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Nigeria will introduce real-time tracking of oil exports

According to regulations seen by, Nigeria's oil regulator will introduce a new rule requiring oil producers to get an export permit, vessel approval and a unique identifier to allow real-time tracking.

The updated regulations will allow for real-time monitoring and tracking of oil cargoes at the export terminals. This will help combat theft and underdeclaration.

The new rules are a major departure from the old system, which required only that producers declare their cargoes to customs for export permits to be issued.

The new guidelines are a major step towards a more accountable, transparent and efficient oil export system in Nigeria, said the spokesperson of the regulator.

Ayodele ONI, an energy lawyer with the Lagos-based Bloomfield Law Firm, stated that the previous system did not allow for real-time monitoring.

Oni stated that this deficiency caused issues such as theft, under-reporting and mismatches of export data.

Exporters are required to file detailed information about the cargo and vessel in advance under the new framework known as the Nigerian Upstream Petroleum Advance Cargo Declaration Regulation. This includes the consignee and port destination of the cargo, the amount of the cargo, and the estimated arrival time.

The strict compliance with the new regulations is mandatory. Non-compliance can result in penalties up to $20,000 Reporting by Isaac Anyaogu. (Editing by Jane Merriman.

(source: Reuters)