Govt grosses $109m as revenue and taxes from crude oil exports

The state has realized 109 million dollars from the exports of crude oil and taxes for the first quarter of this year.

This was contained in the petroleum receipts and distribution report for the first three months of 2015.

The report also showed, minus the taxes paid by other operators on the Jubilee Field, that government actually realized 107 million dollars from the exports of its share of crude oil.

However in terms of the price sold for the three lifting's from December last year to February 5, Government actually sold its barrel between 51 dollars and 61 dollars.

Government through the GNPC, actually lifted almost 3 million barrels, while the jubilee partners, lifted almost 7 million barrels of crude oil.

However, the report showed that the declining world crude price has affected government’s revenue. This is because compared to the same period for the first quarter of 2014, the state realized almost 310 million dollars compared to the 109 million gotten in the first quarter of 2015.