01 Nov 2018

Nigeria Earned N7trn As Oil Revenue In Eight Years

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”.
Source: independent.ng
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