NUPRC encourages local refiners to invest in oil blocks
Oritsemeyiwa Eyesan, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has called on members of the Crude Oil Refinery Owners Association of Nigeria to consider acquiring oil blocks. The suggestion was made during a recent meeting at the NUPRC headquarters in Abuja. Eche Idoko, spokesperson for CORAN, shared details of the discussion, which focused on boosting domestic refining and ensuring steady crude supply. Both parties emphasized the importance of local participation and overcoming infrastructure challenges.
TLDR
- Oritsemeyiwa Eyesan urged indigenous refiners to acquire oil blocks in upcoming licensing rounds to address crude supply issues.
- She highlighted the need for long-term crude supply contracts and improved infrastructure, such as pipelines and storage, to ensure stable operations.
- The NUPRC reaffirmed Nigeria’s capacity to meet domestic refining needs and its commitment to policies that add value locally.
- Members of CORAN praised regulatory reforms and stressed the importance of effective frameworks for consistent crude supply.
- Ongoing engagements between regulators and refinery operators aim to unlock the full potential of Nigeria’s downstream petroleum sector.
