Nigeria exports crude oil, gas worth $3.71bn in 13 months ― Report

The Nigerian National Petroleum Corporation (NNPC) between August 2019 and 2020, exported crude oil and gas worth $3.71billion.

This was indicated in the Corporation’s 61st Monthly Financial and Operations report for August 2020.

The report indicated that the total Crude Oil and Gas export sale of $139.50 million increased by 64.84 per cent in August 2020 compared to July.

Of the total sum, it said Crude Oil export sales contributed $80.27 million (57.54 per cent) of the dollar transactions compared with $55.29 million recorded in July same year.

Similarly, Gas sales export amounted to $59.23 million in the month.

The report also indicated an increase in natural gas production by 0.13 per cent at 236.66 Billion Cubic Feet (BCF) compared to the output in July 2020; translating to an average daily production of 7,639.99mmscfd.

It stated that a total of 3,062.95 BCF of gas was produced representing an average daily production of 7,771.13 mmscfd during the period.

Also, the report noted an increase of N29.60 billion in trading surplus for the month under review compared to the N20.36billion surplus in July 2020.

“The 45 per cent improvement in performance is attributed mainly to the 82 per cent growth in surplus posted by the NPDC due to sustained improvement in global market fundamentals.

“The NNPC Group surplus was further enhanced by the 109 per cent increased profit by Duke Oil Incorporated as well as 75 per cent and 22 per cent reduction in deficits for the Nigerian Pipelines and Storage Company (NPSC) and Refineries which arose from declining costs of pipeline maintenance and corporate overheads respectively thus mitigating the effect of the increased deficits posted by some other SBUs.

“The deficits are because of reasons around low sales volume, reduced debt collection and high average product landing cost,” it stated.

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