NNPC exports oil, gas worth $1.6bn

The Nigerian National Petroleum Corporation (NNPC) exported oil and gas worth $1.61 billion between April 2020 and April 2021.
According to information just-released by NNPC, a total sum of N220.08 billion was made on the sale of petrol by the Petroleum Products Marketing Company (PPMC), a subsidiary of the NNPC, in April 2021 compared to N234.56 billion sales in March 2021, representing a shortfall of about N14 billion.
Total revenue generated from the sales of refined or white products, of which petrol constituted over 99.27 per cent for the period April 2020 to April 2021 stood at N2.157 trillion, where petrol contributed total sales valued at N2.141 trillion.
The NNPC did not offer an explanation why a paltry total export sale of $78.40 million was recorded in April 2021, decreasing by 57.99 per cent compared to March.
But it noted that the sales only contributed 5.38 per cent of its dollar transactions compared with $93.37 million contribution in the previous month.
“The April 2020 to April 2021 crude oil and gas transactions indicated that crude oil and gas worth $1.61 billion was exported. Total export receipt of $72.05 million was recorded in April 2021 as against $189.55 million in March 2021.
“Proceeds from crude oil amounted to $1.89 million while gas and miscellaneous receipts stood at $68.91 million and $5.80 million respectively. Of the export receipts, $0.00 million was remitted to the Federation Account while $72.05 million was remitted to fund the Joint Venture (JV) cost recovery for the month of April 2021 to guarantee current and future production,” the corporation stated.
In addition, it noted that total export crude oil and gas receipt for the period April 2020 to April 2021 stood at $1.84 billion; out of which the sum of $1.12 billion was transferred to JV Cash Call as first line charge and the balance of $0.72Billion was paid into Federation Account as of April this year.
In the previous month of March, NNPC said its total crude oil production decreased by 5.87 million barrels or 12.95 per cent at 51.23 million barrels that month, with daily average of 1.65 million bpd when compared to January 2021 production.
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