NNPC Rakes in $470 Million from Crude Oil, Gas Export Sale

NNPC Rakes in $470 Million from Crude Oil, Gas Export Sale

The Nigerian National Petroleum Corporation (NNPC), yesterday said that crude oil and gas export sale by the Corporation in August 2018 was $470 million, indicating a gain of about $78 million in relation to July oil and gas export figures of $391.91 million.

Its monthly Financial and Operations report for August 2018 released in Abuja by the corporation’s Group General Manager, Group Public Affairs, Mr. Ndu Ughamadu, indicated that crude oil export sales contributed $337.62 million which represents 71.83 per cent of the dollar transactions compared with $283.43 million contribution in the previous month.

It said export 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 $5.26 billion.

It further explained that based on the above sales a figure, a total export receipt of $450.24 million was recorded in August 2018 as receipt 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 $101.33 million and $12.48 million respectively.

A further breakdown of the figures showed that out of the export receipts, $142.31 million 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.

Total export crude oil & gas receipt for the period August 2017 to August 2018 stood at $5.23 billion out of which $3.74 billion was transferred to JV Cash Call as first line charge and the balance of $1.49 billion paid into the Federation Account.

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