Nigerian Upstream Petroleum
Regulatory Commission (NUPRC) has revealed that it generated a revenue of N12.25 trillion in 2024.
Gatekeepers News reports that in its ‘2024 Annual Report,’ NUPRC said the figure represents a 282 percent increase from the N4.34 trillion generated in 2023.
According to the report, the revenue far exceeded its projected target of ₦6.93 trillion for the year. In comparison, the NUPRC generated ₦3.7 trillion in 2022.
Oil and gas royalties accounted for N11.08 trillion, followed by gas flared penalties at N391.26 billion, and concession rentals at N23.71 billion.
NUPRC revealed that it generated N35.19 billion from miscellaneous revenue, N369.57 billion from signature bonuses, N230.73 billion from lease renewals, and N117.02 billion from goods and valuable consideration.
For its 2024 budgeted revenue, the commission said oil and gas royalties were projected at N6.42 trillion, gas flared penalties at N126.31 billion, and concession rentals at N8.73 billion.
The report noted that miscellaneous revenue was budgeted at N16.09 billion, signature bonuses at N251.45 billion, lease renewals at N80.63 billion, and goods and valuable consideration at N24.37 billion.
Crude production for 2024 stood at 578,521,740 barrels – consisting of 482,819,991 barrels of oil and 95,701,748 barrels of condensate.
NUPRC said, “The daily average production figure is 1,580,369 million barrels per day (1,318,939 barrels of Oil per day and 261,430 barrels of Condensate per day).”
However, the commission clarified that these are unreconciled volumes and should not be interpreted as export figures. Such volumes, it explained, are crucial for reservoir management, production measurement, and accounting purposes.
The commission added that production performance against the technical allowable rate (TAR) in 2024 was about 67 percent.
It noted that joint ventures accounted for 48 percent of total production, followed by production sharing contracts at 35 percent, sole risk operations at 13 percent, and marginal fields at 4 percent.
