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
Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has said the country would be able to ramp up oil and gas production to feed Dangote and other local refineries by curtailing pipeline vandalisation and oil theft through its new partnership with the Nigerian Armed Forces.
He stated this yesterday while playing host to the Chief of Defence Staff (CDS), General Christopher Musa, who was in his office to find ways to secure the nation’s oil and gas sector in Abuja.… Read the rest
With Nigeria facing the reality of not meeting its 2024 oil production target, the Minister of State Petroleum Resources (Oil), Senator Heineken Lokpobiri and the Chief of Defence Staff, Major General Christopher Musa have vowed to curb oil theft and pipeline vandalism in the Niger Delta region.
Both agreed that the menace of oil theft which has seriously curtailed production and export has significantly impacted Nigeria’s ability to fund its budget and generate foreign exchange.… Read the rest
The Nigerian Navy has arrested 75 stowaways in Nigeria waterways in nine months.
This is just as the service has raised the alarm of security threats to shipowners occasioned by the acts and called for caution.
The director of information, Naval headquarters, Commodore A. Adams-Aliu said the stowaways were apprehended between August 2023 to April 2024.
He said the arrests were made in line with the strategic directive of the chief of the naval staff, vice admiral Emmanuel Ogalla.… Read the rest
The Nigerian Ports Authority says has secured a $700m loan from Citibank for the rehabilitation of the Apapa and Tincan Island Ports in Lagos.
The loan was funded by the UK Export Finance, an export credit agency,
Announcing this in a statement on Wednesday, the NPA said it had also opened discussions with another funding agency to finance the upgrading of the Eastern Ports including Calabar, Warri, Onne, and Rivers Ports as well as the reconstruction of Escravos Breakwater.… Read the rest
Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has revealed that Nigeria lost $34 billion in the last two and a half years due to the fall in production from the assets being divested by ExxonMobil to Seplat Energy, a transaction still awaiting approval by the federal government.
Lokpobiri made the disclosure in Lagos, during his keynote speech at the Second Quarter Dinner of the Petroleum Club, with the theme, “Funding Our Way out of the Crisis: Looking up to the Oil and Gas Sector.”… Read the rest
IN a bid to reduce congestion and encourage timely movement of export cargoes into ports in Lagos, the management of the Nigerian Ports Authority, NPA, has opened a 72 hours access window to all export trucks within which to access various terminals.
The NPA also said that failure to access the ports within the time frame, export cargo trucks will have their truck access tickets deactivated automatically.… Read the rest
The Port Harcourt Refining Company Limited (PHRC) remains dormant despite assurances from authorities that it would commence operations approximately two weeks ago. Citizens, anticipating relief from the energy crisis, were disappointed by the delay in the refinery’s activation.
Stakeholders had hoped that the revitalization of the Port Harcourt refinery, along with others in Warri and Kaduna, would alleviate the country’s energy challenges and reduce the need for petroleum imports.… Read the rest