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Nigeria oil revenue rose 46% to $59bn in 2010 on improved security

15 April 2011 00:00

The nation’s revenue from oil exports rose 46 percent from 2009 to N9.15 trillion ($59 billion) in 2010, as companies raised output on improved security in the Niger Delta, the National Bureau of Statistics stated yesterday. Nigeria earned $196 billion from oil and gas exports in the four years from 2007 to 2010, the statistics office said in a statement. The Federal Government depends on oil exports for more than 80 percent of its revenue and 95 percent of foreign exchange income.

The value of non-oil exports rose to N3.86 trillion last year from N2.71 trillion in the previous year.

Energy companies in Nigeria stepped up oil output in 2010 as militant attacks on oil installations declined after a government amnesty to fighters in late 2009, according to the Department of Petroleum Resources – oil industry regulator.

Meanwhile, Royal Dutch Shell said oil production resumed at its offshore Bonga field, which pumps about 10 percent of Nigeria’s crude, after the completion of maintenance work.

“The maintenance works, which commenced on February 28 this year, were executed safely and within schedule,” Shell said in an e-mailed statement Thursday. “Production will be gradually ramped up over the coming weeks.”

The Bonga field, located 120 kilometers (75 miles) in the Atlantic waters offshore Nigeria, has the capacity to pump about 200,000 barrels of crude and 150 million cubic feet of gas a day, Shell said. It also supplies natural gas to Nigeria LNG Limited’s liquefaction plant on the coastal Bonny Island that supplies long-term buyers in Europe.

Nigeria is the fifth-biggest source of U.S. oil imports. Royal Dutch Shell Plc, Exxon Mobil Corp, Chevron Corp, Total SA and Eni SpA run joint ventures with the state-owned Nigerian National Petroleum Corporation (NNPC) which pumps the country’s crude.

Attacks by armed groups in the Niger Delta region, home to Nigeria’s oil and gas industry, cut more than 28 percent of the country’s oil output between 2006 and 2009, according to Bloomberg data.

Nigeria currently pumps about 2.1 million barrels of oil a day, according to the NNPC.


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