Commission Commences Strict Oil, Gas Regulation, Next Year

The Chairman, Chief Execu
tive, Nigerco Nigeria Limited,  and consultants to the weights and Measures branch of the Ministry of Trade and Investment, Mr Yusuf Sanni, has said that there would be no more shipment of oil and gas out of the country from the first quarter of next year unless all its legal weights and measures stipulations are met.
Sanni dropped the hint last week while addressing newsmen in Abuja.
The Tide correspondent gathered that the move is to secure and as well gain maximally from the oil and gas exports from the country.
Sanni said the sanction would affect crude oil produced at any point  in Nigeria and would also regulate its production.
He noted that the nation tends to right the wrongs in the oil sector ranging from the well head to its final destination.
According to him, the aim was to strengthen country’s income, and to also expand its economic base.
The oil and gas consultant further noted that the government stands to know the correct quantity of the crude oil produced in the country and how its used.
He pointed out that for the past two years, that some oil dealers in the country are owing the commission (weight and measures) upto $300 million (three hundred million dollars).
He stressed that there must be accountability in the oil and gas, so as to mitigate the fall in the oil price on the country’s economy.
Furthermore, he explained that it would allow the government to tackle the issue of economic saboteurs and other ills surrounding the oil and gas sector.
It would be recalled that the Coordinating Minister of the Economy and the Minister of Finance, Dr Ngozi Okonjo-Iweala, had some time ago, linked the dwindling economy to the issue of crude oil theft.