Nigeria’s oil reserve to hit 40b barrels in two years, says DPR


The Department of Petroleum Resources (DPR) has disclosed that plans are  on going to eliminate  gas flaring in line with Federal Government policy,even as it assured to  raise Nigeria’s oil reserve to 40 billion barrels by the year 2020.

Director of  DPR, Mordecai Ladan, said this in Lagos at a workshop put together by the Association of Maritime Journalists of Nigeria (AMJON) and House of Representatives Committee on Anti Corruption.

Ladan noted  that the department doesn’t rely on International Oil Companies or Joint Venture partners for records of oil exporter out or imported into Nigeria.

The director,  who was represented by Kingston Chikwendu, the Department’s Head of Legal Services, explained that oil exports from the country are monitored from points of loading to ascertain the volume.

Speaking on: “How DPR Regulations and Compliance Level is Preventing Losses in the Nation’s Oil and Gas Industry”  Ladan said the DPR is fully committed to the improvement of oil and gas regulatory environment.

He said where metering system is faulty and accuracy cannot be achieved, DPR follows up to points of discharge.

According to him, DPR’s “Strategy of enhanced regulation through the deployment of technology and modern working tools has led to increased efficiency and reduction of Losses for the nation in the oil and gas industry.”

He listed enhanced compliance through improved enforcement and stakeholders engagements as additional strategies to eliminate revenue leakages.

Ladan  added that enforcement of government policies to drive down routine gas flaring and wastage of economic resources identified through such activities have been stepped up.
The DPR Director also listed technology driven policy initiatives to promote automation for transparent industry administration.