NIGERIA is the seventh most populous country in the world, 39th top economy but unfortunately occupies the 70th spot on the global electricity production chart, according the CIA World Fact book.

The Organisation of the Petroleum Exporting Countries, OPEC, on Wednesday trimmed its forecast for global growth in oil demand in 2013, becoming the second of the world’s closely watched oil forecasters this week to predict weaker consumption.

Oil majors under the aegis of the Oil Producers Trade Section, OPTS, of the Lagos Chamber of Commerce and Industry, LCCI, have denied claims that they arbitrary fix costs for their projects and deduct the value of the cost from earnings before profits are shared, under the Production Sharing Contract, without any input from the Federal Government.

The economic development of a country is inseparably linked to its energy sector. Therefore, in emerging economies such as Nigeria, the regulatory framework pertaining to petroleum exploration, development, production and distribution constitute an important component of the overall energy policy shaping the commercial environment of the private economic sector. With the ongoing reform of the petroleum industry, the congruity of its regulatory exactness deserves serious attention.

The Nigerian Society of Engineers, NSE, has set up a department to prosecute errant industry members in a bid to enforce professionalism on the job.