NBS analyse the barrels of oil Nigeria sold in 53 years

The National Bureau of Statistics (NBS) has disclosed that a total of 32.70 billion barrels of crude oil valued at N118.49 trillion were produced between 1961 and 2014.

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)’, noted 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.

It 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 further disclosed in its fiscal statistics (revenue and expenditure) 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.

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