The Director of Department of Petroleum Resources (DPR), Mr Sarki Auwalu, has said DPR would in the coming weeks, unveil a strategy, Maximum Economic Recovery (MER), to strengthen the oil and gas industry.
Auwalu said in his keynote address at the ongoing Nigeria Oil and Gas Conference (NOG 2021) holding in Abuja, with the theme: “Fortifying the Nigeria’s Oil Gas Industry for Economic Growth and Stability.”
Auwalu said the strategy would articulate key delivery programmes to guarantee stability, growth, and development of the industry in line with the federal government’s aspirations.
“As part of our mandate to strengthen 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.
“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.
He said as a department, the DPR 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 Legal, Institutional, Financial, In-sector Diversification, and Indigenous Capacity.
He said with the focused leadership of President Muhammadu Buhari and the “steers” of the Minister of State for Petroleum Resources, Chief Timipre Sylva, the key fundamentals for industry growth were being emplaced.
Auwalu said on the legal front, the long-awaited Petroleum Industry Bill (PIB) has just been concurrently passed by both chambers of the National Assembly and awaits harmonisation, adding that it was envisaged that the president would assent to the bill that enhances clarity in legislative, regulatory, fiscal, and administrative framework.
“It is expected that the evolving commercial institution would be strengthened for efficiency, prudent management, financial stewardship, and operational excellence.
“By the same token, the regulatory institution should be structured to streamline roles, prevent duplication and promote consolidation which will engender regulatory clarity and ‘ease of doing business.”
