DPR Mulls Incentivising Deep Offshore Exploration to Grow Crude Oil Reserves

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Peter Uzoho

The Department of Petroleum Resources (DPR) has stated that it is working to incentivise deep play exploration to enhance the growth of the country’s crude oil reserves.

The regulatory agency also added that it is currently working towards reducing the barriers to entry, regulatory transaction cost, and enhance collaborative endeavour as necessary ingredients for creating conducive business environment for the nation’s oil and gas industry.

The acting Director of the DPR, Mr. Ahmed Shakur, stated this yesterday in Abuja at the ongoing 2019 Oil and Gas Conference and Exhibition, with the theme: “Driving Nigeria’s Oil and Gas Industry towards Sustained Economic Development and Growth.”

Shakur said the agency had commenced processes of optimising robustness of the regulatory framework for development and growth of the midstream as an enabler of incremental Gross Domestic Product (GDP) contribution from the oil and gas industry.

He noted that the Nigerian Government, in alignment with its transparency, initiated the Executive Order 001- Ease of Doing Business and the “7 Big Wins” policy by President Muhammadu Buhari to ensure the industry thrives for the overall national economic growth.

According to him, “this reiterated the importance of reducing approval cycle, entry barriers and regulatory transaction costs as necessary ingredients for creating conducive business environment”.

Shakur said: “It is in realisation of these critical deliverables, that a holistic automation process, through information technology and infrastructure deployment to enhance global competitiveness of the Nigerian oil and gas industry were put in place.

“To this end, we are focussing on petrochemicals, refining and infrastructure to support gas for power and manufacturing. We are also working to incentivise deep play exploration to enhance our reserves growth. We will continue to automate our processes and drive efficiency gains.

“This annual event plays a critical role in highlighting and promoting Africa’s huge oil and gas resource potential to the world”.

The DPR boss said the annual oil and gas conference provides the

platform that brings together stakeholders in public and private

sectors, captains of industry, professionals, key decision makers and

influencers with strategic knowledge of the oil and gas value chain.

He explained that the conference also provides an avenue to meet,

share knowledge, exchange ideas, gain insight, discuss emerging

industry issues and proffer solutions.

Shakur added: “Lessons learnt from this gathering are applicable in

the operating environment. The theme of this year’s conference is:

“Driving Nigeria’s Oil and Gas Industry toward Sustained Economic

Development and Growth’.

“This reflects the need for the Nigerian oil and gas industry to

remain efficient and innovative in reacting to the emergence of

cheaper renewable energy resources and sustain the relevance of

hydrocarbon resources to the global energy mix.

“The conference has indeed provided a pedestal for the exchange of

ideas through the vast human capital resource it provides and high-end

perspectives from experts and professionals to propel Nigeria’s oil

industry to the next level.

“The contribution from this unique gathering over the years, has

increased our confidence in the successful operation of the sector”.