NUPRC generated N12.25trn revenue in 2024

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says it generated a revenue of N12.25 trillion in 2024.

In its ‘2024 Annual Report,’ NUPRC said the figure represents a “282 percent” increase from the N4.34 trillion generated in 2023.

However, calculations showed it rose by 182.25 percent.

The N12.25 trillion exceeded the N6.93 trillion forecast for last year.

Also, the regulator said it generated N3.7 trillion in 2022.

2024 REVENUE BREAKDOWN

Breaking down its 2024 actual revenue, the commission said 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.

Also, NUPRC said 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.

Additionally, 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.

NUPRC: NIGERIA’S DAILY OIL PRODUCTION AVERAGED N1.5 MILLION BPD IN 2024

According to the report, 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.

“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),” NUPRC said.

According to the report, the figures are “unreconciled volumes” and “should not be reported as export volumes”.

“Kindly note that unreconciled volumes play an important role in reservoir management, production measurement and accounting,” NUPRC said.

The commission added that production performance against the technical allowable rate (TAR) in 2024 was about 67 percent.

“The technical allowable rate (TAR) is the optimised production capacity of all wells in-country that is determined by the Commission after the execution of the statutory bi-annual maximum efficiency rate test (MER) by all operators,” the report added.

NUPRC said 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.