Nigerian Government Probes Exploration, Production By IOCs Over Oil Theft

The Federal Government commenced a probe of the exploration and production activities of international and local oil companies as part of measures to address the massive oil theft in Nigeria. <br />It announced this through its Nigerian Upstream Petroleum Regulatory Commission, stressing that it would do everything within its authority to challenge the narrative and halt further degeneration by ensuring transparency in hydrocarbon accounting. <br />He noted that this was to ascertain the level of compliance with the terms and conditions in their oil firms’ operational contracts, as well as the challenges impeding expected deliveries <br />The NUPRC stated that during the engagements, the companies would be required to present their reserve status, life index, current reserves replacement ratio, and reserves growth strategy.