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Nigeria made N7t from oil in 8yrs – DPR

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DESPITE recent volatility in the international market, Nigeria raked about N7 trillion in revenues from crude oil sales between 2010 and 2017.

Department of Petroleum Resources (DPR) made this known in its 2017 Nigerian Oil and Gas Industry Annual Report released in Lagos yesterday.

According to the report, the amount accrued as royalties from oil and gas, penalty for gas flare, concession and rentals as well as miscellaneous oil revenues, going further to show that total volume of gas produced last year was 2.94trillion cubic feet to post a daily production of 8.05billion standard cubic feet averagely.

About 754,265,049 barrels of oil was also produced at an estimated average daily output of 2.07million barrels to mark a 5.6 percent increase in corresponding period in 2016.

 

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