The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) held a meeting with crude oil producers and refinery owners in Nigeria to ensure full adherence to the Domestic Crude Oil Supply Obligation (DCSO) as outlined in the Petroleum Industry Act (PIA).
The meeting aimed to address the complaints and challenges faced by stakeholders in implementing the DCSO provisions.
During the meeting, the NUPRC Chief Executive, Mr. Gbenga Komolafe, highlighted the importance of the DCSO in fostering the growth and sustainability of Nigeria’s domestic refining capacity.
He emphasized that the commission had been working closely with the companies to ensure a seamless and efficient allocation process.
Komolafe acknowledged that challenges were expected during the initial stages of implementation, but the commission was monitoring developments to prevent any adverse impacts on national production and violations of the DCSO provisions.
The NUPRC has set up a committee with representatives from the commission, stakeholders, and the Dangote petroleum refinery to develop a framework for the smooth implementation of the DCSO provisions.
However, the meeting with the chief executives was deemed necessary to address the issues and find immediate solutions.
According to the NUPRC, between December and February, a total of 29,823,067 barrels of crude oil were scheduled for domestic refineries.
The majority of the supply came from NNPC, while other oil producers and traders contributed smaller percentages.
The NUPRC is dedicated to working closely with all stakeholders to overcome challenges, mitigate risks, and ensure compliance with statutory requirements.
The meeting aimed to resolve the issues and ensure the successful implementation of the DCSO provisions, ultimately reversing Nigeria’s trend of being a net importer of refined products and energizing the midstream and downstream sectors.
SOURCE: advocate.ng