NUPRC Urges Refiners to Acquire Oil Blocks for Supply

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has called on crude oil refiners to consider acquiring oil blocks in the upcoming licensing round to tackle long-term crude supply challenges. This appeal was made by the Commission's Chief Executive, Mr. Oritsemeyiwa Eyesan, during a courtesy visit to the headquarters of the Crude Oil Refiners Association of Nigeria (CORAN) in Abuja.

The discussion aimed to strengthen domestic refining capacity and ensure a sustainable crude supply. Mr. Eyesan emphasized the importance of indigenous refiners participating in upstream asset ownership to create stable commercial arrangements for crude supply and enhance local participation in the petroleum value chain.

He assured that Nigeria has adequate crude resources to meet domestic refining needs. However, he noted that infrastructure gaps, such as inadequate pipeline networks and storage constraints, pose significant challenges.

The NUPRC is committed to regulatory reforms to support domestic refining and improve access to crude feedstock, which is critical for reducing Nigeria's dependence on imported petroleum products.