The Director, Department of Petroleum Resources (DPR), Sarki Auwalu, said that Nigerian indigenous oil companies are now taking the centre stage, in expanding domestic refining, domgas supply and gas-based industrialization.
Auwalu made the assertion at the Nigeria Oil and Gas (NOG) virtual conference, in a statement issued, by Head Public Affairs, DPR, Paul Osu, in Lagos, said the occurrence is a gradual departure from the export-centric companies.
Speaking on other developments in the industry, Auwalu noted that Nigeria’s oil and gas industry needed fortification in five key areas to support national economic stability, robustness and resilience.
‘Fortifying the Nigerian Oil and Gas Industry for Economic Stability and Growth’
He said the theme of the conference, ‘Fortifying the Nigerian Oil and Gas Industry for Economic Stability and Growth’ was apt because of the sector’s importance to the nation’s economy.
He also emphasised the need to build credible and competent indigenous capacity in the industry that would compete favourably with international counterparts adding that deliberate policies that promote indigenous capacity should be continued for overall economic stability.
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In addition to sustaining oil and gas production levels, the DPR director projected that tens of billions of dollar of additional investments are required for developments in deep offshore, inland and frontier basins, as well as for gas infrastructure and gas-based industrial development.
“Part of government efforts in this regard is the ongoing marginal field bid round which is aimed at deepening indigenous participation in Exploration and Production,” the DPR director said.
“The need to fortify (or strengthen) the Nigeria oil and gas sector is both compelling and imperative.
“For us at the DPR, we contemplate five broad areas in which the industry needs fortification to support national economic stability, robustness and resilience.
“These areas are: legal, institutional, financial, in-sector diversification and indigenous capacity.
“And I dare say that, under the focused leadership of President Muhammadu Buhari and the Minister of State, Petroleum Resources, Chief Timipre Sylva, the key fundamentals for industry growth is being emplaced.
“By the same token, the regulatory institution should be structured to streamline roles, prevent duplication and promote consolidation which will engender regulatory clarity and ease of doing business.
“Further, the overall Industry financial position must necessarily improve sustainability.”
