DPR Raises N748bn From Oil Tax, Royalty In 2017
The Department of Petroleum Resources (DPR) earned N748 billion from taxes and royalties paid by oil and gas companies operating in Nigeria in 2017.
This was contained in DPR’s report made available at a workshop organised for energy reporters in Lagos on Friday.
The report said the revenue represented about 83 per cent of the agency’s target.
The report also stated that the agency renewed close to 25 oil blocks, which had combined revenue of about 1billion dollars.
According to the report, the agency granted approval for 16 new field development plans in 2017, which would increase the nation’s oil and gas production by 560,463 when completed.
“We renewed 19 expired leases in 2017 to enhance upstream investment influx and accelerate oil and gas reserves and production growth.
“We actively supported the implementation of a major gas commercialisation programme, which seeks to create a regulatory framework to facilitate gas flare monetisation to end gas flaring by 2020,”the report read.