This might require the National Assembly to establish an act of parliament to bring this to life. There are several countries in the world that have a strategic petroleum reserve authority; we can set up an SPR levy that will obligate all producers and joint venture partners to contribute 0.5-1% of their daily production into the strategic reserve stock. Nigeria can take advantage of oil price windfalls or use royalties calculated based on debt and price and allocate about 5-10% to the government for the strategic reserve stock. The objective of this is to have a domestic crude intervention stock that can serve domestic refining in times of uncertainty

Kelvin Emmanuel, Managing Partner, Energy Consulting Practice



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