The Department of Petroleum Resources has said over 43 cases in the Nigerian oil and gas industry are waiting to be looked into by the newly inaugurated Alternative Dispute Resolution Centre.
Its Director/Chief Executive Officer, Mr Sarki Auwalu, said the ADRC was established in January as one of the centres in the National Oil and Gas Excellence Centre with the principal aim of providing a platform where disputes in the industry could be settled in a timely, cost-effective, and mutually agreeable manner.
He said the agency had noted the several oil and gas-related disputes currently pending before Nigerian and international courts and tribunals.
Speaking on Thursday at the flag-off of the ADRC in Lagos, Mr. Auwalu said the disputes usually take a considerable amount of time and cost to resolve as a typical dispute in court runs for a significant period prior to the rendering of a final judgement which may not be to the satisfaction of any of the parties.
According to Auwalu, in certain instances, court judgements and even arbitral awards do not adequately resolve disputes in a manner consistent with the regulatory and commercial interests of the industry.
He said the establishment of the centre would ensure the settlement of disputes through the use of industry experts with in-depth understanding of the issues before them for quick resolutions, all in the overall interest of industry players, stakeholders and the nation.
Written by: EaglesFM