The Department of Petroleum Resources has revealed that it planned to generate N900 billion as revenue for the government between April and June this year. The agency has already generated N452 billion between the months of January to March.
The director of the DPR, Sarki Auwalu, disclosed this during a meeting between him and the Executive Secretary of Nigeria Extractive Industries Transparency Initiative (NEITI), Orji Ogbonnaya Orji.
Auwalu, in his presentation enumerated efforts by the regulator to curb stealing and enhance transparency drive in the industry.
He said the 2020 marginal oilfield bid round was almost at completion stage with successful companies paying their signature bonuses.
He said the award of the marginal oilfield would increase Nigeria’s oil and gas production capacity and reserves to boost the country’s resources for national development.
According to him, the bid round, which began on June 1, 2020 was aimed at deepening the participation of indigenous companies in the upstream segment of the industry.
“ It will also provide opportunities for technical and financial partnerships for investors.”
The Director said some of the indigenous companies that emerged from previous marginal oilfield bid rounds were today competing with international oil companies, which was very good for the nation.
According to him, the DPR operates a cashless revenue system which enables all revenue remittances to be paid directly to the federation account in total compliance with the Treasury Single Account (TSA) policy of government.
Auwalu noted that transparency and accountability was critical to sustaining the industry and assured NEITI of the DPR’s support towards its mandate.
The two agencies have therefore mutually agreed to work in partnership towards curbing stealing of crude oil and improve on the industry’s transparency drive of the present administration.
Earlier on, the executive secretary of NEITI, Orji Ogbonnaya Orji, had commended efforts of the agency in entrenching transparency in the industry.