DPR Unveils Solution to Enhance Transparency in Petroleum Industry



Sunday Okobi

In line with its commitment to ensure transparency, values, efficiency as well as growth in the oil and gas industry, the Department of Petroleum Resources (DPR) has unveiled a digital assets development platform for operators and stakeholders in the industry known as the Value Monitoring and Benchmarking (VMB).
According to the DPR, the digital platform is secure and in line with ISO 19008: 2016 Standard Cost Coding System (SCCS).

All operators in the industry are mandated to upload into the platform, their annual budget, yearly reserves, data technical cost data for exploration, appraisal and development stages as well as monthly technical production in accordance with the extant law.
In his keynote address, the Director of DPR, M.D.B Ladan, noted that the strategic launch of VMB digital platform for oil and gas asset…

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