Additional Company Information

Without any prejudice to the foregoing, the Department of Petroleum Resources is vested with the necessary powers by various legal provisions to discharge the following functions and responsibilities:

• supervising all petroleum industry operations being carried out under licences and leases in the country in order to ensure compliance with the applicable laws and regulations in line with good oil producing practices.

• enfocing safety and environmental regulations and ensuring that those operations conform to national and international industry practices and standards.

• keeping and updating records on petroluem industry operations, particularly on matters relating to petroleum reserves, production and exports of crude oil, gas and condensate, licenses and leases as well as rendering regular reports on them to Government.

• advising Government and relevant Agencies on technical matters and policies which may have impact on the administration and control of petroleum.

• processing all applications for licenses so as to ensure compliance with laid-down guidelines before making recommendations to the Honourable Minister of Petroleum Resources.

• ensuring timely and adequate payments of all rents and royalties as at when due.

• Monitors Government Indigenisation policy to ensure that local content philosophy is achievable.

These functions cover all activities in petroleum operations; upstream and downstream, as well as petrochemicals.