The Department of Petroleum Resources (DPR) generated N2.4 trillion last year, it was learnt at the weekend.
Its Director/Chief Executive Officer, Sarki Auwalu, stated this when the Senate Joint Committee on Petroleum paid an oversight visit to the agency in Lagos.
Auwalu said the amount would aid government’s revenue drive, despite the challenge of oil theft.
This is even as the Senate restated its commitment to ensure that the Petroleum Industry Bill (PIB) is considered and passed by the National Assembly this year.
On why crude oil theft was still high, Auwalu explained that the theft occurred mainly at the five land terminals out of the nation’s 28 terminals.
He explained that since the agency started to catch the culprits in the act, the prevalence had reduced drastically.
Awualu assured the lawmakers that the DPR would continue to create opportunities for both local and foreign investors.
The CEO said the agency had acquired the digital technology to surpass its current performance.
“The department sees itself as an opportunity agency for foreign and local investors and is poised to help government actualise its goals.
“We recognise the digital age so that data can be easily accessed by the government and the people.
“We consider this visit not only as an oversight but we believe your visit will enable us do more,” he said.
The Chairman of Senate Committee on Petroleum Resources (Downstream), Sabo Mohammed, said the National Assembly would keep to its promise of passing the PIB this year.
Mohammed stressed that the PIB would not be passed until the Senate received memoranda from all the critical stakeholders and reached an understanding on the contents of the proposed Bill.
“We are here to interact with you. We like to confirm to you our intension to pass the PIB this year.
“It (PIB) is for our own good as well as the industry’s,” he said.
The visit was the first by the Senate Joint Committee on Petroleum of the Ninth Senate to the DPR.