The Crude Oil Refineries-owners Association of Nigeria (CORAN) has lauded the move by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) over what it described as a decision by the NUPRC to enforce domestic crude supply obligations which non-implementation has so far stifled some local refineries from optimizing production and making refined products available in the local market

NUPRC is the government body charged with the statutory responsibility of ensuring compliance with petroleum laws, regulations and guidelines in the Upstream Oil and Gas Sector.… Read the rest

The House of Representatives on Friday vowed to help the federal government to recover $20 billion unremitted revenues from the oil and gas sector. They also vow to legislate for energy security, professionalism in the petroleum sector, economic transformation, accountability, institutional reforms and revenue recovery and generation.

This is even as it promised to carry out a comprehensive audit of the Premium Motor Spirit (PMS) subsidy regime, adding that the early remittance of Federal revenues and recovery of unremitted revenues is part of what the Committee would focus on in the coming days.… Read the rest