Oil producers: Nigeria shouldn’t import crude oil to meet domestic refineries’ demand

Oct. 9, 2024 - TheCable

The Independent Petroleum Producers Group (IPPG) says Nigeria should not be importing crude oil to meet domestic refineries’ feedstock needs. Abdulrazaq Isa, chairman of the group, spoke at the 2024 Crude Oil Refinery-owners Association of Nigeria (CORAN) Summit in Lagos.

In order to ensure Nigeria’s energy future, Isa stressed the significance of resolving underinvestment and unlocking additional gas and crude oil production. AdvertisementIsa also said the country’s domestic crude oil refining and petrochemical capacity must be maintained through local production.

Also, Isa underscored the significance of implementing the domestic crude oil supply obligation (DCSO) to guarantee stable feedstock availability for domestic refineries on a willing seller, willing buyer basis, in compliance with the Petroleum Industry Act (PIA)...