The Department of Petroleum Resources (DPR) says it is developing a Maximum Economic Recovery (MER) strategy for Nigeria to derive maximum value from its oil and gas resources.
The Director of DPR, Sarki Auwalu, disclosed this while delivering a keynote address at the 2021 Society of Petroleum Engineers (SPE) Nigeria yearly International Conference and Exhibition (NAICE) in Lagos.
He said the decision was taken to ensure an in-depth assessment of the status of the industry.
Auwalu said the industry initiative is one of the outcomes of the work of the National Oil and Gas Excellence Centre (NOGEC), Lagos, inaugurated in January by President Muhammadu Buhari.
He said: “This is to guarantee the actualization of the sustainable resource optimization and the economic benefits arising therefrom. The framework for this industry action plan outlines six pillars or building bllocks.”
Auwalu said the pillars include reserves maturation and production optimisation, exploration and resources maturation, improved oil recovery and enhanced oil recovery, implementation of asset stewardship, performance evaluation and rewards risk management.
According to him, the draft framework has been shared with the industry, including professional associations like the SPE and the National Association of Petroleum Explorationists.
He said this is in preparation for an industry collaborative workshop to co-develop and enunciate this strategy for immediate execution.
“We cannot on the contributions and buy-in of all stakeholders on this crucial national assignment for out overall benefit and industry sustainability,” he said.
Auwalu said Nigeria is 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.
For him, the DPR would continue to foster innovative ideas and create opportunities for investments and sustainability in the industry.
– Media Report