iThe Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has introduced a new template to facilitate seamless domestic crude oil supply, including the option to pay for domestic crude in naira.
Engr. Gbenga Komolafe, the commission’s Chief Executive, unveiled the template at a press conference in Abuja, highlighting its statutory enforceability and comprehensive coverage of operational areas in the sector.The new template addresses key areas such as the legal framework, implementation procedures for Domestic Crude Oil Supply Obligations (DCSO), allocation procedures, payment instruments, currency of payment, logistics scheduling, continuous obligation, crude oil diversion, and defaults.
Komolafe emphasized that the allocation process begins with the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) capturing the domestic volume required and transmitting it to NUPRC quarterly for future planning.
Source: Daily Trust