Nigeria earns $5.23bn from crude, gas export in 1 year, says NNPC
Nse Anthony-Uko is Abuja editorial lead at business a.m. covering finance, business, economy, federal government economic MDAs and FCT
State oil company, Nigerian National Petroleum Corporation (NNPC), said it earned $5.23 billion from crude oil and gas export receipt between August 2017 and August 2018 out of which $3.74 billion was transferred to joint venture cash call as first line charge and the balance of $1.49 billion paid into the the country’s federation account.
The corporation also declared a $78 million increase in oil and gas export receipts for August 2018 to reach $470million, compared to July export figures of $391.91million.
In highlights of its monthly financial and operations report for August 2018 released in Abuja by Ndu Ughamadu, the corporation’s group general manager, group public affairs, the NNPC indicated that crude oil export sales contributed $337.62 million,representing 71.83 percent of the dollar transactions compared with $283.43million contribution in the previous month.
The NNPC is yet to publish its full monthly financial and operations reports for June, July, August even though it continues to release highlights thus shrouding its operations in mystery.
Local currency (naira) payments to the federation account showed the NNPC transferred N128.40 billion into the account for the month under review, and between August 2017 and August 2018, the federation and joint ventures received N879.02billion and N651.4billion respectively.
Providing insight into the corporation’s remittances to the national treasury, the NNPC explained that the federation crude oil and gas revenue, federation crude oil and gas lifting, are broadly classified into equity export and domestic crude, which are lifted and marketed by the corporation and the proceeds remitted into the federation account.
According to the report, equity export receipts, after adjusting for JV cash calls, are paid directly into the federationaccount domiciled in the Central Bank of Nigeria (CBN).
The corporation explained that domestic crude oil of 445,000bopd was allocated for refining to meet domestic products supply, and payments were effected to the federation account by NNPC after adjusting crude and product losses and pipeline repairs and management costs incurred during the period.
The August 2018 NNPC Financial and Operations Report is the 37th in the series.
According to the NNPC, gas sales during the period amounted to $132.38 million, adding that the August 2017 to August 2018 crude oil and gas transactions involved crude oil and gas export worth $5.26billion.
It further explained that based on the sales figures, a total export receipt of $450.24 million was recorded in August 2018 against $382.65 million in July 2018.
Contribution from crude oil during the period, it stated, amounted to $336.43 million, while gas and miscellaneous receipt stood at $101.33million and $12.48million respectively.
A further breakdown of the figures showed that out of the export receipts, $142.31million was remitted to the federation account, while $307.93 million was remitted to fund the JV cost recovery for the month of August, 2018 to guarantee current and future production.