Oil & Gas Proceeds: Gov’t Receives Additional FCFA 60 Billion

Statistics show production dropped during the last quarter of 2017 as compared to the fourth quarter of 2016, while sales prices slightly increased.

An extra FCFA 60.171 billion from the proceeds of oil and gas sale was transferred into the public treasury in the last quarter of 2017, when compared to the same fourth quarter in 2016, recent statistics made public by the National Hydrocarbons Corporation (SNH) has shown.

In the fourth quarter of 2017, the sales of hydrocarbons by SNH entailed the transfer of FCFA 113.265 billion to the State after deduction of production expenses.

The amount stood at FCFA 53.265 billion during the same quarter in 2016, while production moved from 7.709 million barrels (bls) of oil / 3.515 billion Standard Cubic Foot (SCF) of gas in 2016 to 6.559 million bls of oil / 3.393 billion SCF of gas in 2017.

Cumulatively, petroleum revenue transferred to the State in 2017 stood at FCFA 349.084 billion, up from FCFA 291.244 billion in 2016, but not more than the FCFA 378.536 billion in 2015.

Total production in 2017 carried out by the State and associates stood at 27.726 million bls for oil and 13.886 billion SCF of oil. Throughout the year, oil was sold at prices ranging from 52.347 US dollars per barrel to 61.073 US dollars per barrel, better than in 2016 when it was sold between 29.832 US dollars per barrel and 45.027 US dollars p...