The Department of Petroleum Resources (DPR), is charting a new course on sustainable business environment.
In a document posted on its website on Thursday, the department noted that conscious efforts are being made to ensure the country’s oil and gas industry provides maximum opportunities for investors.
The oil and gas industry regulator in the document said that stakeholders have repeatedly decried the business environment, claiming its responsible for declining investments in the sector, hence the initiative.
The Director, DPR, Mr. Sarki Auwalu, during a visit to the Oil Producers Trade Section (OPTS) of the Lagos Chamber of Commerce and Industry (LCCI), hinted that new regulations and policies are being considered in a bid to address inherent challenges and market barriers confronting the industry.
He pointed out that the DPR would partner with relevant stakeholders in order to ensure business sustainability in the oil and gas sector as well as create wealth for the nation’s economy.
Auwalu posited that the agency would always create opportunities for investors and support a sustainable business environment.
He added that in order to achieve the government’s commitment to cost-effectiveness in the oil and gas deals, the agency would adopt best practices in line with global standards.
“The department is developing new regulations and strategic initiatives to enhance processes,” he said.
Auwalu further maintained that steps have been taken to provide guidance for better understanding and investor alignment, promising that the agency would continue to engage all stakeholders for value creation and business sustainability.
Meanwhile, the Chairman/Managing Director, ExxonMobil, Mr. Richard Liang, lauded the DPR chief executive for providing leadership for the oil and gas industry in the country.
He said that OPTS would continue to collaborate with the vision of DPR for the growth and sustainability of the industry
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