Industry & Money

Petroleum Regulatory Commission to Provide Templates on Domestic Crude Oil Supply

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has given its enforcement committee 48 hours to produce a template for the implementation of domestic crude oil supply obligation (DCSO) in Nigeria.

Gbenga Komolafe, chief executive officer of the commission, gave the charge on Tuesday in Abuja while speaking at a meeting to review the domestic crude oil supply obligation.

The News Agency of Nigeria reports that the implementation of the DCSO is provided under section 109 (2) of the Petroleum Industry Act (PIA) 2021.

The committee on DCSO was constituted by the commission to resolve issues arising from crude supply regulation and enforcement.

Komolafe said priority must be given to local refineries during crude supply, adding that the overall goal of the government is to ensure that Nigeria becomes a net exporter of refined petroleum products.

“Producers should satisfy their domestic crude oil supply to the domestic refineries so that as a nation, we can seize the opportunity to reverse the ugly trend. We can do this by ensuring development of the midstream and end being a net exporter of petroleum products.

“This is necessary now that we are trying to exit the subsidy regime; the only way to sustain that is to become robust in our domestic refining capacity,” he said.

He said the commission expects the complaints received from the oil producers and the Dangote refinery to be handled seriously and remedied within the next 48 hours.

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