As part of efforts to curb oil theft and illegal financial flows in the country, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the development of a policy framework to enhance monitoring, transparency, and accountability in the extraction of crude oil in Nigeria.
Engr. Gbenga Komolafe, the Chief Commission Officer of NUPRC, revealed this during a two-day National Anti-Corruption Conference organized by HEDA Resource Centre and Centre for Fiscal Transparency and Integrity Watch (CFTI).
The new regulatory framework, known as the Nigerian Upstream Petroleum Measurement Regulations, 2023, aligns with the Petroleum Industry Act (PIA) and is expected to bring about a significant change in oil-related revenue generation in the country.
Komolafe emphasized that this policy is the first of its kind since the discovery of oil in Nigeria in 1956. It aims to address issues such as overloading and illicit dispensing of oil, which have allowed for illicit financial flows.
He stated, “While it’s critical to follow and recover illicit financial flows, it’s perhaps more critical to prevent illicit financial flows. One is reactive while the other is proactive. The commission is focused on proactive corruption prevention and the promotion of transparency in hydrocarbon accounting in the Nigerian oil and gas industry.”
The policy document outlines that licensees or lessees must have an approved metering plan for the measurement of petroleum production.
The measurement equipment and metering systems deployed must conform to the standards and guidelines set by the commission. Licensed metering service providers, approved by the commission, will be responsible for the installation and maintenance of metering equipment.
The policy also emphasizes the real-time reporting of measured production and data sharing between the lessee and the commission. With these measures in place, the commission aims to eliminate the practice of operators manipulating crude oil figures.
Komolafe concluded by stating that this development will put an end to the era of operators colluding with NUPRC staff to manipulate crude oil figures.
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