Breaking News

Revenue Watch seeks audience with DPR

Accountability watchdog, Revenue Watch International, RWI, has requested an audience with oil and gas industry regulator, Department of Petroleum Resources, DPR, to discuss industry related issues.

The meeting, scheduled to hold on June 17, at the DPR Corporate Headquarters in Lagos, will be the first of its kind by Revenue Watch, a non-profit policy institute that promotes the effective, transparent and accountable management of oil, gas and mineral resources across the globe.

Speaking more about the proposed visit, DPR told Vanguard in Lagos that as the regulator of the Nigerian oil and gas sector, it “welcomes and wholeheartedly supports the RWI initiative as it is for public good,” adding that “This is in line with the transparent and open policy stance of DPR management policy in conducting regulatory business in Nigeria.”

The industry regulator also reiterates its “readiness to cooperate with other agencies, local and international in other to achieve government’s aspiration for a more transparent and accountable oil and gas industry.”

To underscore its role, the DPR noted that parts of its functions also include the collation of production data from oil and gas activities in the country; monitoring of crude oil lifting at the terminals; generation of revenues for government through collection of royalty for oil production and gas sales, operational fees and signature bonuses during licencing rounds as well as enforcement of operational standards in the industry.

Specifically, the regulator explained production figures are usually reconciled at the end of every month, but retains the maximum allowable production granted to companies until figures are reconciled.

It also noted that the Department has in place a transparent system, which captures crude oil lifted from the terminals, and monitors hydrocarbon mass balance of the various oil companies.

With regard to enforcing standards, the regulator said it takes “utmost interest in the fiscal metering systems in the Upstream and Downstream sectors of the industry by monitoring and supervising the engineering designs, construction and site acceptance tests and installations at operational locations.”


Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.