The Nigerian Upstream Petroleum Regulatory Commission has advised members of the Crude Oil Refinery Owners Association of Nigeria to explore opportunities to acquire oil blocks in future licensing rounds as a sustainable way to address crude supply challenges.

The Commission Chief Executive, Mrs Oritsemeyiwa Eyesan, made the recommendation during a recent courtesy visit by CORAN members to the NUPRC headquarters in Abuja, where discussions focused on boosting domestic refining capacity and securing a stable crude supply chain.

According to details of the meeting released on Friday by CORAN spokesperson, Eche Idoko, Eyesan said, “Encouraging indigenous refiners to participate in upstream asset ownership would create more stable and commercially viable crude supply arrangements while also deepening local participation across the petroleum value chain.”

She assured refiners that Nigeria possesses enough crude oil resources to satisfy domestic refining needs and reiterated the commission’s commitment to policies that encourage local value addition.

The NUPRC chief also urged refinery operators to secure long-term crude supply agreements with producers, describing it as a practical way to ensure steady feedstock availability, enhance operational planning, and promote price stability.

She, however, noted that infrastructure deficits continue to hinder smooth crude delivery, pointing to inadequate pipeline networks, evacuation bottlenecks, limited storage capacity, marine logistics issues, and other supply chain challenges as areas requiring urgent investment and coordinated action.

Meanwhile, members of CORAN commended the commission’s ongoing regulatory reforms and its support for domestic refining, while emphasising the need for effective implementation of frameworks that guarantee a steady crude supply to local refineries.

Industry stakeholders have consistently stressed that better access to crude feedstock is essential to reducing Nigeria’s reliance on imported petroleum products, strengthening energy security, saving foreign exchange, and generating employment through the expansion of domestic refining capacity.