ABUJA, Nigeria (VOICE OF NAIJA)- The Nigerian Upstream Petroleum Regulatory Commission has encouraged members of the Crude Oil Refinery Owners Association of Nigeria to explore acquiring oil blocks in forthcoming licensing rounds as a lasting fix to crude supply issues.
The Commission Chief Executive, Mrs Oritsemeyiwa Eyesan, made this appeal during a recent courtesy visit by CORAN members to the NUPRC headquarters in Abuja.
The meeting focused on strategies to boost domestic refining capacity and secure a steady crude supply.
According to information shared by CORAN spokesperson, Eche Idoko, on Friday, Eyesan stated, “Encouraging indigenous refiners to participate in upstream asset ownership would create more stable and commercially viable crude supply arrangements while also deepening local participation across the petroleum value chain.”
She reassured refiners that Nigeria possesses sufficient crude resources to satisfy local refining demand and reaffirmed the commission’s dedication to policies that support value addition within the country.
The NUPRC head also recommended that refinery operators adopt long-term crude supply agreements with producers as a practical means of ensuring feedstock availability, enhancing operational planning, and maintaining price stability.
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However, she pointed out that infrastructure deficiencies continue to pose significant challenges to efficient crude delivery.
She highlighted issues such as limited pipeline networks, evacuation bottlenecks, storage limitations, marine logistics concerns, and other supply chain constraints as areas needing urgent investment and coordinated action.
CORAN members praised the commission’s ongoing regulatory reforms and its backing of domestic refining, while emphasizing the importance of effectively implementing frameworks that guarantee a reliable crude supply to local refineries.
Industry stakeholders have consistently stressed that better access to crude feedstock is essential for reducing Nigeria’s reliance on imported petroleum products, strengthening energy security, preserving foreign exchange, and generating employment through the expansion of local refining capacity.
Idoko added that the meeting forms part of ongoing engagements between regulators and private refinery operators aimed at unlocking the full potential of Nigeria’s downstream petroleum sector.