The Department of Petroleum Resources has shared strategic survival plans that would help sustain Nigeria’s oil industry in the post COVID-19 environment.
DPR’s Director, Sarki Auwalu, disclosed some of the plans while speaking during a webinar entitled ‘Nigeria Oil & Gas Sector: Surviving and Thriving Post COVID-19.’
The DPR boss was quoted in a statement as saying, “There is no better time for strategic repositioning and business optimisation. There are four ways this can be achieved.
“The first which is cost control and management has to do with realignment of cost of production per barrel as well as corporate, business and financial stewardship.”
Auwalu said the second was portfolio rationalisation and asset optimisation, adding that for this, there would be project screening and maturation as well as contract renegotiation.
He said the next step would entail new business and operational resilience, which include a vertical integration model covering the refineries, operational excellence and compliance.
“The last in that stage is strategic partnership, contracting models, service provider open access and shared risks and returns,” Auwalu stated.
He further noted that the DPR embarked on a marginal field bid round, policy and regulations, business environment and investment drive, among others, in order to ensure that the sector was beneficially sustained post COVID-19 pandemic.