Nigeria earned a total sum of $34.22billion from the oil and gas sector in 2019.
The figure represents an increase of 4.88% over the $32.63billion revenue netted from the sector in 2018.
A breakdown of the earnings shows that payments by companies accounted for $18.90billion, while flows from sales of crude oil and gas accounted for $15.32billion.
The Head of Communications and Advocacy of NEITI, Mrs. Obiageli Onuorah, disclosed in a statement on Thursday that the information and data are contained in the 2019 oil and gas industry audit report conducted by the agency.
The report shows that ten years (2010-2019) aggregate financial flows from the oil and gas sector to government amounted to $418.544billion, with the highest revenue flow of $68.442 recorded in 2011, while the lowest revenue flow of $17.055 was recorded in 2016.
The total crude oil production in 2019 was 735.244mmbbls, representing an increase of 4.87% over the 701.101mmbbls recorded in 2018. Production sharing contracts (PSCs) contributed the highest volumes of 312.042mmbbls followed by Joint Venture (JV) and Sole Risk (SR) which recorded 310,284mmbbls and 89.824mmbbls respectively. Others are Marginal Fields (MFs) and Service Contracts (SCs) which accounted for 21,762mmbbls and 1,330mmbbls respectively.