NUPRC develops regulatory framework to tackle oil theft, revenue loss

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has developed a regulatory framework to tackle oil theft and curb revenue loss.

The Commission Chief Executive, Gbenga Komolafe disclosed this while speaking at a two-day National Anti-Corruption Conference organized by HEDA Resource Centre and Centre for Fiscal Transparency and Integrity Watch, CFTI, in Abuja.

He stated that the framework is part of the efforts of the Commission to stop oil theft and illegal financial flows in the country.

The commission also expressed that the new regulatory framework known as the Nigerian Upstream Petroleum Measurement Regulations, 2023 in line with the PIA,  is a new initiative that will create a paradigm shift in oil-related revenue generation in the country.

Chief Commission Officer, NUPRC, He stressed that the new policy regulation is the first of its kind since  1956  when oil was discovered in the country adding that the policy will also address the issue of overloading and dispensing oil from the source, which invariably gives rise to making money from the illicit process.

According to Komolafe, ‘While it’s critical to follow and recover illicit financial flows, it’s perhaps more critical to prevent illicit financial flows. One is reactive while the later is proactive.”

“The commission is focused on proactive corruption prevention and elevation of transparency in hydrocarbon accounting in the Nigerian oil and gas industry. stressing that wrong hydrocarbon accounting practice has pervaded since 1956 oil discovery in Nigeria.  So, NUPRC is poised in a revolutionary move to stop the corrupt practice”

‘’The idea is to stop the illicit financial flows from the source. When that happens it  will make the work of the EFCC, and ICPC very easy”,  he stated.