{"id":32540,"date":"2021-08-10T03:42:37","date_gmt":"2021-08-10T02:42:37","guid":{"rendered":"https:\/\/thefreezonechannel.com\/?p=32540"},"modified":"2021-10-07T00:43:33","modified_gmt":"2021-10-07T00:43:33","slug":"dpr-inaugurates-industry-awards-for-improved-oil-recovery","status":"publish","type":"post","link":"https:\/\/thefreezonechannel.com\/old\/dpr-inaugurates-industry-awards-for-improved-oil-recovery\/","title":{"rendered":"DPR inaugurates industry awards for improved oil recovery"},"content":{"rendered":"<p>The Department of Petroleum Resources (DPR) says it will inaugurate an annual awards for companies, projects or individuals that add value to the Nigerian oil and gas industry.<br \/>\nA statement issued on Monday in Lagos by Mr Paul Osu, Head, Public Affairs, DPR, said Mr Sarki Auwalu,  the agency Director,  made the announcement on Monday during a workshop with industry partners.<br \/>\nThe statement said the industry partners at the meeting included exploration and production companies, service companies as well as oil and gas professional bodies.<br \/>\nAuwalu said the Improved Oil Recovery (IOR)\/Enhanced Oil Recovery (EOR) awards were part of deliberate engagements with industry partners by the regulatory agency to achieve Maximum Economic Recovery (MER) strategies for Nigeria.<br \/>\nHe noted that the objective of the MER was to maximise the expected net value of economically recoverable petroleum from Nigeria\u2019s acreages.<br \/>\nAuwalu said the Federal Government, through the MER strategies, was targeting to increase the nation\u2019s oil reserves from 36.91 billion barrels to 50 billion barrels in the short to midterm.<br \/>\nHe said the government was also targeting increasing Nigeria\u2019s proven gas reserves from 206.53TCF to 250TCF.<br \/>\nAccording to him, companies, individuals, fields, research institutions and technologies are eligible for the IOR\/EOR awards.<br \/>\nAuwalu said: \u201cThe criteria for the awards include the implementation of new technology or established technology applied in a new way and smarter work methods and processes.<br \/>\n\u201cOthers are willingness to take risks and outstanding researches.<br \/>\n\u201cKey performance metrics are discovered recoverable resources, cost efficiency, investment value, implementation cycle, production efficiency and decommissioning cost savings.\u201d<br \/>\nHe said the industry initiative was one of the outcomes of the work of the National Oil and Gas Excellence Centre, Lagos, inaugurated in January by President Muhammadu Buhari.<br \/>\nThe DPR boss noted that significant potential and value still exist in the Nigerian acreages.<br \/>\n\u201cEffective implementation of the MER strategies will deliver greater value overall to all stakeholders.<br \/>\n\u201cDPR will work closely with industry to deliver the MER through collaborations, communication, cooperation and coordination,\u201d Auwalu added.<\/p>\n<!--themify_builder_content-->\n<div id=\"themify_builder_content-32540\" data-postid=\"32540\" class=\"themify_builder_content themify_builder_content-32540 themify_builder tf_clear\">\n    <\/div>\n<!--\/themify_builder_content-->\n","protected":false},"excerpt":{"rendered":"<p>The Department of Petroleum Resources (DPR) says it will inaugurate an annual awards for companies, projects or individuals that add value to the Nigerian oil and gas industry. A statement issued on Monday in Lagos by Mr Paul Osu, Head, Public Affairs, DPR, said Mr Sarki Auwalu, the agency Director, made the announcement on Monday [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13044,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[207],"class_list":["post-32540","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-dpr","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>DPR inaugurates industry awards for improved oil recovery - The Freezone Channel<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thefreezonechannel.com\/old\/dpr-inaugurates-industry-awards-for-improved-oil-recovery\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DPR inaugurates industry awards for improved oil recovery - The Freezone Channel\" \/>\n<meta property=\"og:description\" content=\"The Department of Petroleum Resources (DPR) says it will inaugurate an annual awards for companies, projects or individuals that add value to the Nigerian oil and gas industry. 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