May 20, 2024
DPR generates N2.24trn in 8 months, targets N5trn in December
DPR generates N2.24trn in 8 months, targets N5trn in December
– By Alison_Godswill

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DPR generates N2.24trn in 8 months, targets N5trn in December

By Eyo Nsima

The Director of the Department of Petroleum Resources, DPR, Engr. Sarki Auwalu has disclosed that the department has generated 70 per cent of its N3.2 trillion (N2.24trn) revenue in the first eight months of 2021.

Auwalu who made the disclosure during a courtesy visit to the Petroleum Technology Development Fund, PTDF, said: “
“Last year, we exceeded our revenue target. We were given N1.5 trillion, but we were able to generate N2.7 trillion for government and this year, our revenue budget was N3.2 trillion and as of August, we had generated up to 70 per cent. So, it is obvious that this year, we are going to exceed the target”.

“We are targeting N5 trillion for government, but as it is now, the N3.2 trillion as of 30 August, we had generated 70 per cent.  So, with September to December, it is obvious the 30 per cent will be a walkover”.

The Director, who confirmed the readiness of the DPR to transform into the Petroleum Upstream Regulatory Commission, established by the Petroleum Industry Act, PIA, said: “for the first time the department has a law setting it up as an autonomous arm rather than being just an inspectorate unit in the NNPC Act.”
“The capacity of DPR to calculate and get royalties and manage acreages, to give allowables, to get the country into OPEC cannot be matched by any agency in this country.

“When it comes to transportation, distribution, marketing, there are lots of other agencies established by the Act which do not conflict but complement what we do”.

He also said: “there’s a lot of untapped potential in the centre, adding that the centre has the capacity to see every reservoir presently with the latest hardware and software.
“We have 7,100 discovered reservoirs in Nigeria, but we are producing from 1,331. We have to produce reservoirs, 1,700, but we are not producing from all and these include oil and gas reservoirs. We have 18 billion barrels of oil P3 reserves in P2 areas.
 “We have 68 TCF of gas in P2 areas and 70 per cent of this can be produced, giving us the capacity to migrate and increase our reserve base as a nation and that was after the establishment of NOGEC centre”
The visit was important as the Executive Secretary, PTDF, Bello Gusau, is the head of the PIA, Implementation Steering Committee.

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