NUPRC Proposes Domestic Crude Oil and Gas Swap Initiative
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is engaging with industry stakeholders to explore a domestic crude oil and gas swap aimed at reducing costs and increasing product availability in Nigeria. During a visit to the Nigerian Midstream and Downstream Regulatory Authority (NMDPRA) in Abuja, NUPRC Chief Executive Mrs. Oritsemeyiwa Eyesan stated that finalizing the swap arrangements would improve compliance with the Domestic Crude Supply Obligation (DCSO) and the Domestic Gas Supply Obligation.
Statistics from the NUPRC indicated that 53.7 million barrels of crude oil were supplied to local refiners from April to June, achieving a 97.4% performance for Q2 2026. Despite this, crude oil importation continues, prompting discussions on future strategies.
Eyesan explained the swap mechanism, which allows for mutual agreements between parties with obligations at different facilities. NMDPRA Chief Executive Mallam Rabiu Abdullahi Umar commended the NUPRC's efforts and emphasized the importance of pricing in transactions under the Petroleum Industry Act.
Plus234Feed summary based on reporting from Blueprint. Read the original report below.
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