Mohammed Shosanya
12 November 2009
Lagos — The Federal government has raked in 312 billion as oil revenue between July and September, the Director of Department of Petroleum Resources (DPR) Billy Agah has said.
The breakdown of the revenue revealed that government raked in N307. 9 billion on royalty, N2, 341, 392, 526 on gas flare penalty and N279, 025, 890 on concession rental.
He also said that Federal government got N1.09 million on miscellaneous revenue during the period under review. He spoke yesterday in Lagos during the agency's third quarter media briefing.
He said the agency has set up oil and gas audit to determine the actual reserve the country has and what the oil and gas companies are remitting.
"As I am talking to you the committee are in my office working on how to determine the oil and gas reserve the country", he said.
He said Nigeria's current oil reserve is 38.6 billion barrels. He said the country is poised to meet the 40,000 billion barrels target by next year. He also said the country is also determined to give impetus to gas development through harnessing the potentials of the resources to generate more revenues for the government.
He said the Federal government is considering giving permit to companies that have gas fields to drill.
According to him, three new licences have been given to private concerns interested in Liquefied Petroleum Gas.
He said the current average capacity utilization of the Nigeria's refineries is 6.6percent.
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