The Department of Petroleum Resources (DPR) has declared that it generated about N742.472 billion in revenue in the 8-month period from January to August, the government agency said on its website on Thursday.
Sarki Auwalu, the director of the government agency, made the proclamation while receiving the Federal House of Representatives Committee on Petroleum Resources (Upstream) in his office in Lagos.
The DPR head assured that the headwinds from the oil crash, the coronavirus pandemic and the OPEC+ output cuts would not pose an obstacle to achievement of the organisation’s target for this year.
“DPR is a revenue collection agency for revenues accruable to government from oil and gas industry operations. DPR operates a cashless revenue system which enables all revenue remittances to be paid directly to the federation account in total compliance with the Treasury Single Account (TSA) policy of government.
“The agency conducts comprehensive quarterly and annual reconciliations of revenue payments to ensure accurate and timely remittances to the federation account.
“It also collects oil and gas royalties which represents proportional value of oil and gas production and sales from oilfields, gas flare penalties imposed for gas flaring,” Auwalu said.
The operational disruption from the coronavirus crisis, he noted, had necessitated seeking innovative ways for strategic repositioning and making the best use of resources in the sector.
He said the DPR had embraced several lines of action and streamlined its operations in an effort to create a favourable ambience for business development.
Among the strategies already deployed, according to Auwalu, are vertical integration and diversification, cost control and management, strategic partnership as well as portfolio rationalisation and operational resilience.
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