Nigerian govt generated N748bn from Oil & Gas companies in 2017 – DPR

The Department of Petroleum Resources (DPR) said the Federal Government made N748 billion from taxes and royalties paid by oil and gas companies operating in the country in 2017.

The agency made this known in a report made available at a workshop for energy reporters in Lagos on Friday.

According to the report, the amount represented about 83 percent of DPR’s target for the year.

DPR is a department under the Federal Ministry of Petroleum Resources with the responsibility of exploration and importation of petroleum products.

The report also stated that the agency renewed about 25 oil blocks, with combined revenue totaling about $1billion, adding that the agency approved 16 new field development plans in 2017, which is expected to increase the nation’s oil and gas production by 560,463 when completed.

Read also: Zuckerberg loses $15bn in one day as Facebook stock crashes by 20%

“We increased national gas reserve base from 192.07 trillion cubic feet to 197.74 trillion cubic feet representing 3.5 per cent increase over the preceding year.

“We increased operator compliance on National Production Monitoring System (NPMS) by commencing the upgrade of the NPMS to real time data captured in 26 crude oil terminal locations.

“This improved the efficiency in the administration of crude oil export and production accounting,” the report added.

By Oluwasegun Olakoyenikan ….

 

RipplesNigeria… without borders, without fears

Click here to join the Ripples Nigeria WhatsApp group for latest updates.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now