Oil & Gas

DPR generates N673.7bn revenue in 1st half of 2020

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The Department of Petroleum Resources (DPR) has generated a total sum of N673.7 billion in the first half of this year.


Its Spokesman, Paul Osu, said in a statement that the Director of DPR, Mr Auwalu Sarki, disclosed this during the visit of the Federation Allocation Accounts Committee (FAAC) Post-mortem Sub-Committee to the department on Wednesday.

The FAAC delegation was led by the Chairman of the committee, Mr Kabir Mashi.

He said that DPR was a revenue collection agency for revenues accrueable to government from oil and gas industry operations and assured that the agency would surpass its revenue target for 2020.

According to him, 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.

He said DPR conducts comprehensive quarterly and annual reconciliations of revenue payments to ensure accurate and timely remittances to the federation account.

Sarki stated that DPR was responsible for collection of oil and gas royalties which representated proportional value of oil and gas production and sales from oilfields, gas flare penalties imposed for gas flaring.

He said the agency was also responsible for collection of concession rentals paid for grant of oil and gas acreages by exploration and production companies and miscellaneous oil revenue.

This consists of statutory application fees, licence and permit fees and penalties.

According to him, DPR conducts comprehensive quarterly and annual reconciliations of revenue payments to ensure accurate and timely remittances to the federation account.

Responding, Mashi commended DPR for putting in appropriate measures in ensuring timely and accurate collection of revenues for the federation.

Mashi said their visit was to strengthen collaboration with revenue collection agencies of government to ensure seamless analysis of revenue inflows into the federation account.

He encouraged DPR to continue its positive revenue collection drive and to initiate policies that would continue to stimulate the economy to significantly increase current oil and gas contribution of 10 per cent to Gross Domestic Product (GDP).

Edited By: Wale Ojetimi (NAN)

https://nnn.ng/dpr-generates-n673-7bn-revenue-in-1st-half-of-2020/

Economy

FAAC: FG, states, LGs share N682 bn for August 

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The Federal Government, states and local government councils have shared N682 billion for the month of August, Dr Mahmoud Isa-Dutse, Permanent Secretary,  Ministry of Finance, Budget and National Planning, has said.


Mr Hassan Dodo, the Director of Information in the ministry, qouted Isa-Dutse as disclosing this in a statement issued at the end of the Federation Accounts Allocation Committee (FAAC) virtual meeting  in Abuja on Friday.

Isa-Dutse said that the N682.06 billion shared included cost of collection to Nigeria Customs Service (NCS), Department of Petroleum Resources (DPR) and the Federal Inland Revenue Service (FIRS).

According to him, the Federal Government received N272.9 billion, states got N197.65 billion while local government councils had N147.4 billion.

He added that the oil producing states received N30.88 billion as derivation (13 per cent of Mineral Resources) while Cost of Collection/Transfer and Refund was N33.205 billion.

According to the communique issued by the committee, the gross revenue available from the Value Added Tax (VAT) for August was N150.23 billion.

This was against the N132.61 billion distributed in July, resulting in an increase of N17.611 billion.

“The distribution is as follows: Federal Government got N20.957 billion, states received N69.857 billion, Local Government Councils got N48.900 billion, while  Cost of Collection/Transfer and Refund was N10.51 billion.

“The distributed statutory revenue of  N531.83 billion received for the month was lower than the N543.788 billion received for the previous month by N11.958 billion,” it said.

(
Edited By: Remi Koleoso/Mufutau Ojo)
Source: NAN

 

https://nnn.ng/faac-fg-states-lgs-share-n682-bn-for-august/
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General news

DPR warns IPMAN against exploitation

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The Department of Petroleum Resources (DPR) has warned Independent Petroleum Marketers (IPMAN) in Osun against exploiting motorists in the sales of Premium Motor Spirit (PMS).


Mr Olusegun Daboh, the DPR Operations Controller in the state, gave the warning on Friday in Osogbo when he received the newly elected IPMAN Executives.

Daboh said the department would continue to monitor all filling stations in the state to ensure that they dispense accurately.

The controller said any marketer caught under-dispensing product would have their filling stations sealed, and pay N100, 000 as fine on each pump discovered to be under-dispensing product.

He described as disheartening the way some independent marketers engage in sharp practices, adding that the DPR would not relent in its surveillance operations in the state.

Daboh, however, assured them of necessary support to succeed and advised them to always abide by all precautionary regulations.

Also speaking, Mr Femi Ogunmuyiwa, DPR Head’s of Operations, appealed to the marketers to always train their attendants on safety practices.

Ogunmuyiwa noted that some of the attendants lack requisite knowledge on safety procedure involved in the sales of oil and gas.

Earlier, Alhaji Bukola Mati, the IPMAN Chairman, solicited for the support of DPR for the new executives and the association at large.

Mati said support of the DPR was necessary for their business to thrive.

Edited By: Johnson Eyiangho/Wale Ojetimi
Source: NAN

 

 

 

https://nnn.ng/dpr-warns-ipman-against-exploitation/
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Oil & Gas

DPR generates N742.4bn revenue in 8 months

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The Department of Petroleum Resources (DPR) says it generated a total sum of N742,471,639,376. 96 billion for the Federal Government from  January to August 2020.


Mr Sarki Auwalu, Director, DPR  made the disclosure during a visit of the Federal House of Representatives Committee on Petroleum Resources (Upstream) to the DPR headquarters in Lagos on Wednesday.

The News Agency of Nigeria reports that the committee, chaired by Mr Musa Adar, visited the regulatory agency as part of its oversight duties.

Auwalu expressed optimism that the regulatory agency would surpass its revenue target for the year despite the  ‘triple force’ of COVID-19 pandemic, oil price crash and OPEC plus production cuts.

He said, “DPR is a revenue collection agency for revenues accrueable to government from oil and gas industry operations.

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.

“The agency conducts comprehensive quarterly and annual reconciliations of revenue payments to ensure accurate and timely remittances to the federation account.

“It also collects oil and gas royalties which represents proportional value of oil and gas production and sales from oilfields, gas flare penalties imposed for gas flaring,” he said.

According to him, DPR collects concession rentals paid for grant of oil and gas acreages by exploration and production companies and miscellaneous oil revenue.

He said that these consisted of statutory application fees, licence and permit fees and penalties.

Auwalu said that the challenges posed by COVID-19 and oil price crash had made it compelling for a  new thinking and approach for strategic repositioning and business optimisation in the industry.

The DPR boss said the agency had, therefore,  adopted several approaches and streamlined its processes to deepen its influencing role as an opportunity house and business enabler for the Industry.

He said the approaches include  cost control and management, strategic partnership, vertical integration  and diversification and portfolio rationalisation and  operational resilience.

On his part, Adar told newsmen that the National Assembly would expedite action on the passage of the Petroleum Industry Bill (PIB) in order to reposition the industry.

“We want to assure Nigerians that once we receive the PIB,  we will ensure its quick passage.

” There is a good relationship between the executive and  lawmakers and there will be a bipartisan approach toward the bill because we must put Nigeria first as patriotic citizens,” he said.

He said the visit to the regulatory agency had enlightened the lawmakers on the need to enact legislation that would ensure maximisation of Nigeria’s oil and gas resources.

Edited By: Chioma Ugboma/Oluwole Sogunle
Source: NAN

https://nnn.ng/dpr-generates-n742-4bn-revenue-in-8-months/
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Oil & Gas

Autogas : DPR boss says only rich will use petrol cars by 2022

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Mr Sarki Auwalu, Director, Department of Petroleum Resources (DPR), says the Federal Government is committed to ensuring that majority of vehicles in Nigeria are fueled by autogas in the next few years.


Auwalu made the assertion on Wednesday, during the oversight visit of the House of Representatives Committee on Petroleum Resources (Upstream) to the DPR headquarters in Lagos.

He said with the current move being championed by the Federal Government to convert vehicles to be able to use Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG) and Liquefied Natural Gas (LNG), only rich individuals would be using petrol for their cars in two years time.

The DPR director said that gas was a cheaper and cleaner alternative to Premium Motor Spirit (PMS), also known as petrol, stressing that deepening gas utilisation would mitigate the impact of the recent deregulation of the PMS sector.

“Nigerians should have a choice of energy they want to use. That is price freedom. We want motorists to switch to autogas (CNG, LPG, or LNG) because it is cheaper and cleaner than petrol.

“In the next two years, PMS will be for people who have money. We believe that this will reduce the cost of transportation, which will positively affect other sectors of the economy, “the DPR boss said.

Auwalu said that engagements with stakeholders had already started on the conversion and colocation of autogas at existing petrol stations across the country.

He said that with a proven gas reserve of 203TCF, Nigeria was a major gas country, but unfortunately, gas utilisation was only about 5.5 per cent, which was still very low despite the progress made in the last 10 years.

The DPR helmsman said that apart from autogas, government was also committed to utilisation of gas for industries, power, agriculture and cooking, and it had demonstrated this commitment through various initiatives and policies.

“President Muhammadu Buhari declared the year 2020 as the Year of Gas, and programmes are being implemented towards achieving this, such as the Nigeria Gas Flare Commercialisation Programme (NGFCP) and flag-off of the National Gas Transportation Network Code (NGTNC).

“It also includes the ongoing Marginal Field Bid Round,  flag-off of the construction of the Ajaokuta-Kaduna-Kano (AKK) gas pipeline and Committee on Gas Sector-Wide Review of the Domestic Gas Pricing Framework,” Auwalu said.

He said that with the deregulation of PMS, more investors were showing interest in establishing modular refineries in addition to the seven refineries already at various levels of completion.

Auwalu said: “By 2022, Nigeria will become a net exporter of petroleum products because all these refineries under construction will come on-stream.

“We are looking at about 750, 000BPD and that is excluding the four refineries owned by the government.”

He noted that the 10 per cent contribution of the petroleum sector to Nigeria’s Gross Domestic Product (GDP) was unacceptable, as it had the potential of contributing more.

In his remarks, the Chairman of the Committee, Mr Musa Adar, said that the purpose of the visit was to familiarise the lawmakers with the activities of the DPR and its impact on the nation’s economy.

Adar said that the DPR needed to be strengthened to effectively discharge its regulatory duties and called for more cooperation between the committee and the agency.

Edited By: Oluyinka Fadare/Oluwole Sogunle
Source: NAN

https://nnn.ng/autogas-dpr-boss-says-only-rich-will-use-petrol-cars-by-2022/
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