DPR generates N452bn for FG in three months, targets additional N900bn by June

Uba Group

BY BANYO TEMITAYO                                   

THE Department of Petroleum Resources said on Wednesday that it generated about N452billion for the Federal Government between January and March.

With its projections, the DPR noted that it was targeting generating additional N900billion for April and June.

This was disclosed by Director, DPR, Sarki Auwalu, during a strategic engagement session with the Nigeria Extractive Industry Transparency Initiative, in Lagos.

The DPR, according to him, operates a cashless revenue system, which enables all revenue remittances to be paid into the Federation Account, in compliance with the Treasury Single Account policy of the Federal Government.

Auwalu said transparency and accountability were critical to sustaining the industry and assured NEITI of the DPR’s support towards its mandate.

He said this just as he disclosed that the DPR was expecting the first oil production from some of the recently awarded 57 marginal oilfields.

Auwalu said the 2020 marginal oilfield bid round was almost at the completion stage with successful companies paying their signature bonuses.

He said the award of the marginal oilfield would increase Nigeria’s oil and gas production capacity and reserves to boost resources for national development.

The bid round, which began on June 1, 2020, was aimed at deepening the participation of indigenous companies in the upstream sector of the industry, Auwalu said.

He noted that some of the indigenous companies that emerged from previous marginal oilfield bid rounds were currently competing with international oil companies, adding that this was very good for Nigeria.