Nigeria earned $34.22bn from oil & gas sector in 2019, says NEITI

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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.

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