Thread by @BudgITng

DID YOU KNOW?

- 84 entities were covered in the NEITI 2016 Oil & Gas Audit Report

- Unreconciled revenue amounted to $24.51 million in 2016

- $7.82 million was lost as a result of inconsistency in pricing methodology

It’s a THREAD.

#FixOurOil

Crude oil production dropped by 15.13% in 2016 in comparison to what was produced in 2015.

#FixOurOil

NNPC lifted 244.61 million barrels of crude oil in 2016.

#FixOurOil

9.44% of the total gas produced in 2016 was flared away.

#FixOurOil

126,163.39 barrels of crude oil was allocated for domestic use in 2016.

#FixOurOil

N9.57 billion was lost as a result of pipeline breaks.

#FixOurOil

$869.02 million and $3.55 billion was lost due to crude oil theft and crude oil sabotage respectively.

#FixOurOil

Revenue from oil and gas decreased by 31% in 2016 from the revenue flow in 2015.

#FixOurOil

The unreconciled revenue in 2016 amounted to $24.51 million.

#FixOurOil

$8.79 million was gotten from gas flare penalty in 2016.

#FixOurOil

$824,018 was paid on oil for concessions held by oil companies in 2016.

#FixOurOil

$7.82 million was lost as a result of inconsistency in pricing methodology.

#FixOurOil

$770,238 NDDC levy paid by Sterling Oil Exploration was unreconciled.

#FixOurOil

23 companies incurred a liability of $3.63 million for gas flare penalties.

#FixOurOil

The total oil royalty underpayment amounted to $46.67 million.

#FixOurOil

Some companies failed to pay for Petroleum Profit Tax in 2016.

#FixOurOil

$2.05 million was lost as a result of the bad quality of crude oil.

#FixOurOil