By Adaobi Rhema Oguejiofor
The Federal Government has disclosed that three important regulations have been introduced to help improve Nigeria’s revenue from crude oil production.
This was revealed on Monday at a stakeholder consultation forum in Abuja, where it was also revealed other two draft regulations have been fashioned out to end the grand theft of oil resources going on in the Niger Delta.
Of the five regulations under review, those targeted at curbing oil theft include the Upstream Petroleum Measurement Regulations and the Advanced Cargo Declaration Regulations; while those intended for achieving higher production volumes are the Significant Discovery Regulations, the Gas Flaring, Venting and Methane Emissions (Prevention of waste pollution) regulations, and the Domestic Crude Oil Supply Obligation Regulations.
Kelechi Ofoegbu, the Executive Commissioner, Economic Regulation and Strategic Planning, at the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), who convened the meeting, elaborated that the new measurement regulations will help give the nation’s industry regulators the ability to know precisely what was produced by different upstream petroleum operators.
He added that throughout the decades of Nigeria’s oil production, there have always been questions about how much petroleum is produced and consumed.