Functions Of Petroleum Economics Department
The Petroleum Economics Department shall perform the following functions, to:
- 1. Develops and maintains suitable Economic models for discovered and undiscovered oil and gas resources; and advises on their Economic viability;
- 2. Data collection for the inputs of economic models.
- 3. Initiates investment plans for the ministry;
- 4. Advices on development and production plans of a field through cash flow analysis;
- 5. Develops fiscal regimes before and after discoveries;
- 6. Records daily prices, monthly and yearly average
- 7. Conducts market analysis of Crude Oil market and advices where necessary
- 8. Verifies Materials and equipment imported for Oil Operations and recommends to the Ministry of Finance for custom exemptions;
- 9. Prepares Petroleum Market weekly and monthly reports for senior management of MOP;
- 10. Prepares MOP marketing annual reports;