Crude theft: FG commences advanced cargo declaration regime

acd nigerian upstream petroleum regulatory commission nuprc
acd nigerian upstream petroleum regulatory commission nuprc

From Uche Usim, Abuja

With unprecedented crude oil theft becoming the greatest challenge to oil production and revenue generation, the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) said it has obtained necessary approvals to immediately implement the Advance Cargo Declaration regime in upstream petroleum operations to enhance transparency.

The effort blocks the export of stolen crude oil by ensuring that crude oil and gas cargoes exported from Nigeria will have a unique identifier that confirms all documentation as regards the exported consignment. This implies that any cargo that does not have the unique identifier was not legitimately exported from the country.

Are you a Man 40 yrs and above? Do not miss the Vital Information, it goes off in 2 days! CLICH HERE to READ .

The Commission Chief Executive, Gbenga Komolafe made the disclosure in Abuja at a media briefing at the weekend.

According to him, there were pragmatic steps being taken to grow the petroleum industry by blocking wastes and deepening developmental reforms.

He noted that NUPRC as a regulator has obtained necessary approvals to ensure installation of metering equipment (LACT Units) in the upstream petroleum industry using Original Equipment Manufacturers (OEMs) to avert potential manipulation of figures that could result in shortchanging the Federation of oil and gas revenue.

Advertisement

100% Natural Herbs to Finally End Premature Ejaculation, Weak Erection and Small Manhood. >>>Click Here for Details.

He further revealed that draft regulations from the Stakeholders Consultation held on 20th to 22nd April 2022 at the Transcorp Hotel Abuja, have been harmonized and hosted on the Commission’s website for general review.

Some of them are; Conversion and Renewal (Oil Prospecting Licences & Oil Mining Leases) Regulations; Petroleum Licensing Round Regulations; Upstream Petroleum Fees & Rent Regulations; Petroleum Royalty Regulations; Domestic Gas Delivery Obligations Regulations; Petroleum Host Community (Upstream) Regulations.

Premature Ejaculation & “Small Joystick” Resolved in 7Days… Click Here For Details .

Komolafe also revealed that In line with the Petroleum Industry Act 2021, the Commission has prepared Model Licences and Leases, and delineation of 57 areas of marginal fields awarded following the 2020 Marginal Field Bid Round.

These initiatives, he noted, will facilitate issuance of Petroleum prospecting Licence to the marginal field awardees that formed SPVs as required in the 2020 bid round guidelines leading to early Field Development Plan (FDP) and oil and gas production from the awarded marginal fields.

Advertisement