He explained that Nigeria, despite its huge oil reserve, has remained a net importer of refined crude oil produce and a net exporter of crude oil.
Mr Komolafe noted that the domestic crude oil supply obligation refers to the requirement imposed by the government on oil producers to allocate a certain portion of crude oil production for domestic consumption. “So our appeal is to you all as producers to collaborate with us in the interest of our nation because if we develop our mainstream, that is where value lies especially with the momentum in energy transition, so we need to develop our mainstream given the multiplier effect and benefits of developing our mainstream.
“A company that does not comply with domestic crude obligations where a willing buyer exists shall not be granted an export permit for the export of crude oil. He shall incur a penalty of 50 per cent of the fiscal price per barrel nor delivered, payable to the commission.
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