Nigeria made N7trillion as oil revenue in 8yrs – DPR

With Agency Report — The Federal government earned the sum of N6,671,081,710,411.26 as oil revenue between 2010 and 2017, the Department of Petroleum Resources (DPR), said in its 2017 Nigerian Oil and Gas Industry Annual Report yesterday.

At its launch in Lagos, the DPR indicated in the report that the revenue were realized from oil and gas royalty, gas flare penalty, concession rentals and miscellaneous oil revenue.

The country’s revenue from gas flare penalty hits N3,849,873,091.61 in 2012,while its gas royalty peaked at N33,173,790,789.60 last year,according to the report.

It said the total volume of gas produced last year was 2.94 trillion cubic feet, which averages a daily production of 8.05 billion standard cubic feet .

“The volume of gas produced comprised of 1.73 trillion cubic feet Associated Gas,representing 58.74 percent of the gas produced and 1/21 trillion cubic feet Non-Associated Gas, representing 41.26 percent of the total gas.Also 2.59 trillion cubic feet (88.13 percent) of the produced gas was utilized while a total of 21.02 billion cubic feet representing 0.7 percent was attributed to gas shrinkage.The remaining 11.04 percent of the produced gas,was flared”.

The report said the average gas utilized last year was 7.09 billion cubic feet.It added that a total of 324.30 billion cubic feet of produced associated gas was attributed to flare during the period in view.

It added: “The year 2017 experienced a slight increase in gas flare volumes with respect to the volume of gas produced. This increase was due to several factors which includes:constant equipment upset/failures in aging facilities ,sabotage,High GOR in aging wells,funding challenges in executing gas handling projects and other operational challenges experienced by the operators”

Last year,according to the report,a total of 754,265,049 barrels of oil was produced at an estimated average daily production of 2.07 million barrels per day.It noted that there was a 5.6 percent increase over the average production rate for 2016.

It added that the total number of fields (producing and shut-in)as at the end of December,2017 stood at 285 for the 44 oil producing companies.

According to the report,the average deferment for 2017 was 725,859barrels of oil per day.

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