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DPR earns N673.7 bln revenue from oil and gas sector ~Director

By on September 2, 2020 0 112 Views

The Department of Petroleum Resources (DPR) generated a total N673.7 billion revenue from the oil and gas sector of the economy in the first six months of the year, according to the department director.
In a statement by the department spokesman, Paul Osu, he quoted the DPR director, Auwalu Sarki as saying that DPR was a revenue collection agency for revenues accruable to government from oil and gas industry operations and assured that the agency would surpass its revenue target for 2020.

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He said that DPR was a revenue collection agency for revenues accruable to government from oil and gas industry operations and assured that the agency would surpass its revenue target for 2020.

Sarki noted that DPR operates a cashless revenue system that enables all revenue remittances to be paid directly to the federation account in total compliance with the Treasury Single Account (TSA) policy of government.
He said DPR conducts comprehensive quarterly and annual reconciliations of revenue payments to ensure accurate and timely remittances to the federation account.

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Sarki stated that DPR was responsible for the collection of oil and gas royalties which represented the proportional value of oil and gas production and sales from oilfields, gas flare penalties imposed for gas flaring.

He said the agency was also responsible for the collection of concession rentals paid for grants of oil and gas acreages by exploration and production companies and miscellaneous oil revenue. This consists of statutory application fees, licence and permit fees and penalties.

He said DPR conducts comprehensive quarterly and annual reconciliations of revenue payments to ensure accurate and timely remittances to the federation account.
Responding, Mashi commended DPR for putting in appropriate measures in ensuring timely and accurate collection of revenues for the federation.

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