He disclosed this yesterday during the agency's media briefing which held at its headquarters in Lagos.
The breakdown of the figure, according to the DPR boss, reveals that the country fetched N165,282,364,531.20 on royalties and N530,482,200.47 on gas flare penalty during the period under review.
He said the country raked in N52,208,651.97 on concession rentals while the sum of N216,146,811.31 was realised from miscellaneous oil revenue.
Agah however said his agency would not relent in its effort to continually generate more revenue for the country while also ensuring sanity in the oil and gas sector.
He revealed that the agency is committed to reducing the incidence of gas flaring in the country to a tolerable extent.
According to him, gas flaring ratio which hovers around 2.5billion cubic feet per day has now been reduced to 1.9billion cubic feet per day.
He further explained that his agency is cautious of employing any drastic measures to compel oil companies in the country to stop gas flaring in order to maintain economic balance.
To this end, he said the DPR is now using allowable oil and gas ratios to stop oil companies from flare.
"We have reduced gas flare down to 1.9billion cubic feet per day from 2.5billion cubic feet per day. We have reduced flare down without necessarily closing down the economy. We have put in place a committee on gas to keep tab on this trend".
The DPR boss also spoke on the performance of the nation's refineries during the period in view and revealed that it was nothing to write home about.
According to him, the performance was 19percent capacity utilization, just as he said that eight private refinery operators that have secured licence from his agency have gone far in transforming the refineries.
No comments:
Post a Comment