The Department of Petroleum Resources (DPR) has promised to record N500 million increase over the N2.7 trilion revenue generated in 2020.
Through this, DPR is targeting N3.2 trillion revenue in 2021, its director, Sarki Auwalu, has said.
He said this in Abuja when he led a delegation of DPR management team to the Executive Secretary of Petroleum Development Trust Fund (PDTF), Mr Bello Gusau, recently.
The agency, in a statement, said it had generated 70 per cent of the revenue, adding that it had exceeded revenue budget for last year.
“Last year, we exceeded our revenue target. We were given N1.5 trillion, but we generated N2.7 trillion. This year, our revenue target was N3.2 trillion. But by the end of August, we had generated 70 per cent.
“So, the agency will now be working on revenue for October, November and December 2021. It is only 30 per cent, we will work over,” he said.
According to him, government took advantage of fiscal terms, within the old and new legislation, thereby creating increased signature bonuses.
“We organised the work, that is normally being done in DPR to key into new operational structure and we saw it in the bill, now law.
“The programme is being handled by planning and strategic business, as against what we used to have because the entire work programme is not only to show technical, but commercial and viability of oil fields in order to give returns on investment to the investors,” he added.
He noted that no fewer than 320 legal battles in the oil and gas industry in the past 20 years have been resolved through alternative dispute resolution means.
Responding, Guzau said DPR remained the head of oil and gas industry, adding that the Fund was grateful for all it has benefited through the Department of Petroleum Resources.
He urged DPR to continue in its efforts to provide proactive leadership in the sector.