DPR to Unveil Strategy for Strengthen­ing Oil, Gas Sector

- Peter Uzoho

The Department of Petroleum Resources (DPR) will in the coming weeks, unveil 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 Director of DPR, Mr. Sarki Auwalu, announced this 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.

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