MER:  DPR harps on economic recovery agenda for oil and gas sector

The Department of Petroleum Resources (DPR) has harped on the usage and formulation of Maximum Economic Recovery (MER) agenda, in a bid to boost the oil and gas sector.

The Director, DPR, Mr. Sarki Auwalu, said this on Tuesday at the 2021 Society of Petroleum Engineers (SPE) Nigeria Annual International Conference and Exhibition (NAICE) in Lagos, adding the initiative was one of the outcomes of the work of the National Oil and Gas Excellence Centre (NOGEC), Lagos, inaugurated in January 2021 by President Muhammadu Buhari.

“Following an in-depth assessment of the status of the industry, the department identified the need to formulate the ‘Maximum Economic Recovery (MER) strategy for Nigeria.

“This is to guarantee the actualisation of sustainable resource optimisation and the economic benefits arising therefrom,” Auwalu said.

He also noted that the objectives listed in the MER are; reserves maturation and production optimisation, exploration and resources maturation.

Others include the improved oil recovery and enhanced oil recovery, implementation asset stewardship; performance evaluation and rewards risk management.

“The draft framework has been shared with the industry, including professional associations like the SPE and the National Association of Petroleum Explorationists,” he said.

Auwalu, however, posited that the idea was in preparation for an industry collaborative workshop to co-develop and enunciate this strategy for immediate execution.

He maintained the nation was rising to the occasion as the ‘trigger’ for continental growth and economic transformation using its oil and gas resources to drive value for national development.

Auwalu further averred that the agency would continue to foster innovative ideas and create opportunities for investments and sustainability in the industry.

“As always, we are enthusiastic to collaborate with all relevant stakeholders, including the SPE, toward the realisation of governments aspirations for the oil and gas sector.

“In our role as business enablers and opportunity providers, DPR will continue to promote efficiency to meet the needs of the industry, creating value, enhancing transparency, reducing barriers and transaction costs,” Auwalu said