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‘32.70b barrels of oil valued at N118.49tr produced in 53 years’


Oil barrels

DPR launches e-licence processing to checkmate illegal marketers

The National Bureau of Statistics (NBS) has disclosed that petroleum statistics on crude oil production and oil refining reflected that 32.70 billion barrels of crude oil valued at N118.49 trillion had been produced between 1961 and 2014.

In a statement yesterday in Abuja, the NBS also said that the highest barrels of crude production was recorded in2005 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 Bureau, which stated that the yearly domestic crude oil refining data from 1997 to 2014 also reflected that 844.19 million of crude oil had been received and 835.58 million processed within the period under review, said that the fiscal statistics on government revenue and expenditure for July 2017 reflected that a total gross oil revenue was put at N362.43 billion as against N254.02 billion in June 2017.


It noted that 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.

In another development, the Department of Petroleum Resources (DPR) has launched online licence processing to checkmate illegal marketers responsible for diverting petroleum products and operating without genuine licence.

The DPR, at a seminar organised for interaction and education of all independent petroleum marketers on online licence processing in Kaduna, said transiting from analogue licence processing to digital is necessary for petroleum marketers to do their business with ease.

Speaking with journalists in an interview, the DPR Zonal Operations Controller for the North-West Zone, Alhaji Isa Tafida, said with the introduction of online licence processing, it would be easier for domestic investors to come in and do their business, and “whatever requirement needed to be obtained for your organisation is there online.”He said the online processing would prevent physical contact between DPR officers and oil businessmen.

Meanwhile, a petroleum product seller based in Zaria, Kaduna State, Alhaji Ibrahim Zikrullah, who attended the seminar, expressed satisfaction over the development, saying that marketers can now obtain their petroleum licence online without delay or going through rigorous process.

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