Modupe Gbadeyanka
By Modupe Gbadeyanka
The Department of Petroleum Resources (DPR) has promised to speed up on the issue of ensuring the payment of oil royalties, signature bonuses by relevant companies and all other revenue receivables so that Nigeria is not short changed in any form.
The agency gave this assurance during a recent visit of the House Committee on Upstream Petroleum to the DPR.
The committee, led by its Chairman, Mr Victor Nwokolo, was at the agency as part of its oversight responsibilities.
The DPR further also restated its commitment to supporting any legislative effort that would ensure its strengthened its capacity to deliver on its regulatory mandate.
After a detailed presentation by DPR management which included the Director of Petroleum Resources, Mr Mordecai Ladan, the committee expressed concern over the downturn in exploration activities over the last couple of years, and asked what specifically DPR was doing to encourage more aggressive exploration, especially in the frontier region where our national reserves are optimized.
The Director confirmed that efforts such as consistent reserves addition bonuses to companies, ongoing initiatives by the Federal Government to calm the restiveness in the Niger Delta and the likely rekindling of the oil bidding round in 2017, would all go a long way in boosting exploration activities this year.
Gas flare penalty payments were also confirmed to have been paid by defaulting companies. Assurance was equally given to the committee that vessels with off-spec petroleum products were not allowed into the country, thus reiterating the testing of products prior to discharge.
DPR also assured the legislators that the Department was up to speed on the issue of ensuring the payment of oil royalties, signature bonuses by relevant companies and all other revenue receivables so that Nigeria is not short changed in any form.
