The Nigerian Upstream Petroleum Regulatory Commission has introduced a regulatory framework to address the country’s oil theft and illegal financial flow challenges. The commission also noted that the new regulatory framework, known as the Nigerian Upstream Petroleum Measurement Regulations, 2023 in line with the PIA, is a new initiative that will create a paradigm shift in oil-related revenue generation in the country. Related NewsAccording to him, the policy would also address the issue of overloading and dispensing oil from the source, which invariably gives rise to making money from the illicit process. He stressed that wrong hydrocarbon accounting practices had been on since the 1956 oil discovery in Nigeria, assuring that the commission was poised to stop corrupt practices in the sector. He noted that with this development, the era of operators harmonising crude oil figures with NUPRC staff was gone.

Source: Punch July 20, 2023 13:18 UTC