To curb the incessant oil theft, the Nigerian Upstream Regulatory Commission (NUPRC) has introduced an Advanced Cargo Declaration regime in upstream petroleum
The commission also announced plans to reactivate shut-in wells as part of initiatives to increase oil and gas production.
‘‘This implies that any cargo without the unique identifier becomes tagged as illegitimate. This, by no small measure, enhances transparency in our export operations,” he stated. “Quick-win strategies such as our aggressive drive to reactivate shut-in and declining wells will boost production prior to the onset of more long-term initiatives like operations from the new Marginal Field awardees.
On reduction in unit cost per barrel and revenue, he explained that the Commission is committed to ensuring a significant reduction in the cost of doing business in the upstream petroleum industry. The NUPRC has also begun a review of all Crude Handling Agreements with a view to entrenching openness and competitiveness, thereby reducing the cost of production while increasing government revenue from the sector. It is noteworthy that in the year 2022, using the strategies listed above, the Commission outperformed its revenue collection target by 18.3 per cent’’, he explained
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