✕ CLOSE Online Special City News Entrepreneurship Environment Factcheck Everything Woman Home Front Islamic Forum Life Xtra Property Travel & Leisure Viewpoint Vox Pop Women In Business Art and Ideas Bookshelf Labour Law Letters
Click Here To Listen To Trust Radio Live
SPONSOR AD

Local refinery to buy crude in Naira — FG

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has unveiled a template to ensure seamless domestic crude oil supply obligation, noting that the new guideline has…

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has unveiled a template to ensure seamless domestic crude oil supply obligation, noting that the new guideline has created the option of paying for domestic crude in naira.

Engr Gbenga Komolafe, the commission’s chief executive, who unveiled the new template at a press conference in Abuja, said the guidelines had become functional and covered all relevant areas of operations in the sector.

Komolafe said, “The template has become effective because parties have committed to it and signed on it, and it has become statutorily enforceable.”

Areas which the template deals with, according to Komolafe, include legal framework, procedure for implementation of Domestic Crude Oil Supply Obligations (DCSO), procedures for crude oil requirement and allocation, payment instrument, currency of payment, logistics scheduling, continuous obligation, crude oil diversion and defaults.

Nigeria becoming a hub for wildlife trafficking – Reps

Drugs, equipment destroyed as fire guts UITH

Speaking on the basis for allocation, Komolafe said, “The approach starts with the NMDPRA capturing the domestic volume required and transmitting the same to the NUPRC on quarterly basis to enable future planning.

“The NUPRC will then analyse the figure against actual daily production and factor in the volume that requires producers to commit to base on actual production capacities.”

The NUPRC also released the current status of the Nigerian crude oil and gas reserves which shows that the combined crude oil and condensate reserves stand at 37.50 billion barrels, while the associated gas and non-associated gas reserves stood at 209.26 trillion Cubic Feet (TCF) as at January 1, 2024.

Komolafe said crude oil and condensate reserves stood at 31.56 billion barrels and 5.94 billion barrels respectively, amounting to a total of 37.50 billion barrels, while associated gas and non-associated gas reserves stood at 102.59 TCF and 106.67 TCF respectively, resulting in total gas reserves of 209.26 TCF as at January 1, 2024.

 

LEARN AFFILIATE MARKETING: Learn How to Make Money with Expertnaire Affiliate Marketing Using the Simple 3-Step Method Explained to earn $500-$1000 Per Month.
Click here to learn more.

AMAZON KDP PUBLISHING: Make $1000-$5000+ Monthly Selling Books On Amazon Even If You Are Not A Writer! Using Your Mobile Phone or Laptop.
Click here to learn more.

GHOSTWRITING SERVICES: Learn How to Make Money As a Ghostwriter $1000 or more monthly: Insider Tips to Get Started. Click here to learn more.
Click here to learn more.

SECRET OF EARNING IN CRYPTO: Discover the Secrets of Earning $100 - $2000 Every Week With Crypto & DeFi Jobs.
Click here to learn more.