2018 Oil and Gas Report -
A breakdown of the 2018 Oil and Gas Audit report reveals the following highlights:
#FiXOurOil
In 2018, 701.10m bbls of crude were produced and accrued a total revenue of $32.62bn. Also, 36.45% of the crude oil lifted was by NNPC.
#FixOurOil
53.28m bbls of crude valued at $3.84bn were lost to theft and sabotage. This is an increase of 46.15% compared to the volume lost in the previous year.
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The total produced in 2018 was 2,909, 143.55mmscf. The Joint Ventures contributed 74.5%, Production Sharing Contracts contributed 20.61% and the Sole Risk, Marginal Fields, and Service Contracts contributed 2.68%, 2.16%, and 0.05% respectively.
#FixOurOil
A total of 107.63m bbls of crude oil were allocated for domestic use in 2018, 87% was used for Direct Sales Direct Purchase while 13% was supplied to the refineries.
#FixOurOil
NNPC consistently delayed the remittance of sales proceeds from crude which resulted in the delay of N17.5 billion and also deducted N722.25 billion as under-recovery in 2018
#FixOurOil
The nonpayment of funds by some companies as at when due resulted in a revenue loss to the Federation and the refineries operated at only 8% of installed capacity.
#FixOurOil
Recommendation: The federal government must find ways to curb oil theft and sabotage by identifying possible international markets and destinations of stolen Nigerian crude oil, it must also address the social issues of poverty and corruption in oil communities.
#FixOurOil
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