Petroleum Resources embark on its current cost-cutting measures in the oil and gas industry

petroleum Resources
petroleum Resources

The Department of Petroleum Resources (DPR) announced on Wednesday that. It would continue to implement cost-cutting steps in the oil and gas industry. So, to mitigate the effects of global crude oil market instability.

However, the Director, DPR, Mr Sarki Auwalu, said the recent launch of the oil and gas excellence centre was a testament to the agency’s resolve.

While earning the “Oil and Gas Innovative Award” from the National Executive Council of the Oil and Gas Trainers Association of Nigeria (OGTAN) at their annual conference.

He assured indigenous oil and gas trainers of more collaboration towards sustainable human capacity development. For the benefit of all stakeholders in the Nigerian oil and gas value-chain.

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Auwalu described the impact of the coronavirus pandemic. Therefore, the oil production output cut and the fall in the prices of the commodity as a triple threat.

But praised the resilience of all players in the sector who withstood the headwinds brought about by the development.

In other words, the Nigerian economy went through turbulent times. Moreover, DPR is proud of the Nigerian oil and gas industry. Which has emerged stronger in the face of the emerging challenges of the triple force.

“This is a reality, the oil price crash, the global pandemic and the production cut which dealt a severe blow on the oil market and global economy. As we are rebounding, the DPR will continue to play a leading role and provide the needed direction for the benefit of the industry.

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“The oil and gas excellence centre is to serve as oil and gas cost reduction centre, innovation hub. And also enhance industry competence,” he stated.

Auwalu dedicated the award to the management and staff of the DPR. Who he said had painstakingly exhibited innovation and creativity to add value. Also promote ideas and create opportunities for the sustainable development of the industry.

“Let me reassure all our partners of DPR’s commitment and collaboration towards sustainable human capacity development, for the benefit of all stakeholders in the Nigerian oil and gas value-chain.

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