The Federal Government of Nigeria is intensifying efforts to ensure transparency in the production and sale of petroleum products.
This is aimed at ramping up production and also eliminating crude theft and diversion.
Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, disclosed this in a statement posted on his Facebook page today.
The oil minister highlighted the Federal Executive Council’s approvals and award of a contract for the metering of the 187 flow stations across the Niger Delta region to be coordinated by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
“This initiative will enable us to accurately track our production and exports, ensuring that every barrel is accounted for as we ramp up our operations.
“The project is set to be completed within 180 days, demonstrating our commitment to these efforts,” Lokpobiri stated.
The statement hinted that the Council has approved an Advanced Cargo Tracking system designed to monitor cargo from the point of loading to the final destination.
He said the tracking system, also billed to be completed within 180 days, will significantly curb oil theft and diversion so that the nation’s revenues are protected.
“The return of investors to the sector is a testament to our commitment, and these initiatives are crucial for boosting our revenue tracking and enhancing the confidence of investors in our oil and gas sector and we anticipate even more investment as we continue to implement these transparency measures,” the statement concluded.
