DPR to launch strategy to strengthen oil and gas industry

DPR to launch strategy to strengthen oil and gas industry

The Department of Petroleum Resources (DPR) has announced that it will in the coming weeks, launch a collaborative strategy called Maximum Economic Recovery (MER), aimed at strengthening the oil and gas industry as well as ensure the sustainability of the sector.

The strategy is expected to articulate key delivery programmes to guarantee stability, growth, and development of the industry in line with the federal government’s aspirations.

This disclosure was made by the Director of DPR, Mr Sarki Auwalu, while delivering a keynote address at the ongoing Nigeria Oil and Gas Conference (NOG 2021) holding in Abuja, with the theme: “Fortifying Nigeria’s Oil Gas Industry for Economic Growth and Stability.”

What the Director of DPR is saying
Auwalu said, “As part of our mandate to strengthen the industry and ensure sustainability, the Department will be unveiling an industry collaborative strategy for Maximum Economic Recovery (MER) for the Nigeria Oil & Gas sector within the next weeks.

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“This strategy will articulate key delivery programmes to guarantee stability, growth, and development of the industry in line with Government aspirations whilst leveraging the National Oil and Gas Excellence Centre (NOGEC) commissioned by Mr President in January this year as the techno-economic resource centre to drive industry safety, value, and cost-efficiency.’’

He said the oil and gas regulator would continue to foster collaboration, influence, facilitate, enable and promote industry growth, all for economic growth and in overriding national interest.

Auwalu further stated that the DPR would contemplate five broad areas where the nation’s oil and gas industry needed fortification to support national economic stability and growth.

He listed the five broad areas as Legal, Institutional, Financial, In-sector Diversification, and Indigenous Capacity adding that with the focused leadership of President Muhammadu Buhari and the guidance of the Minister of State for Petroleum Resources, Chief Timipre Sylva, the key fundamentals for industry growth were being emplaced.

In case you missed it
The DPR had a few days ago, listed 5 ways to fortify the Nigerian oil and gas sector for economic stability and growth namely legal, institutional, financial, in-sector diversification and indigenous capacity.

The agency said that under the legal front, the long-awaited Petroleum Industry Bill (PIB) that has been passed will enhance clarity in legislative, regulatory, fiscal and administrative frameworks, adding that the evolving commercial institutions would be strengthened for efficiency, prudent management, financial stewardship and operational management.

It also stated that the regulatory institutions should be strengthened to streamline roles, prevent duplication and promote ambition that will promote regulatory clarity in rules of doing business.