The Department of Petroleum Resources (DPR), has unveiled a strategy that will guarantee Maximum Economic Recovery (MER) so that Nigeria can attain maximum value delivery from its oil and gas resources.
Director of the DPR, Sarki Auwalu, stated this in his keynote address at the 2021 Society of Petroleum Engineers (SPE) Nigeria Annual International Conference and Exhibition (NAICE) on Tuesday in Lagos.
Auwalu said the industry initiative was one of the outcomes of the work of the National Oil and Gas Excellence Centre (NOGEC), Lagos inaugurated in January by president Muhammadu Buhari.
He said: “Following an in-depth assessment of the status of the industry, the department identified the need to formulate the “Maximum Economic Recovery strategy for Nigeria.
“This is to guarantee the actualisation of sustainable resource optimisation and the economic benefits arising therefrom.
The framework for this industry action plan, outlines six pillars or building blocks.”
Auwalu listed the six pillars to include: reserves maturation and production optimisation, exploration and resources maturation, improved oil recovery and enhanced oil recovery, implementation asset stewardship, performance evaluation and rewards risk management.
According to him, the draft framework has been shared with the industry, including professional associations like the SPE and the National Association of Petroleum Explorationists.
He said this was in preparation for an industry collaborative workshop to co-develop and enunciate this strategy for immediate execution.