The Department of Petroleum Resources (DPR) Wednesday said it will continue to embark on its current cost-cutting measures in the oil and gas industry to cope with the impact of the uncertainty in the international crude oil market.
Sarki Auwalu, the Director, DPR, spoke while receiving the “Oil and Gas Innovative Award” presented to him by the National Executive Council of the Oil and Gas Trainers Association of Nigeria (OGTAN) at their annual conference.
He noted that the recent launch of the oil and gas excellence centre was a testimony to the agency’s resolve.
He promised indigenous oil and gas trainers of more collaboration towards sustainable human capacity development for the benefit of all stakeholders in the Nigerian oil and gas value-chain.
He described the impact of the coronavirus pandemic, the oil production output cut and the fall in the prices of the commodity as a triple threat, but praised the resilience of all players in the sector who withstood the headwinds brought about by the development.
“The Nigerian economy went through turbulent times. The DPR is proud of the Nigerian oil and gas industry which has emerged stronger in the face of the emerging challenges of the triple force.
“This is a reality, the oil price crash, the global pandemic and the production cut which dealt a severe blow on the oil market and global economy. As we are rebounding, the DPR will continue to play a leading role and provide the needed direction for the benefit of the industry.
“The oil and gas excellence centre is to serve as oil and gas cost reduction centre, innovation hub and enhance industry competence,” he stated.
