HeadlinesOil & Gas DPR Boss harps on nation’s oil and gas sector fortification By maritimemag July 8, 2021 ShareTweet 0 Chinazor Megbolu The Director and Chief Executive Officer, the Department of Petroleum Resources (DPR), Mr Sarki Auwalu, has harped on ways towards fortifying Nigeria’s oil and gas sector. He disclosed this during the 20th Nigeria Oil and Gas Conference held in Abuja, listing five ways to fortify the Nigerian oil and gas sector for economic stability and growth. Auwalu, speaking on theme; “Fortifying the Nigeria oil and gas sector for Economic Stability”, said the DPR is 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,“ Auwalu said. He further explained that 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. Auwalu posited that evolving commercial institutions would be strengthened for efficiency, prudent management, financial stewardship and operational management. According to him; “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, however, pointed out that millions of dollars were required for investment in infrastructure in the deep offshore, inland basin, frontier basins, marginal field development and gas infrastructure as well as others. Auwalu also noted that investments in the NLNG train 7, AKK gas pipeline project, among others were an indication of an improved business model in Nigeria. He further said that a stable and legal fiscal operation was critical for investment boost in businesses in the country. ”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 said. He noted that the economic diversification will enhance many things, saying the industry must look inwards to drive value for growth and stability. ”We need to benchmark our country with the other Organisation of the Petroleum Exporting Countries, especially 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,“ Auwalu said. © 2021, maritimemag. All rights reserved.