The Nigeria Extractives Industries Transparency Initiative (NEITI) latest Oil and Gas report shows only 5.6% of crude oil went to refineries in 2015. It also shows revenue from oil and gas declined from $54.5 billion in 2014 to $24.8 billion in 2015.
In 2014, oil production fell from 798 million barrels to 776 million barrels in 2015 the report reveals.
The report reveals, the overall outstanding revenue as at 2015 was $3.7 billion, with incurred lossesstanding at $2.2 billion. The revenues that could not be reconciled stood at N317 billion.
Nigeria suffered 54.6% drop in oil revenues and a marginal 2.7% fall in oil production. The diredrop in the unit price of crude oil in the international market is solely responsible for the development the report alluded.
The five years analysis carried out by the report shows revenues declined by 8%, 7.7% and 6% in 2012, 2013 and 2014 respectively. However, the decline increased to double digits in 2015 when total revenue dropped by more than half.
Total oil production also dropped from 798 million barrels in 2014 to 776 million barrels in 2015. This was a result of oil theft and militancy.
However, total gas production went up by 20.23% from 2, 593,090 mmscf in 2014 to 3, 250, 667 mmscf in 2015.
Total oil lifted in 2015 was 780 million barrels, about four million barrels higher than the amount produced with the balance drawn from previous years the report reveals.
In the 780 million barrels, oil companies lifted 467 million barrels while NNPC lifted 313 million barrels.
And in all, only 8.7 million barrels which amounts to 5.6% of crude oil allocated for domestic consumption went to the refineries in 2015 on account of the state of the refineries.
Source: The Nigeria Extractives Industries Transparency Initiative (NEITI)