We’re working to reduce entry barriers, regulatory transaction cost – DPR

The Department of Petroleum Resources (DPR) says it is currently working toward reducing barriers to entry, regulatory transaction cost and enhance collaborative endeavours as necessary ingredients for creating conducive business environment.

Mr Ahmed Shakur, the acting Director, DPR made this known at the 18th ongoing Nigerian Oil and Gas Conference in Lagos on Tuesday.

Shakur said the agency had commenced processes of optimising robustness of the regulatory framework for development and growth of the midstream as an enabler of incremental GDP contribution from the oil and gas industry.

He said that Nigerian Government, in alignment with its transparency, initiated the Executive Order 001- Ease of Doing Business and the “7 Big wins” policy by President Muhammadu Buhari.

Shakur said this reiterated the importance of reducing approval cycle, entry barriers and regulatory transaction costs as necessary ingredients for creating conducive business environment.

“It is in realisation of these critical deliverables, that a wholistic automation process, through information technology and infrastructure deployment to enhance global competitiveness of the Nigerian oil and gas industry were put in place.

“To this end, we are focussing on petrochemicals, refining and infrastructure to support gas for power and manufacturing.

“We are also working to incentivise deep play exploration to enhance our reserves growth. We will continue to automate our processes and drive efficiency gains.

“This annual event plays a critical role in highlighting and promoting Africa’s huge oil and gas resource potential to the world,’’ he said.

The DPR chief said NOG provides the platform that brings together stakeholders in both public and private sectors, captains of industry, professionals, key decision makers and influencers with strategic knowledge of the oil and gas value chain.

He said it also provides an avenue to meet, share knowledge, exchange ideas, gain insight, discuss emerging industry issues and proffer solutions.

“Lessons learnt from this gathering are applicable in the operating environment.

“The theme of this year’s conference is: “Driving Nigeria’s Oil and Gas Industry Toward Sustained Economic Development and Growth’.

“This reflects the need for the Nigerian oil and gas industry to remain efficient and innovative in reacting to the emergence of cheaper renewable energy resources and sustain the relevance of hydrocarbon resources to the global energy mix.

“The conference has indeed provided a pedestal for the exchange of ideas through the vast human capital resource it provides and high-end perspectives from experts and professionals to propel Nigeria’s oil industry to the next level.

“The contribution from this unique gathering over the years, has increased our confidence in the successful operation of the sector,’’ he said.