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.

“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.