Nigeria to Create Value for Downstream Oil Sector

February 11, 2021
downstream deregulation

By Adedapo Adesanya

The Department of Petroleum Resources (DPR) has assured stakeholders in the downstream of the oil sector that value would be created for them.

The Director of DPR, Mr Sarki Auwalu, said the federal government was already making efforts to upgrade the sector to meet up with the global standard.

At a virtual meeting with the members of the Major Oil Marketers Association of Nigeria (MOMAN) on Wednesday, the energy expert noted that the downstream has the capacity to improve revenue from the oil and gas sector, increase contribution to Gross Domestic Product (GDP) and create massive employment.

However, he lamented that the sector has been bedevilled by challenges in Nigeria, assuring that the industry would leverage technology in its ongoing automation process to make the sector perform better.

The Director said that the agency is currently deploying appropriate technology to enhance value for operators and investors alike in the downstream sector.

Mr Auwalu informed the participants that the DPR has concluded plans to launch the Downstream Remote Monitoring Systems (DRMS), an inventory and regulatory tool designed to track product levels across retail outlets and depots using the shortcode- *7117#.

The development according to him will create value for the sector by providing access to data for efficient management of their operations.

He assured that DPR, as partners in progress, will continue to engage with MOMAN to ensure seamless communication and feedback on our regulatory activities.

He said that DPR has developed a framework around quality, quantity, integrity and safety (QQIS) for petroleum products in response to the current situation of price freedom in the downstream sector.

He lauded the support of MOMAN for the gas expansion program of government and advised the association to ensure their members’ compliance with the gas add-on directives for their stations as they are the energy bridge of the nation.

On his part, the Chairman of MOMAN, Mr Tunji Oyebanji, assured the DPR of the readiness of the association to always partner with the department for the development and growth of the downstream sector.

He applauded the technology deployment by DPR in its operations which has enhanced its approval processes and data collection drive.

Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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