Drums of oil

The Federal Government, on Thursday, stepped up efforts in tackling crude oil theft and inaccurate measurements by signing the Nigeria Upstream Petroleum Measurement Regulations, 2023, and six others into law. Nigeria has been faced with massive crude oil theft, losing billions of dollars to the menace, though the Nigeria Upstream Petroleum Regulatory Commission believes that about 40 per cent of the volumes referred to as losses are actually due to inaccurate measurements. It, however, stated that its latest regulations would address cases of inaccurate measurement, as well as help in cutting down oil theft in the Niger Delta region. The Chief Executive, NUPRC, Gbenga Komolafe, who signed the regulations into law on behalf of the Federal Government in Abuja, stated that the seven regulations that were signed into law on Thursday were part of the 13 draft regulations that were presented for discussion during the 1st, 2nd and 3rd phases of the commission’s consultations with stakeholders between 2022 and 2023. “It is with great pleasure that I now announce that seven out of the 13 draft regulations have been concluded and are now signed into law,” Komolafe stated.