Lagos (Platts)--13Dec2012/1126 am EST/1626 GMT
Higher global crude oil prices helped Nigeria to more than double its oil windfall savings year-on-year to $9.66 billion, the state NAN news agency Thursday quoted a senior government official as saying. "We have fared very well in the Excess Crude Account, we targeted $10 billion at the end of the year and I am happy to tell you that we have $9.66 billion in the account," NAN quoted Accountant-General Jonah Otunla as saying in Abuja. "On a percentage basis, that is about 97% of our aspiration for the year," Otunla said. A steady rise in crude oil production this year matched by an equally high oil prices on the international market, helped boost Nigeria's oil windfall savings from $4 billion a year earlier. Article continues below...Platts 6th Annual European Oil Storage Conference21-22 January 2013, Amsterdam, The NetherlandsPlatts 6th Annual European Oil Storage conference will once again bring together leading terminal operators, EPCs, logistics and distribution companies, suppliers and service providers, regulatory bodies, and oil gas and petrochemical companies to discuss the most pressing challenges facing the industry. It provides an unrivalled opportunity for delegates to network, share best practice and learn what others in the storage industry are currently doing to maximise profitability in today's challenging market place
Higher global crude oil prices helped Nigeria to more than double its oil windfall savings year-on-year to $9.66 billion, the state NAN news agency Thursday quoted a senior government official as saying. "We have fared very well in the Excess Crude Account, we targeted $10 billion at the end of the year and I am happy to tell you that we have $9.66 billion in the account," NAN quoted Accountant-General Jonah Otunla as saying in Abuja. "On a percentage basis, that is about 97% of our aspiration for the year," Otunla said. A steady rise in crude oil production this year matched by an equally high oil prices on the international market, helped boost Nigeria's oil windfall savings from $4 billion a year earlier.
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Platts 6th Annual European Oil Storage conference will once again bring together leading terminal operators, EPCs, logistics and distribution companies, suppliers and service providers, regulatory bodies, and oil gas and petrochemical companies to discuss the most pressing challenges facing the industry. It provides an unrivalled opportunity for delegates to network, share best practice and learn what others in the storage industry are currently doing to maximise profitability in today's challenging market place
Nigeria created a special account into which it saves oil earnings over the benchmark price it adopts for a year. While it pegged the oil price at $72/barrel and production at 2.4 million b/d for 2012 prices in the global market had been far higher than the benchmark and production running between 2.4 million and 2.5 million b/d. Oil exports account for over 95% of Nigeria's foreign exchange revenues and around 80% of total government revenues.--Staff, newsdesk@platts.com--Edited by Jonathan Dart, jonathan_dart@platts.com
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