DPR says Nigeria earned N7trn oil revenue in 8yrs

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

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

Source: Leadership

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