Report: Nigeria earned $394bn oil revenue in 10 years

The Nigeria Extractive Industries Transparency Initiative (NEITI) says revenue from the oil and gas sector amounted to $394.02 billion from 2011 to 2020. 

NEITI disclosed this in its oil and gas 2020 report.

According to the report, the total revenue received from the sector was $20.43 billion in 2020 — the second-lowest figure in the 10-year period. 

The report attributed the low revenue for 2020 to the global drop in oil prices due to the COVID-19 pandemic.

A further breakdown showed that oil revenue was $34.21 billion in 2019, $32.62 billion in 2018, and $20.98 in 2017. 

In 2016, the country recorded the lowest revenue in the 10-year period, at $17 billion. 

In 2015, it was N24.79 billion, $54.55 billion in 2014, $58 billion in 2013, and $62.84 billion in 2012. 

Financial flow from the oil and gas sector in 2011 was $68.44 billion — the highest in the period under review. 

NEITI added that revenue from the oil and gas sector included deductions made by the Nigerian National Petroleum Company (NNPC) from the sale of crude oil and gas prior to remittance to the federation account.

Meanwhile, NEITI said 17 oil companies in Nigeria deferred the production of 72.69 million barrels of crude oil in 2020. 

Deferment occurs when production or injection is delayed until a later time due to an activity, breakdown, trip, poor equipment performance, or sub-optimum operations.

According to NEITI, Shell Nigeria Exploration and Production Company SNEPCO recorded the highest deferment of 17.84 million barrels of oil, Chevron Nigeria Limited (CNL) followed closely with 12.18 million barrels, and Nigerian Agip Oil Company (NAOC) recorded crude oil deferment of 11.17 million barrels of oil. 

Shell Petroleum Development Company (SPDC) deferred the production of 11 million barrels of oil, while the Nigerian Petroleum Development Company/ Seplat joint venture (NPDC SEPLAT) deferred 7.4 million barrels (mmbbls) of oil.

NewCross E&P deferred 4.15 mmbbls, Addax Petroleum Exploration Nigeria Ltd (APENL) deferred 2.26 mmbbls, Continental deferred 2.16 mmbbls, while Seplat failed to produce 1.33 mmbbls.

Additionally, the data revealed that the Nigerian Petroleum Development Company Ltd /First Hydrocarbon Nigeria deferred 1.2mmbbls in 2020, while Energia could not produce 965,893 barrels in the same year. 

Aiteo recorded a delay of 469,716 barrels of oil production, Oriental could not produce 264,542 barrels of oil, and Addax Petroleum Development Nigeria Limited (ADPNL) deferred 143,752 barrels of oil.

Consolidated Oil Limited, Watersmith Petroman Oil Limited, and Chorus Energy Limited deferred 44,210 barrels of oil, 24,342 barrels of oil, and 5,115 barrels of crude oil, respectively.