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DPR set to tackle regulatory cost

The Department of Petroleum Resources (DPR) says it is currently working towards reducing barriers to entry, regulatory transaction cost to help create conducive business environment.

The acting director, DPR, Mr. Ahmed Rufai Shakur, disclosed this at the 18th ongoing Nigerian Oil and Gas Conference in Abuja yesterday.

Shakur said the agency had commenced processes of optimising robustness of the regulatory framework for development and growth of the midstream as an enabler of incremental GDP contribution from the oil and gas industry.

He said that the government, in alignment with its transparency, initiated the Executive Order 001- Ease of Doing Business and the “7 Big wins” policy by President Muhammadu Buhari.

He further said this reiterated the importance of reducing approval cycle, entry barriers and regulatory transaction costs as necessary ingredients for creating conducive business environment.

“It is in realisation of these critical deliverables, that a holistic automation process, through information technology and infrastructure deployment to enhance global competitiveness of the Nigerian oil and gas industry were put in place.

“To this end, we are focusing on petrochemicals, refining and infrastructure to support gas for power and manufacturing. We are also working to incentivise deep play exploration to enhance our reserves growth. We will continue to automate our processes and drive efficiency gains. This annual event plays a critical role in highlighting and promoting Africa’s huge oil and gas resource potential to the world,’’ he said.

The DPR chief said NOG provides the platform that brings together stakeholders in both public and private sectors, captains of industry, professionals, key decision makers and influencers with strategic knowledge of the oil and gas value chain.

He said it also provides an avenue to meet, share knowledge, exchange ideas, gain insight, discuss emerging industry issues and proffer solutions.