DPR lists 5 ways to boost oil, gas sector

NEWS

The Department of Petroleum Resources (DPR) has listed five ways to fortify the Nigerian oil and gas sector for economic stability and growth. The Director and Chief Executive Officer of DPR, Mr Sarki Auwalu, made the suggestion while presenting a keynote address at the 20th Nigeria Oil and Gas conference, in Abuja on Tuesday.

The theme of the conference is: “Fortifying the Nigeria Oil and Gas Sector for Economic Stability.”

Auwalu listed legal, institutional, financial, insector diversification and indigenous capacity as five ways identified by the petroleum industry regulatory agency to fortify the industry.

Auwalu said the DPR would remain committed to the development of the oil and gas sector for economic growth and development.

“For us in the DPR, we contemplate five broad areas in which the industry needs to support the nation for economic growth and stability.

” The areas 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.

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, among others.

He added that investments in the NLNG train 7, AKK gas pipeline project, among others were an indication of an improved business model in the country.