- The Federal Government of Nigeria is working towards achieving maximum value from its oil and gas resources.
- Towards this end, the Department of Petroleum Resources (DPR) is in the process of formulating a Maximum Economic Recovery (MER) strategy for Nigeria.
Federal Government of Nigeria is working towards achieving maximum value from its oil and gas resources. Towards this end, the Department of Petroleum Resources (DPR) is in the process of formulating a Maximum Economic Recovery (MER) strategy for Nigeria.
This was revealed by Sarki Auwalu, Director, DPR while delivering his keynote address at the 2021 Society of Petroleum Engineers (SPE) Nigeria yearly International Conference and Exhibition (NAICE) recently, in Lagos. The initiative originated from the recently launched National Oil and Gas Excellence Centre (NOGEC), Lagos. The goal is to ensure actualization of sustainable resource optimisation as well as the economic benefits.
He added that the proposed framework for this action plan rested on six pillars. These included reserves maturation and production optimisation, exploration and resources maturation, improved oil recovery and enhanced oil recovery, implementation of asset stewardship, performance evaluation and rewards risk management.
Speaking on the occasion, the Minister of State for Petroleum Resources, Timipre Sylva underlined the government’s commitment to optimise the country’s abundant gas resource for transition to low carbon energy sources. He reiterated that the Nigerian government was determined to promote natural gas and its derivatives for domestic utilisation, power generation, gas-based industries and so on in all aspects of the national economy.
