The Department of Petroleum Resources (DPR) has concluded plans to inaugurate the Advisory Council and Body of Neutrals of the oil and gas industry’s Alternative Dispute Resolution Centre (ADRC) in Lagos.
Mr Paul Osu, Head, Public Affairs, DPR, made this known in a statement issued on Monday in Lagos.
He said that the ADRC was one of the centres in the DPR National Oil and Gas Excellence Centre inaugurated by President Muhammadu Buhari recently.
According to him, the centre will offer arbitration, mediation and conciliation services for the industry.
“The centre will leverage industry technical experts, Alternative Dispute Resolution Practitioners and resources of the National Data Repository to provide fair and balanced resolutions of industry-related disputes from an informed position.
”The ADRC is structured to adequately resolve disputes in a manner consistent with regulatory and commercial interests of the industry.
“This will address suboptimal development of oil and gas assets associated with lingering disputes,” he said.
Osu added that this would eliminate the attendant consequences of value erosion in terms of national resource growth, global competitiveness, investment attractiveness and investor’s profitability.