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DPR targets 15 percent oil sector contribution to national GDP

DPR targets 15 percent oil sector contribution to national GDP

Sarki Auwalu, Director, Department of Petroleum Resources, DPR has said plans are in the way to increase contribution of the oil and gas sector to the nation’s Gross Domestic Product to about 15 percent from the current eight percent.

Auwalu was quoted in a statement by the Department’s spokesperson, Paul Osu on Monday. According to him, the Federal Government is committed to reactivating all moribund oil and gas support facilities across the country.

Auwalu said this was part of the government’s effort to increase domestic refining capacity and gas utilisation in order to curb unemployment and poverty in Nigeria.

He expressed dissatisfaction that facilities such as the Kaztec Engineering Limited Fabrication Yard, Ilase Village, Snake Island which was licensed to provide oil and gas services support by the DPR had not been operational since 2015 due to contractual issues.

Auwalu noted that the critical equipment in the facility were currently were not being utilised for the benefit of Nigeria and Nigerians. The director said: “The industry depends on facilities like this to actualise their investment because it is like a support system for the oil and gas sector.

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Source: SweetCrudeReports

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