CONFIDEN TIAL DRAFT Year
CBN yearly Av. price average per bbl Av. exch exchange Diff. Volumes lifted (US $) Total value in (US$) rate (N/$1) rate (N/$1) (N/$1)
Valuation difference (N'm)
2002
163,610,046
18
2,944,980,828
110
120
10
29,449
2003
157,454,064
23
3,473,418,919
122
134
12
43,288
2004
151,892,709
37
5,687,518,809
134
133
(1)
(5,688)
2005
159,898,538
54
8,704,165,240
132
131
(1)
(8,704)
2006
151,193,195
64
9,891,404,099
126
127
1
9,891
2007
165,858,741
73
11,531,242,678
124
124
-
-
2008
164,723,596
98
15,561,979,536
117
117
-
-
2009
161,913,738
62
9,903,033,496
147
147
-
-
2010
166,522,807
80
13,228,939,762
148
148
-
-
2011
164,276,790
111
18,342,657,598
151
152
1
18,343
Total
86,579
Table 7: CBN exchange rates used in the conversion of Domestic Crude Oil payments (Source: CBN Website Rates Archives)
5. Utilization of Domestic Crude From an analysis of annual domestic crude oil utilisation, it was revealed that a greater proportion of the Domestic Crude Oil has been channelled towards crude oil exportation, exchange transactions and offshore processing than for local refining. The percentage of Domestic Crude Oil that is not refined incountry ranges from between 50% to 88% over the 10 year period (Table 8).
Year
Total Refinery Quantity m bbls
2002
79
2003
43
2004
39
64
Unutilized domestic crude exported m bbls 85
Crude OilCrude Oil Exchange m bbls
Crude -Oil Product Exchange m bbls
Offshore Processing m bbls
Total Quantity m bbls
-
-
-
164
113
-
-
-
156
115
-
-
-
154