The federation’s revenue from the oil and non-oil sector crossed N1 trillion for the second month in July.

Details of the revenue report from the office of the accountant-general of the federation seen by TheCable showed that the country raked in N1.26 trillion for the month.

The figure represents a N36.9 billion increase from the N1.22 trillion revenue recorded in June.

According to the breakdown, Nigerian Upstream Petroleum Regulatory Commission (NUPRC) raked in N292.8 billion, while the Nigeria Customs made N190.26 billion for the month.

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The Nigerian National Petroleum Company (NNPC) Limited, on Friday, renewed oil production sharing contracts (PSCs) with its partners — after nearly three decades.

The renewal is in line with the provisions of section 311 of the Petroleum Industry Act (PIA). NNPC said it has also resolved lingering disputes with its production sharing contracts (PSCs) partners.

Some of the partners are Shell Nigeria Exploration and Production Company (SNEPCo), Total Exploration and Production Nigeria Limited (TEPNG), and Esso Exploration and Production Nigeria Limited (EEPNL).

Under the PSCs arrangement, the country as the sole owner of the oil engages contractors to provide technical and financial services for exploration and production. When oil is found, the contractor pays rent (royalty) on the right to extract, recoups its expenditure/costs, takes a major chunk of the profits over the project’s life and pays taxes due on its profits.

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Following a successful bid during the 2020 Marginal Oilfields bid round, the Federal Government of Nigeria, through the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) awarded Genesis Hydrocarbons a participatory interest in the Egbolom onshore (swamp) oil and gas field which was discovered by Shell Petroleum Development Company in 1982 within Oil Mining Lease (OML) 23.

The Egbolom Oil and Gas Marginal Oilfield has a potential production capacity of 25,000 BOE/day production at plateau. Genesis continues to explore more upstream acquisition opportunities particularly in the development and commercialisation of Nigeria’s huge gas reserves.

Genesis Hydrocarbons Limited having being jointly awarded the PPL 202 Egbolom marginal field as joint operator has commenced production in August 2024 and is working on a full field development plan to ramp up production to circa 30,000 barrels of oil per day.