The delay in the consummation of the $1.3 billion ExxonMobil’s sale of 40 per cent stake in Mobil Producing Nigeria Unlimited in (MPNU) to Seplat Nigeria Plc is currently raising dust and dominating conversations among industry stakeholders.

While some players have argued that the refusal of the Nigerian Upstream Regulatory Commission(NUPRC) to give consent to the deal is taking longer than necessary and robbing the country of the much required investment capable of increasing  oil production from 1.2 million barrels per day (bpd) to about 2.5 million bpd, others believe due process must be followed in executing the deal in order  to reap the much anticipated gains.… Read the rest

Maritime stakeholders have expressed concerns over Nigeria’s inability to take advantage of the $14 trillion global shipping industry.

The immediate past President, Ship Owners Association of Nigeria (SOAN) Dr. Mkgeorge Onyung, at SOAN’s inauguration of its new executive council members in Lagos, said Nigeria is lagging behind among its contemporaries to tapping into the trillion dollar shipping industry, stating the urgent need to deploy the use of the cabotage fund to unlock Nigeria’s economic fortunes in the global shipping industry.… Read the rest

The Nigerian National Petroleum Company Limited (NNPC) at the weekend reiterated its commitment to transforming Nigeria into a gas-powered nation, in line with the country’s enormous natural endowment of over 209 trillion cubic feet of gas reserves.

A statement from the national oil company stated that its Group Chief Executive Officer, Mele Kyari , made the remarks when he received the Energy Times’ GCEO of the Year Award in Lagos.… Read the rest