By Shola Akingboye, 6th July 2021
The Director and Chief Executive Officer of DPR, Mr Sarki Auwalu, of the Department of Petroleum Resources (DPR), at the ongoing Nigerian Oil and Gas Conference in Abuja has released key strategies for which the Nigerian oil and gas sector can be fortified to reinvigorate the economic downturn bedeviling the nation.
Delivering his keynote address at the 20th anniversary of NOG event on Tuesday, Auwalu noted that for the economy to regain its stability, all hands must be on deck.
The DPR boss said the DPR is contemplating five broad areas in which the industry needs to support the nation for economic growth and stability, says the DPR would remain committed to the development of oil and gas sector for economic growth and development.
He speaks: “For us in the DPR, the cardinal areas to support government are legal, institutional, financial, in-sector diversification and indigenous capacity.
“And I have to say that with the focused leadership of President Muhammadu Buhari and the Minister of State for Petroleum Resources, Chief Timipre Sylva, the key fundamental issues on growth are being addressed, “he said.
He said that evolving commercial institutions would be strengthened for efficiency, prudent management, financial stewardship, and operational management.
According to him, 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.
“At the same vein, the regulatory institutions should be strengthened to streamline roles, prevent duplication and promote ambition that will promote regulatory clarity in rules of doing business.
“The overall industry financial provision must be improved for sustainability to protect the oil and gas production level, “he said.
Auwalu noted that millions of dollars were required for investment in infrastructure in the deep offshore, inland basin, frontier basins, marginal field development and gas infrastructure, adding that investments in the NLNG train 7, AKK gas pipeline project, among others were an indication of an improved business model in the country.