The Department of Petroleum Resources says it is targeting a revenue of N3.2 trillion by December 2021.
This was disclosed by the Director/Chief Executive Officer of Department of Petroleum Resources (DPR), Mr Sarki Auwalu, in a meeting with the Executive Secretary of Petroleum Technology Development Fund (PTDF), Mr Bello Gusau, in Abuja on Wednesday, according to the News Agency of Nigeria.
What the DPR boss said
The DPR boss revealed that it has already hit 70% of its revenue target for the year, citing progress from 2020 when it also beat its revenue target.
He said, “Last year, we exceeded our revenue budget. We were given N1.5 trillion but we were able to generate N2.7 trillion.
“This year, our revenue budget was N3.2 trillion. By the end of August 2021, we have generated up to 70 per cent.
“So, with September, October, November and December, it is only the 30 per cent that we will work over.
“We reorganised the work programme that is normally being done in the DPR to key into the new operational structure as we see it in the bill, now an act.
“That programme is being handled by the planning and strategic business unit as against what we use to have because the entire work programme is supposed to show not only technical but also commercial viability of oil fields and to guarantee the return on investment for investors.”
Auwalu said that the DPR has also created an economic value and benchmarking unit to key into the new fiscal provisions of the PIA.
He also noted that the FG can benefit from exporting skills to emerging oil and gas countries across Africa with proper implementation of the newly passed Petroleum Industry Act, citing that the DPR was ready to partner with the Fund to continue to build capacity in the oil and gas sector.
He further noted that no fewer than 300 legal battles in the oil and gas industry in Nigeria, which had been stalled for the past 20 years in courts, had been resolved through alternative dispute resolution.
In case you missed it
- The DPR had a month ago stated that it received investment proposals of about $500 million from gas development investors for building gas pipelines and other facilities since the implementation of the Nigerian Gas Transportation Network Code (NGTCN) began a year ago.
- The Director/Chief Executive Officer of DPR announced that Nigeria has moved to become the Marine Petroleum Products Retail Operations (MAPPRO) hub in Africa as it has improved the MAPPRO popularly referred to as “Bunkering.”
