NUPRC Reports 97% Crude Supply Obligation Compliance in Q2
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) released data showing significant improvement in the implementation of the Domestic Crude Supply Obligation (DCSO) in Q2, with local refiners receiving 53.7 million barrels of crude oil and condensate.
The Dangote Refinery accounted for the majority of the crude supplied to domestic refiners during the quarter, requiring 63 million barrels but accepting only 52.6 million barrels, which was about 77% of the total offered.
Producers offered 69.3 million barrels, exceeding their allocated volume by 14.2 million barrels, or 25.8%, but actual deliveries were influenced by the quantities refiners were willing to take under commercial arrangements.
NUPRC said the improvement coincided with an increase in local oil production and signing of long-term crude supply agreements supported by bankable Sales and Purchase Agreements (SPAs) between producers and domestic refiners.