Nigeria Earned $34 Billion From Gas, Oil In 2019 – NEITI

Nigeria realised $34.22 billion from the oil and gas sector in 2019, the Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed in its latest audit report.

The report showed the revenue was 4.88 per cent higher than the $32.63 billion realised in 2018.

The 2019 report covered 98 entities, including 88 oil and gas companies, nine government agencies and the Nigerian Liquefied Natural Gas (NLNG).

A breakdown of the earnings showed that payments by the companies accounted for $18.90 billion, while flows from the government’s sales of crude oil and gas accounted for $15.32 billion.

Details of the report showed that 10 years (2010-2019) aggregate financial flows from the oil and gas sector to the government amounted to $418.544 billion, with the highest revenue flow of $68.442 recorded in 2011, while the lowest revenue flow of $17.055 was recorded in 2016.

According to NEITI, the total crude oil production in 2019 was 735.244 mmbbls (million barrels of oil or natural gas liquids), representing an increase of 4.87 per cent over the 701.101mmbbls recorded in 2018.