By Bisola Adeyemo
The Department of Petroleum Resources (DPR) says the overall industry financial provision must be improved for sustainability to protect the oil and gas production level.
Director and Chief Executive Officer of DPR, Mr Sarki Auwalu, said this while presenting a keynote address at the 20th Nigeria oil and gas conference, in Abuja on Tuesday.
Auwalu said the DPR would remain committed to the development of oil and gas sector for economic growth and development.
“For us in the DPR, we contemplate five broad areas in which the industry needs to support the nation for economic growth and stability.
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”The areas are legal, institutional, financial, in-sector diversification and indigenous capacity.
Environews reports that under the legal front, the long-awaited Petroleum Industry Bill (PIB) that has been passed will enhance clarity in legislative, regulatory, fiscal and administrative frameworks.
He said that evolving commercial institutions would be strengthened for efficiency, prudent management, financial stewardship and operational management.
“At the same vein, the regulatory institutions should be strengthened to streamline roles, prevent duplication and promote ambition that will promote regulatory clarity in rules of doing business.
“The overall industry financial provision must be improved for sustainability to protect the oil and gas production level, “he said.
