The Federal Government has earned the sum of N6,671,081,710,411.26 as oil revenue between 2010 and 2017.
The Department of Petroleum Resources (DPR) disclosed this in its 2017 Nigerian Oil and Gas Industry Annual Report launched on Tuesday in Lagos.
The Department indicated in the report that the revenue was realized from oil and gas royalty, gas flare penalty, concession rentals and miscellaneous oil revenue
An analysis of the revenue sources as stated in the report showed that gas flare penalty accounted for N3,849,873,091.61 in 2012,while gas royalty accrued N33,173,790,789.60 to government coffers last year
The report reflected further that 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 58.74percent of the gas produced and 1/21trillion cubic feet Non-Associated Gas,representing 41.26 percent of the total gas.
In addition, the Department reported that 2.59 trillion cubic feet (88.13percent) of the produced gas was utilized while 21.02 billion standard cubic feet, representing 0.7 percent of the volume produced, was lost to gas shrinkage while the remaining 11.04 percent of the produced gas was flared”.
The report stated that the average gas utilized last year was 7.09 billion cubic feet, adding that a total of 324.30 billion cubic feet of produced associated gas was attributed to flare during the period in view.
DPR clarified further: “The year 2017 experienced a slight increase in gas flare volumes with respect to the volume of gas produced. This increase was 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.”
According to the report, in 2017 a total of 754,265,049 barrels of oil was produced at an estimated average daily production of 2.07million barrels per day, representing 5.6 percent increase over the average production rate for 2016.
The Department reported 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 while the average deferment for 2017 was 725,859 barrels of oil per day.
