Senator Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil), has announced significant measures approved by the Federal Executive Council (FEC) aimed at enhancing transparency and increasing oil production in Nigeria.
According to a statement by Nneamaka Okafor, SA Media and Communication to the Minister, the FEC approved several memos from the Ministry to safeguard the integrity of petroleum production and sales, and to bolster investor confidence.
Minister Lokpobiri emphasized, “We are intensifying efforts to ensure transparency in the production and sale of our petroleum products, with a strong focus on eliminating crude theft and diversion.”
Among the approvals, the Minister highlighted the metering of 187 flow stations across the Niger Delta region.
This initiative, coordinated by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), aims to be completed within 180 days.
The metering project will enable precise tracking of production and exports, ensuring accountability for every barrel.
Minister Lokpobiri added, “This is a clear indication that we mean business in this regard.”
Furthermore, the FEC approved the implementation of the Advanced Cargo Tracking system, designed to monitor cargo from loading to final destination within 180 days. This system is expected to significantly reduce oil theft and diversion.
“These initiatives are crucial for boosting our revenue tracking and enhancing investor confidence in our oil and gas sector,” Lokpobiri stressed.
The Minister highlighted that these measures are already attracting investors back to the sector, demonstrating Nigeria’s commitment to transparency.
He anticipated further investment as these transparency measures continue to be implemented.
These approvals are part of the Ministry’s broader strategy to ensure efficient management and transparent governance of Nigeria’s petroleum resources, fostering an environment conducive to sustainable growth and investment in the sector.
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