All hope may not be entirely lost when it comes to generating substantial revenue from the oil and gas sector. This rekindled hope is coming on the heels of a recent disclosure that the Department of Petroleum Resources, DPR in 2020, generated a total sum of ₦2 trillion from its activities in the middle of a crash in the oil market championed by the outbreak of the COVID-19 pandemic.
This disclosure was part of the major highlights of this year’s edition of the OLEF, the 30th in the series held earlier today, Thursday 18th of March 2021 in Abuja where the Director-General of the Department of Petroleum, Engr. Sarki Auwalu commented that the DPR has expanded its reach wide enough to become a business enabler in the nation’s oil and gas industry.
On the ₦2 trillion revenue declaration, the DG attributed this grand result to the progressive business model adopted by the regulatory body in incentifying compliance and strategic reward system rather than emphasizing penalties.
Check out the rest of his statement while talking on the theme: Operational Excellence and Portfolio Optimization, a way forward for the oil and gas industry post-COVID-19.
“Like I usually say to my colleagues, we want more royalties, not penalties; we want to see compliance kudos rather than non-compliance notices; we want to catch our duty holders doing something right not something wrong.
“We aim to ensure that regulations and industry guidelines are issued and applied in a manner that reflects good oil field practice, internationally acceptable standards and is responsive to challenging and changing industry dynamics and global realities”, he added.
DPR’s track record
Engr. Auwalu stated that DPR has consistently exceeded the government’s revenue target by embracing systems and processes that ensure transparency and accountability in oil and gas revenue generation, computation, collection, and reconciliation, as well as legacy debt recovery.
“Last year alone”, he stated, “We have generated over ₦2 trillion for this country and we intend to exceed this value for this year”.