The Department of Petroleum Resources (DPR) is set to flag-off the oil and gas industry Alternative Dispute Resolution Centre (ADRC) with the inauguration of the advisory Council and body of neutrals in Lagos on Thursday 15th April, 2021.
The ADRC is one of the centres in the DPR National oil and gas excellence centre (NOGEC) which was recently launched by President Muhammadu Buhari, GCFR.
The Oil and Gas ADRC will offer arbitration, mediation and conciliation services for the Industry.
The centre will leverage industry technical experts, Alternative Dispute Resolution Practitioners and resources of the National Data Repository (NDR) to provide fair and balanced resolutions of industry-related disputes from an informed position.
The ADRC is structured to adequately resolve disputes in a manner consistent with regulatory and commercial interests of the Industry.
This will address suboptimal development of oil and gas assets associated with lingering disputes and the attendant consequences of value erosion in terms of national resource growth, global competitiveness, investment attractiveness, government take and investor’s profitability.