalypse:
You are sitting in London and hearing there is fuel scarcity in Lagos...
I watched Nigerians, who are nothing if not resilient, wave the white flag of defeat to this one...
If you like high-profile gossip, you'll love The Word On The Streets XIII: The Buhari Is Coming Edition

Kano, April 1, 2015

Guest Post: Agenda For The Next Petroleum Minister
The Petroleum Industry Bill addresses many of the reforms anticipated for NNPC to perform...
In your view, is this reasonable, wishful thinking, or conservative even?  See an anonymous Agenda For The Next Petroleum Minister

See more like this at aguntasolo.com
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How has the New York Times reported the Central Bank Governor's sack? And what are Nigerians saying about Sanusi's legacy?

Governor of Nigeria’s Central Bank Is Fired After Warning of Missing Oil Revenue, by Adam Nossiter, NYTimes.com Feb 20, 2014

"President Goodluck Jonathan of Nigeria removed the governor of the country’s central bank from his post on Thursday, after the bank governor repeatedly charged that billions of dollars in oil revenue owed to the treasury was missing.
...

Oil yields 95 percent of the country’s total export earnings, and Mr. Sanusi has been saying for months that a substantial portion of the money was missing from public coffers...that the state-run Nigerian National Petroleum Corporation, or N.N.P.C., had failed to turn over nearly $50 billion in revenue over an 18-month period, from January 2012 to July 2013, “in gross violation of the law.” Though oil prices were strong, official figures inexplicably showed declining revenue and falling reserves.

...

The sprawling company acts as the country’s oil buyer, seller, explorer, producer, processor and regulator, and is “at the nexus between the many interests in Nigeria that seek a stake in the country’s oil riches,” according to a 2010 Stanford University study.

The study said that while the company “functions well as an instrument of patronage,” it is neither competent nor efficient in its many operations. Mr. Sanusi went further, accusing it this month of “illegal and unconstitutional acts,” including transferring income from government-owned oil properties to “private hands.” "

Read the full article

Meanwhile, the backpage column of Nigeria's ThisDay Newspaper today has 'How Would You Remember Sanusi?'  by Simon Kolawole. 

"Can we ignore the fact that Sanusi restored some sanity to the banking industry? Can we ignore the fact that the so-called billionaires, who were heavily indebted to the banks and living like kings were exposed? Can we ignore the fact that, although it cost us heavily, no bank was allowed to go down and no depositor lost one kobo during the crisis, unlike in the past?
Or can we ignore the fact that the rogue bankers are now facing trial, even if their crafty lawyers and the judiciary are working against justice? Can we ignore the successful intervention of Asset Management Company of Nigeria (AMCON) which, under Mr. Mustapha Chike-Obi, has done a good job of cleaning up the mess created by these rogues? Can we deny that the stock market is now back to life and this is a major achievement of the Jonathan administration? Can we deny that inflation is now at single digit and the naira has been stable – owing to CBN’s macro-economic management? 

...

If I were to advise President Jonathan, I would tell him not to waste this great opportunity to install and instil accountability in the oil industry. It is tragic that we sell so much oil but cannot account for every kobo that comes in. We give NNPC 440,000 barrels per day when it can only refine 80,000. We then engage in questionable swap deals that apparently short-change us. The NNPC dips its hands into funds that should go directly into the federation account. These are serious issues. In my opinion, we can fault Sanusi’s method but we should never fault the message: NNPC is a disgrace. This has been going on for decades and has to stop. If this controversy will serve as the turning point for the oil industry, so be it."

Read More Opinions of the Nigerian people Re: The Sack of CBN Governor Sanusi

Read More on the NNPC Thefts, Diversions, or Missing Revenue

Business Hour is back, every Saturday at 12 noon online and on the radio in every state

BUSINESS HOUR with Martin Udogie is making a dramatic and explosive return to the airwaves.

This time, BUSINESS HOUR is being syndicated as a national network programme. Starting Saturday, January 19th, BUSINESS HOUR will be broadcast Live on all 40 FM radio stations of Radio Nigeria (FRCN).   The Programme will be on air every Saturday, 12 Noon!

LAGOS listeners can tune in to Metro FM 97.7, and Radio Nigeria 1, 103.5 FM;
ABUJA: Kapital FM 92.9;
ONLINE:  www.radionigeriaonline.com

FULL LIST OF RADIO NIGERIA FM STATIONS 

Almost 40 STATIONS Nationwide, up to 120 million people

States     Location     Frequency     Name
Abia     Umuahia     103.5     Pacesetter FM
Adamawa     Yola     101.5     Light House FM
Akwa-Ibom     Uyo    104.5     Atlantic FM
Anambra Awka 102.5 Gateway FM
Bauchi Bauchi 98.5 Pearl FM
Bayelsa Yenagoa 101.5 Creek FM
Benue Makurdi 103.5 Harvest FM
Borno Maiduguri 102.5 Peace FM
Cross River Calabar 99.5 Paradise FM
Delta Asaba 104.4 Charity FM
Ebonyi Abakaliki 101.5 Unity FM
Edo Benin City 101.5 Bronze FM
Ekiti Ado-Ekiti 100.5 Progress FM
Enugu Enugu 92.85 Coal City FM
Gombe Gombe 103.5 Jewel FM
Imo Owerri 100.5 Heartland FM
Jigawa Dutse 100.5 Horizon FM
Kaduna Kaduna 96.1 Supreme FM
Kano Kano 103.5 Pyramid FM
Katsina Katsina 104.5 Companion FM
Kebbi Birnin-Kebbi 103.5Equity FM
Kogi Lokoja 101.5 Prime FM
Kwara Kwara 103.5 Harmony FM
Lagos Ikoyi 97.7 Metro FM
Lagos Ikoyi 103.5 Radio Nigeria 1
NassarawaLafia 102.5 Solid FM
Niger Bida 100.5 Precious FM
Ogun Abeokuta 94.5 Paramount FM
Ondo Akure 102.5 Positive FM
Osun Ilesha 95.5 Gold FM
Oyo Ibadan 93.5 Premier FM
Plateau Jos 101.5 Highland FM
Rivers PH 98.5 Treasure FM
Sokoto Sokoto 101.5 Royal FM
Taraba Jalingo 104.5 Gift FM
Yobe Damaturu 104.5 Sunshine FM
Zamfara Gusau 102.5 Pride FM
FCT Abuja 92.9 Kapital FM 

ONLINE:  www.radionigeriaonline.com  

Coming next week (January 19th at 12 noon): 

SHELL MD Discusses PIB, etc on 40 FM Radio Stations Nationwide with Martin Udogie

-------------------- 

Mr. Mutiu Sunmonu is the Managing Director of Shell Petroleum Development Company of Nigeria (SPDC). He is also the Chair of all Shell Companies in Nigeria and Vice President Production, Shell sub-Saharan Africa.

There is no sector in Nigeria more strategic than the oil and gas sector. It accounts for over 90% of Nigeria’s foreign exchange earnings; and therefore a key driver of the economy. Activity in the sector has a major impact on jobs and wealth creation for the country and its citizens.

And Shell is Nigeria’s biggest oil and gas producer, as well as the only one, of all the IOCs (international oil companies), with a Nigerian as the managing director, dating as far back as 2005!

In this interview, Mr. Mutiu Sunmonu takes on all the strategic and contentious issues in the sector, the opportunities and challenges, Shell immediate and future plans, etc. Among these are: The PIB (Petroleum Industry Bill), Gas Flaring, Gas Pricing for power generation, The Local Content Act, etc.

He makes some startling revelations. Did you know that 80% of Shell marine businesses go to indigenous companies? That all Shell new projects do not flare gas? And that Shell gas flaring will soon exceed global industry standards? That Shell is setting up a Foundation to help SMEs build capacity to be better positioned for more oil and gas business opportunities? ETC.

This show will air at 12 noon, on Saturday, January 19th, 2013, on all 40 FM stations of Radio Nigeria. See list of the stations above or listen online at www.radionigeriaonline.com

Battle time in transformation land

Nigeria has come a long way from April when I was frustrated about Delays in Power, the Petroleum industry bill, even the systems of business grants and buses that were promised as a palliative measure after the partial roll-back of subsidies on fuel importation.  We've seen the buses, we're glad about YouWIN, but there are still some problem spots:

Power - As at September, and even until now, the use of available power infrastructure was improved such that many homes + businesses started getting the highest level of "nepa-on" that they've seen in years.  This is a  fantastic development that gives us hope that we can complete the journey in electric power provision.  Note that the improvement so far - from over 2,000 to around 4,000 MW on a max capacity of 5 or 6 thousand - is little compared to what we are really hunting for (in the tens of thousands).
Power Privatization progress is that
1. the generation companies finally got new owners / operators (except for Afam, connected to the resignation of the former Minister of Power, Barth Nnaji)
2. The preferred bidders for the distribution companies have been announced (some bidders complained about the process, but it seems they don't really have a case)
3. the transmission company got new management three months ago, but on paper only.  Business Day reports reveal vested anti-privatization interests in the upper ranks of the privatization process, if that makes any sense.
This is probably why the Minister of State for Power (not to be confused with Minister of Power, still a vacant seat) was moved to the Niger Delta portfolio, and a woman, Zainab Kuchi, erstwhile Minister of State for Niger Delta Affairs, brought to replace him.
Current Battlepoint: Install Manitoba as an independent manager of the Transmission Company of Nigeria, that is free to apply its considerable technical base in the growth and management of Nigeria's electric power industry.
If this fails, it may be "cheaper" for the country to allow/license private concerns to develop new transmission infrastructure (natural monopoly or not; there are situations in which such redundancy is normal) and perhaps to weaken the need for the transmission company by allowing local/regional power projects. 

----------------------------
Security - Our people are still being killed in the name of Boko Haram.  A recent study highlighted that the strong-arm response of the military is making the problem worse.  Well, we learn everyday.  I know that Nigeria will use this feedback to work on ensuring our security. 
Current Battlepoints: Ok this one is not a battle, it may need a long-term strategy.

----------------------------
Petroleum - After the subsidy protests, there were four panels set up, including one charged with speeding up the passage of the PIB.  Poor bill, it is being debated still.
Now it turns out that the other three panels had their reports hidden/junked for months, then one was leaked, and now finally the reports will be seen by the President.  It will be fantastic if the reforms they suggest can be taken seriously.
I know that there are political reasons why some may not want these common-sense reforms. For example, in the absence of an alternative system for funding political parties and campaigns, a transparent petroleum revenues account means you're killing the funding for one party.  Many are focused on the idea that the reforms would dilute the power of the individual who holds the Minister of Power portfolio.  But clearly you can't be Minister of Power forever, so there must be a higher reason, right?    
At any rate, I would advocate that we favour light over darkness.  Let's not cover up the cover-ups.  Let us instead work through the issues and find ways to truly make Nigeria progress and prosper.
Current Battlepoints: Finalize the petroleum industry laws so that the players know what's up. 


----------------------------
Power, again: What the hell is happening in Lekki?  On the one hand, they probably demand a lot of power per person.  On the other hand, why are they not getting improved power supply in Lekki of all places?  My guess is that high corruption is taking place to ensure that Lekki residents continue to spend on generators and fuel.  Somebody needs to be fired, but who?

What we want