The Central Bank of Nigeria, the Nigerian Midstream and Downstream Petroleum Regulatory Authority, and other pertinent organizations are required to collect the trustworthy information needed to choose the best way for shipping and storing natural gas and crude oil in bulk in Nigeria.
According to a statement released by the organization, the 2022 Petroleum Liquid Inventory Reconciliation Exercise was where Farouk Ahmed, the chief executive of NMDPRA, revealed this.
According to the NMDPRA head, the reconciliation operation was planned to establish and certify consistent data on midstream statistics pertaining to crude oil, condensates, natural gas, and its derivatives.
“The reconciled data will serve as the foundation for managing petroleum liquid supply licenses and serving as a guide for evaluating licenses, authorizations, and approvals issued in the midstream industry concerned with the export, storage, and transportation of petroleum.
The Petroleum Industry Act 2021 requires the NMDPRA to routinely reconcile data on revenues at crude oil terminals, exports, deliveries to refineries, transportation of oil and gas, and other information that are relevant to the Federation and have an impact on the payment of royalties.