Oil Reforms Pay Off As NUPRC Revenue Hits N12.2tn In 2024

Industry leaders defend local content, rally behind NCDMB at NOG Energy Week

At the NOG Energy Week in Abuja, industry leaders robustly defended Nigeria’s local content policy, rejecting claims that it inflates business costs in the oil and gas sector. They cautioned that such criticisms jeopardize the nation’s industrial progress and lauded the Nigerian Content Development and Monitoring Board (NCDMB) for its pivotal role in building indigenous […]

Oil Reforms Pay Off As NUPRC Revenue Hits N12.2tn In 2024

Nigeria’s oil and gas reforms are yielding benefits for the country as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has generated a record revenue of N12.2tn in 2024. This is the highest revenue posted by the regulator and it represents an increase of 183.7 per cent compared to 2023’s N4.3tn revenue. A breakdown of the financial statement shows that Gbenga Komolafe-led NUPRC’s Internally Generated Revenue (IGR) rose to N1.6bn du…

Nigerian Upstream Regulator Reveals Resistance from Oil Producers to Domestic Crude Supply Mandate - TV360 Nigeria

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has disclosed that efforts by the government to compel upstream oil producers to allocate a portion of their crude output to local refineries met resistance from several companies last year. According to the commission’s report, many oil producers resisted supplying crude to the Dangote Petroleum Refinery and other domestic plants, citing various operational and contractual challenges…

How oil producers resisted crude supply to local refineries

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says several upstream oil producers resisted the government’s directive mandating them to allocate a portion of their output to local refineries.   In its 2024 annual report, the commission said producers submitted formal letters requesting waivers or offering reasons they might not meet the mandated domestic supply volumes.   The report was obtained from the NUPRC’s website on Friday…

Oil Producers Blocked Crude Supply to Dangote, Other Refineries - NUPRC - Economi Confidential

Oil Producers Blocked Crude Supply to Dangote, Other Refineries – NUPRC   Efforts of the Nigerian government to mandate upstream oil producers to allocate a portion of their output to domestic refineries were resisted by several companies last year, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has disclosed. According to a report by the commission, […] The post Oil Producers Blocked Crude Supply to Dangote, Other Refineries – NU…