December 8, 2020

Oil price: How we plan to drive cost effectiveness in oil sector – DPR

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By Michael Eboh

The Department of Petroleum Resources, DPR, Tuesday, disclosed that as part of key strategies to ensure cost effectiveness and drive down cost of crude oil production per barrel in the Nigerian oil and gas industry,  it is already entrenching best practices in the industry in line with global standards.

In a statement in Abuja, Director of the DPR, Engineer Sarki Auwalu, also promised to collaborate with the Oil Producers Trade Section, OPTS, of the Lagos Chamber of Commerce and Industry, LCCI, for business sustainability in the oil and gas industry and also in a bid to create wealth  for the economy.

According to the statement by Head, Public Affairs of the DPR, Mr. Paul Osu, Auwalu stated this when he received the OPTS delegation who paid a working visit to DPR in Lagos.

Auwalu explained that in order to achieve government’s commitment to cost effectiveness in oil and gas business in Nigeria, DPR would entrench best practices in line with global standards.

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He stated that DPR had been developing new regulations and strategic initiatives to enhance processes, adding that further steps had been taken to provide guidance notes for better understanding and investors alignment.

The DPR boss said that the oil sector regulator would continue to strive to create opportunities and enable business for investors as part of its efforts to change the paradigm and ensure sustainable business environment.

He promised that DPR would continue to engage all stakeholders for value creation and business sustainability.

Leader of the OPTS delegation and Chairman/Managing Director, ExxonMobil, Mr. Richard Liang expressed his appreciation to the Director for providing leadership for the oil and gas industry in Nigeria.

He said that OPTS would continue to align with the vision of DPR for industry growth and sustainability.

Vanguard News Nigeria