Worried by the endless rise in oil theft, the Federal Government has announced the introduction of two key regulations namely, Upstream Petroleum Measurement Regulations, and Advance Cargo Declaration Regulations.
Government said the aim of the new policies is to halt the massive oil theft in the Niger Delta and boost the country’s revenue from crude oil production.
Other three regulations include the Significant Discovery Regulations; Gas Flaring, Venting and Methane Emissions (Prevention of waste and Pollution) Regulations; and Domestic Crude Oil Supply Obligation Regulations. The government disclosed this through the Nigerian Upstream Petroleum Regulatory Commission, at the third phase of its consultation with stakeholders on regulations development as mandated by Section 216 of the Petroleum Industry Act 2021. Providing insight into the regulations, the Executive Commissioner, Economic Regulation and Strategy Planning, NUPRC, Kelechi Ofoegbu, explained that the measurement regulations would give the regulator the capability of knowing exactly what was produced by different upstream oil operators. He said, “All through the years of production in this country, there’s always been the question of how much we produce and how much we consume, from upstream to midstream to downstream.
