The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has unveiled plans to establish accurate and reliable data relevant to determining the appropriate tariff methodology for the transportation and bulk storage of crude oil and natural gas in the country.
Chief Executive Officer, Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Engr. Farouk Ahmed revealed this at the 2022 Petroleum Liquid Inventory Reconciliation Exercise in Lagos.
The exercise involved the NMDPRA, Nigerian Upstream Petroleum Commission, Crude Oil and Gas Export Companies, the Central Bank of Nigeria, and the Nigeria Extractive Industries Transparency Initiative (NEITI).
Represented by , Mr Ogbugo Ukoha, Executive, Director
Distribution Systems, Storage, Retailing Infrastructure (DSSRI), Ahmed said the expanded data ecosystem will cover petroleum liquid volumes evacuated by trucking, barging and pipelines.
Corporate Communications, General Manager, Apollo Kimchi stated this in a statement yesterday.
The statement noted it would also include a data system on terminal receipt volumes and terminal stock records, crude oil inventory records per company, per terminal, quantities delivered to and received into refineries.
quantities evacuated to other midstream storage facilities, export permit volumes, as well as actual export volumes per company, per terminal.
On the reconciliation exercise, the NMDPRA Boss said it was scheduled to establish and authenticate a common data on midstream statistics relating to crude oil, condensates, natural gas and its derivatives.
His words: “The reconciled data will provide the basis for the administration of petroleum liquid supply license and guide the appraisal of licenses, authorisations and approvals issued in the midstream sector relating to petroleum transportation, storage and exports.
“ Similarly, it can be used by security agencies for investigations and the Federal Ministry of Finance for monitoring the repatriation of export proceeds and royalties remittance by exporters of crude oil and natural gas.”
Ahmed reiterated that the Authority, as the custodian of petroleum products data bank will continue to ensure the provision of credible, reliable data for all petroleum operations in the country.
The Petroleum Industry Act 2021 (PIA) mandates the NMDPRA to periodically reconcile data on crude oil terminal receipts, exports, refinery delivery, Oil and Gas transportation, and other related statistics that are of interest to Federation as this directly affects royalties being remitted.