FG launches platforms to halt high cost of oil production

The Federal government through the Department of Petroleum Resources (DPR) on Tuesday launched a digital platforms aimed at unravel the misery of the industry high cost in the exploration and production of petroleum resources.

The platforms, Value Monitoring Benchmarking (UMB)and Fiscal Payment Administrative Systems (FisPas), are aimed at monitoring crude oil, gas production, fiscal payments, gas and oil royalties in the country.

DPR is a regulatory and supervisory arm of the nation’s oil and gas industry.

Speaking at the launched of oil and gas Value Monitoring and Benchmarking (UMB) and Fiscal Payment Administrative Systems (FisPas) in Lagos, DPR Director,  Mr. Mordecai Ladan said DPR resolved to provide a robust digital platform that has the capacity to securely accommodate the enormous asset development and operational data for cost, reserves as well as technical monthly production.

Represented by Mrs. Pat Maseli, Deputy Director and Head Upstream Division, the Director said with the launch of the platforms, oil companies operating in the country are expected to now upload their budgets and cost data, yearly business and monthly technical production on the platforms.



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