Clara Nwachukwu
Nigeria’s oil and gas industry regulator, Department of Petroleum Resources (DPR), has stressed the need to formulate a “Maximum Economic Recovery (MER) Strategy” to boost efficiency, competitiveness in the sector.
The regulator said the strategy follows an in-depth assessment of the status of the industry, and is meant to guarantee the actualization of sustainable resource optimization and the economic benefits arising therefrom.
Unveiling the plan yesterday, at the 44th Nigeria Annual International Conference and Exhibition (NAICE), of the Society of Petroleum Engineers (SPE), the Director/Chief Executive Officer, DPR, Sarki Auwalu, said the framework for this industry action plan rests on six pillars or building blocks.
He listed the pillars to include:
- Reserves Maturation and Production Optimization
- Exploration and Resources Maturation
- Improved Oil Recovery and Enhanced Oil Recovery (IOR/EOR) Implementation
- Asset Stewardship
- Performance Evaluation and Rewards
- Risk Management
The framework is being developed even as the conversation around energy transition heats up, with Nigeria insisting it will walk at its own pace after proper negotiations.
Auwalu used the forum to solicit an industry collaborative workshop to co-develop, and enunciate this strategy for immediate execution. “We count on the contributions and buy-in of all stakeholders on this crucial national assignment for our overall benefit and industry sustainability.”
Maximum Economic Recovery Strategy is to guarantee the actualization of sustainable resource optimization and the economic benefits arising therefrom.
He assured that the DPR will continue to foster innovative ideas and create opportunities for investments and sustainability in the industry. “As always, we are enthusiastic to collaborate with all relevant stakeholders, including the SPE, towards the realization of the government’s aspirations for the oil and gas sector.”
The DPR CEO also used the opportunity to highlight the benefits of the establishment of the National Oil and Gas Excellence Centre (NOGEC), which was inaugurated by Mr. President in January 2021, as the one-stop shop to drive safety, cost efficiency and value for the Nigerian oil and gas industry.
He said the NOGEC integrated resource complex comprises five integrated centres, and is structured to guarantee Nigeria’s position for sustainable energy, today and in the future.
