General news

DPR targets N3.2 trillion revenue by December 2021

Published

on

DPR targets N3.2 trillion revenue by December 2021

By Edith Ike-Eboh

The Director/ Chief Executive Officer of Department of Petroleum Resources (DPR) , Mr Sarki Auwalu, says the department  will  hit N3.2 trillion revenue target by December 2021.

Auwalu made the disclosure  when he led a delegation of DPR management team to the Executive Secretary of Petroleum Technology Development Fund (PTDF),  Mr Bello Gusau,  in Abuja on Wednesday.

He said that 70 per cent of the revenue projection had already been met.

“Last year, we exceed our revenue budget. We were given N1.5 trillion but we were able to generate  N2.7trillion.

“This year, our revenue budget was N3.2 trillion. By the end of August 2021, we have generated up to 70 per cent.

“So, we with September, October, November and December, it is only the 30 per cent that we will work over,’’ he said

He noted that government took advantage of fiscal terms within the old and new legislation,thereby creating a level of increased signature bonuses.

“We reorganise the work programme that is normally being done in the DPR to key into the new operational structure as we see it in the bill, now  an act.

“That programme is being handled by the planning and strategic business unit as against what we use to have, because the entire work programme is supposed to show not only technical, but also commercial and viability of oil fields and to guarantee the return on investment for investors.

“We have also created an economic value and benchmarking unit to key into the new fiscal provisions of the PIA,’’ he said.

Commenting on capacity, Auwalu said the country stands at the advantage of exporting skills to emerging oil and gas countries across Africa with proper implementation of the newly passed Petroleum Industry Act.

This, he said, the DPR was ready to partner with the Fund to continue to build  capacity in the oil and gas sector

He noted that the Federal Government was determined to create leeway that would encourage investors and drastically improve the nation’s petroleum industry.

He further noted that no fewer than 300 legal battles in the oil and gas industry in Nigeria, which had been stalled for the past 20 years in courts, had been resolved through alternative dispute resolution.

According to Auwalu, the  DPR is strategising well to ensure effective implementation of the PIA.

Responding, Gusau commended the DPR for enabling the industry and enhancing business activities in the oil and gas sector.

He said that DPR remained the head of the oil and gas industry in Nigeria adding that the Fund was grateful to benefit from the wealth of ideas from DPR.

“The last time we visited, we had good discussion  and issues raised are being implemented like tracking the inflow of fund in signature bonus accounts.

“We extended the meeting and involved ministry of Fice, Accountant General office and even the Central Bank of Nigeria (CBN).

“Sitting at field development plans and attending  significant meetings, helped us to know where and what the industry is trying to do and it also helps to inform our decisions in training and capacity plans,’’ he said

He urged the DPR to continue on its effort to ensure and efficient and productive petroleum industry in Nigeria

He assured collaboration with all as the head of the implementation committee of the Petroleum Industry Act.(www.)

Source: NAN

Short Link: https://wp.me/pcj2iU-3Cha

NNN

NNN: :is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor @ nnn.ng

Recent Posts

UBEC earmarks N32m to support 31 schools in Katsina Housing development will boost economy, increase job creation–LASG #Endsars Anniversary: Stakeholders call for re-training of security agents Desist from drug abuse; it destroys lives – NDLEA warns students New sensor unit for the imagePRESS C910 series increases productivity by automating color registration and calibration Japanese Govt. earmarks $260,000 to combat piracy, kidnapping in Gulf of Guinea NEMA distributes fertilizers, seeds to 7,146 flood victims in Zamfara APC registers 1 million members in Zamfara – Committee Afreximbank Fifth Annual Babacar Ndiaye Conference: The Importance of Science, Technology and Innovation in Transforming African Economies Under AfCFTA Kanye West officially changes name to Ye Flooding in South Sudan wreaks havoc on vulnerable communities Australian High Commissioner to Seychelles pays courtesy visit to Minister Radegonde Nigeria: a year later, no justice for the crackdown on #EndSARS Chinese yuan weakens against U.S dollar Afreximbank tasks Nigeria on IATF 2021 participation Oil and natural gas will help ensure a just energy transition in Kenya as President Kenyatta prepares to work closely with Biden on climate change following his visit to the White House Google faces fine of 20% of its revenue in Russian Buhari scraps DPR, PPPRA, PEF, sacks CEOs, inaugurates new agencies Umrah: Katsina govt partners travel agency NBA Africa to recognize the League’s 75 Most Memorable Moments on the Continent in Celebration of 75th Anniversary Season Bayelsa govt imposes dusk-to-dawn curfew, bans 200hp engine boats on waterways African Development Bank Group President Akinwumi Adesina assures Nigeria of Bank’s strong support to achieve food security Fintech TagPay becomes Skaleet! Renewed focus on N/Korean military after sub-launched missile test Moghalu bags Oxford Martin Visiting Fellowship Wamakko condemns killing of 43 persons in Sokoto market Another strong quake hits Crete and Turkish coastal towns Buhari to bandits: Your days are numbered, be ready for crushing defeat IATF 2021 projected to generate $40bn — Afreximbank APC gradually taking over South East – Chieftain RFI Deputy Director in charge of African languages ​​and other eminent members of the jury join the 2021 Journalism Awards in West and Central Africa We’re glad U.S is back on climate change agenda — Osinbajo Cabo Verde: African Development Bank Group awards $ 350,000 grant for technical assistance to deepen domestic capital markets North Korea fires suspected submarine-launched ballistic missile: Seoul First-of-its-kind diagnostic center opens in Uganda with life-saving equipment: GE Healthcare and AFRIPHARMA partner to serve communities Liquid Intelligent Technologies Announces New Global Asia-U.S. Internet Transit Route Through Africa US college coach, assistants fired over vaccine refusal Rosatom supports women’s health in South Africa Teach children love of God for a secured Nigeria: Bello urges mothers Vertiv Research Defines Standard Templates for Deploying Edge Infrastructure Trade volume between Nigeria, Japan worth $1bn  – Envoy Japanese Govt. earmarks $260,000 to combat piracy, kidnapping in Gulf of Guinea Minister seeks more funding to upscale investments in Agriculture Human Trafficking: NAPTIP commends EU for support Official Hospitality Packages for the 2022 FIFA World Cup Qatar to go on sale in Nigeria Pronet Gaming adds a proprietary Popular Bets & Events module to its platform Tributes as former U.S. secretary of state dies of COVID-19 complications Nigerian troops kill 16 ISWAP fighters in Jere, recover gun trucks Again, Fred Ajudua’s lawyer seeks adjournment of $8.4m fraud trial Eid-el-Maulud: FRSC tasks motorists on patience, speed limits