shippingposition
  • Home
  • News
  • Editorial
    • Vox Pop
  • Maritime safety
  • Oil and Gas
  • Personality
  • Health
No Result
View All Result
shippingposition

Home » DPR Lists Ways To Fortify Nigeria Oil, Gas Sector

DPR Lists Ways To Fortify Nigeria Oil, Gas Sector

by Joshua
July 12, 2021
in Oil and Gas

The Department of Petroleum Resources (DPR) has listed five ways to fortify the Nigerian oil and gas sector for economic stability and growth.

Sarki-Auwalu-DPR-CEO

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 last week.

The theme of the conference is: “Fortifying the Nigeria oil and gas sector for Economic Stability.”

Auwalu said the DPR would remain committed to the development of 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.

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.

He said that evolving commercial institutions would be strengthened for efficiency, prudent management, financial stewardship and operational management.

“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, 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.

Read Also:  Proposed $57 Oil Benchmark, Production Level Will Determine Its Achievability — Expert

He noted that a stable and legal fiscal operation was critical for improved investment in businesses in Nigeria.

”We have confidence that with the passage of the PIB, existing operators and second generation International Oil Companies will have the reason to consolidate their business in the country.

“In a related sense, the concept of in sector diversification must take on to add impetus to economic stability and growth,” Auwalu added.

He noted that economic diversification entails many things adding that the industry must look inwards to drive value for growth and stability.

Commenting on gas, he said that Nigeria must work hard to ensure it witnessed all the benefits of huge gas deposit in the country.

”We need to benchmark our country with the other Organisation of the Petroleum Exporting Countries, espcially with their contributions to the Gross Domestic Product. We know that most of them are far in their contributions than us.

“Gas is everywhere and using it as a transition fuel, we must use it to add value, create wealth and build indigenous capacity, “he said.

shippingposition

Kindly like us on Facebook


Tags: DPR

Related Posts

Nigeria’s Daily Crude Oil Production Drops To 937,766 bpd In September

Nigeria’s Crude Oil Export Revenue Drops by 17% to $6.68 Billion in First Two Months of 2025

June 1, 2025
President Tinubu Signs 6 IMO Instruments Of Accession

FG Rallies Stakeholders to Accelerate Nigeria’s Gas Revolution, Signs Agreement with Ten Equity Partners

June 1, 2025
The Return of Standards Organisation of Nigeria to the ports

SON Raises Concern Over Influx Of Adulterated Lubricants, Engine Oil

June 1, 2025
Tensions Rise as Bayelsa Host Communities Threaten Shutdown Over Security Contracts

Tensions Rise as Bayelsa Host Communities Threaten Shutdown Over Security Contracts

June 1, 2025

Discussion about this post

Latest News

NPA Bags NASS PAC Transparency Award

NPA Bags NASS PAC Transparency Award

July 12, 2025

Nigeria Customs Says Claim Of Form ‘M’ Migration Charges False

CRFFN Showcases Reform Milestones, Dismisses Court Ruling Misinterpretation

NCMDLCA Faction Distances Self from Amiwero’s Court Action, Backs CRFFN on POF Collection

Customs Intercepts ₦9.2bn Worth of Fake Bedroom Booster, Others

Customs, NAFDAC Inaugurate Implementation Committee for 2024 MoU

Nigeria Customs Intercepts Container with Over 10,000 Donkey Genitals

Senate Hails Adeniyi’s Election as WCO Council Chair, Says It’s  a Major Win for Nigeria’s Global Trade Leadership

Oyetola Launches Door-to-Door’ Diplomacy for Nigeria’s IMO Council Bid

FG Urged To Link Warri-Itakpe Rail To Inland Ports, Road Networks

Red Sea Operation Rescues 4 More From Cargo Ship Sunk By Houthis

Shippers’ Council Set to Establish Border Information Centre at Idiroko, Bolster Trade Efficiency

kindly like our Facebook page

Health

Contraceptive Pills Can’t Cause Cervical Cancer – Expert
Health

Contraceptive Pills Can’t Cause Cervical Cancer – Expert

June 30, 2025

Mrs Roseline Akinlabi, Adolescent and Youth Sexual Reproductive Health Desk Officer, Osun Primary Healthcare Board, says contraceptive pills cannot cause...

ONIONS: The Good Old Healing Vegetable

KNOW YOUR BODY PARTS: The Liver

June 16, 2025
ONIONS: The Good Old Healing Vegetable

ONIONS: The Good Old Healing Vegetable

June 16, 2025
Why Prostate Disorder Cases Are Increasing Among Nigerian Men – Experts

Why Prostate Disorder Cases Are Increasing Among Nigerian Men – Experts

June 1, 2025
20m Nigerians Live With Mental Health Issues, Says WHO

20m Nigerians Live With Mental Health Issues, Says WHO

June 1, 2025
Health Facts You Didn’t Know

How Your Habit Affects Fertility

May 19, 2025
Fruits For Raining Season

Fruits For Raining Season

May 19, 2025
See Mental Illness Like Other Treatable Diseases – Says Suicide Survivor

Health Facts You Didn’t Know

May 19, 2025
Alligator Pepper: Benefits, FAQ, Side Effects, & Warning

Alligator Pepper: Benefits, FAQ, Side Effects, & Warning

April 28, 2025
Water And Health: The Relationship That Helps Life

Water And Health: The Relationship That Helps Life

April 28, 2025

© 2021 Shippingposition

Navigate Site

  • Home
  • About Us
  • Contact us
  • Privacy Policy
  • Sitemap
  • Terms

Follow Us

No Result
View All Result
  • News
  • Coast To Coast
  • Oil and Gas
  • Maritime Education
  • The Terminals
  • Maritime safety

© 2021 Shippingposition