The Department of Petroleum Resources (DPR), yesterday, said conscious efforts are being made to ensure the nation’s oil and gas industry provides maximum opportunities for investors.
Stakeholders in the industry have repeatedly decried the business environment, which they claim is responsible for declining investment in the sector.
But Director, DPR, Sarki Auwalu, disclosed that new regulations and policies are being considered to address inherent challenges and market barriers confronting the industry.
Auwalu, who stated this during a visit to the Oil Producers Trade Section (OPTS) of the Lagos Chamber of Commerce and Industry, noted that the agency would collaborate with relevant stakeholders to ensure business sustainability in the oil and gas industry and to create wealth for the economy.
He said DPR would continue to create opportunities for investors and support a sustainable business environment.
Auwalu said that in order to achieve the government’s commitment to cost-effectiveness in the oil and gas business, DPR would adopt best practices in line with global standards.
According to him, the department is developing new regulations and strategic initiatives to enhance processes. He noted that further steps have been taken to provide guidance for better understanding and investor alignment.
The director also promised that the agency would continue to engage all stakeholders for value creation and business sustainability.
The delegation led by the Chairman/Managing ExxonMobil, Richard Liang, expressed appreciation to the DPR boss 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 the growth and sustainability of the industry.