The Department of Petroleum Resources (DPR) says it will inaugurate an annual awards for companies, projects or individuals that add value to the Nigerian oil and gas industry.<\/p>\n\n\n\n
A statement issued on Monday in Lagos by Mr Paul Osu, Head, Public Affairs, DPR, said Mr Sarki Auwalu, the agency Director, made the announcement on Monday during a workshop with industry partners.<\/p>\n\n\n\n
The statement said the industry partners at the meeting included exploration and production companies, service companies as well as oil and gas professional bodies.<\/p>\n\n\n\n
Auwalu said the Improved Oil Recovery (IOR)\/Enhanced Oil Recovery (EOR) awards were part of deliberate engagements with industry partners by the regulatory agency to achieve Maximum Economic Recovery (MER) strategies for Nigeria.<\/p>\n\n\n\n
He noted that the objective of the MER was to maximise the expected net value of economically recoverable petroleum from Nigeria\u2019s acreages.<\/p>\n\n\n\n
Auwalu said the Federal Government, through the MER strategies, was targeting to increase the nation\u2019s oil reserves from 36.91 billion barrels to 50 billion barrels in the short to midterm.<\/p>\n\n\n\n
He said the government was also targeting increasing Nigeria\u2019s proven gas reserves from 206.53TCF to 250TCF.<\/p>\n\n\n\n
According to him, companies, individuals, fields, research institutions and technologies are eligible for the IOR\/EOR awards.<\/p>\n\n\n\n
Auwalu said: \u201cThe criteria for the awards include the implementation of new technology or established technology applied in a new way and smarter work methods and processes.<\/p>\n\n\n\n