NBS: In 47 Years, Nigeria Produced 32.70bn Barrels of Oil Valued at N118.49tn

  • Total gross oil revenue for July 2017 stood at N362.43bn, gross non-oil N338.85bn
  • NNPC reports oil receipts of $471.90m in July

Ndubuisi Francis and Chineme Okafor in Abuja

The National Bureau of Statistics (NBS) has disclosed that petroleum statistics on crude oil production and refining reflected that a total of 32.70 billion barrels of crude oil valued at N118.49 trillion were produced between 1961 and 2014, a period of 47 years.

The highest barrels of crude production was recorded in 2005 with 918.66 million barrels valued at N6.14 billion, while the lowest was recorded in 1961 with 16.80 million barrels valued at N18.73 million.

The NBS in its “Petroleum Statistics: Crude Oil Production (Volume and Value) and Oil Refining (1961-2014),” stated that the yearly domestic crude oil refining data from 1997 to 2014 also reflected that 844.19 million barrels of crude oil had been received and 835.58 million processed within the period under review.

An analysis of the data showed that with a crude oil production of 16,801,896.00 barrels in 1961, average price was $1.57 per barrel, exchange rate of N0.71 and average price of N1.11 while the production value was N18,729,073.47.

In 1962, crude oil production was 24,623,691.00 barrels, average price was $1.52, exchange rate of N1.08, production value N26,573,887.33, while year-on-year growth in crude oil production was 46.55 per cent, just as year-on-year growth in crude oil production value was 41.89 per cent.

In 1970, crude oil production was 395,835,825.00 barrels, average price was $1.21 per barrel, exchange rate was N0.71, average price was N0.86, value of production was N340,062,557.26, year-on-year growth in crude oil production was 100.72 per cent, and year-on year growth in crude oil production value was 91.24 per cent.
The NBS also disclosed in its fiscal statistics (revenue and rxpenditure) that the fiscal statistics on government revenue and expenditure for July 2017 reflected a total gross oil revenue of N362.43 billion as against N254.02 billion in June 2017.

Crude oil sales accounted for the larger chunk of the oil revenue as N188.15 billion was generated from crude oil sales while gas sales generated N29.69 billion.
The least oil revenue came from rent and gas flared penalties with N0.044 billion and N0.184 billion generated respectively.

Non-oil revenue came from excise and fees, import duty and other customs and companies income tax; and other taxes with N54.00 billion and N284.85 billion generated respectively. Gross non-oil revenue amounted to N338.85 billion.
The gross revenue generated was put at N701.85 billion while Net Federation Account Revenue after all deductions distributable was put at N521.82 billion for July 2017.

In related development, the Nigerian National Petroleum Corporation (NNPC) has said it recorded a total export receipt of $471.90 million from its sale of crude oil in the month of July 2017.
It also said the figure was $252.56 million different from the $219.34 million figure it posted in June 2017 from the sale of crude oil.

A statement from the Group General Manager, Public Affairs of the corporation, Mr. Ndu Ughamadu, yesterday in Abuja explained that the July edition of its monthly financial and operations report contains this.

The report was however not available on the website of the corporation as at the time of filing this report, but Ughamadu, said in the statement that the contributions of crude oil in the receipts for the period was $392.20 million while that of gas and other miscellaneous receipts were $64.72 million and $14.98 million respectively.
It indicated that of the export receipt, $108.09 million was remitted to the Federation Account while $363.81 million was remitted to fund the Joint Venture (JV) cash call for the month of July to guarantee current and future production.

Providing a broader perspective, the statement also noted that the total export of crude oil and gas receipt for the period of July 2016 to July 2017 stood at $2.77 billion, out of which the sum of $2.31 billion was transferred to JV cash call in line with the budget and the balance of $0.46 billion was paid to the Federation Account.
It further that observed that the domestic crude oil and gas receipt during the month amounted to N145.83 billion, consisting of N5.56 billion from domestic gas and the sum of N140.27 billion from domestic crude oil.
NNPC also explained that out of the naira receipt, the sum of N56.30 billion was transferred to Joint Venture Cash Call (JVCC) being a first line charge and to guarantee continuous flow of revenue stream to the Federation Account.