NNPC rakes in $470m from crude oil, gas export in August


The Nigerian National Petroleum Corporation (NNPC) has said it earned $470 million from crude oil and gas sold to the international market in August this year.

The amount is an increase of about $78 million in relation to July oil and gas export figures of $391.91 million.

The state oil company in its Monthly Financial and Operations Report for August 2018 released yesterday indicated that crude oil export sales contributed $337.62 million which represents 71.83 percent of the dollar transactions compared with $283.43 million contributed in the previous month.

The report states that export gas sales during the period under review amounted to $132.38 million.

It added that the August 2017 to August 2018 crude oil and gas transactions involved crude oil and gas export valued at $5.26 billion.

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According to the report, based on the sales figure, a total export receipt of $450.24 million was recorded in August 2018 as receipt against $382.65 million in July 2018.

The report said contribution from crude oil during the period 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 joint venture (JV) cost recovery for the month of August to guarantee current and future production.

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Total export crude oil and 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.

The August 2018 NNPC Financial and Operations Report is the 37th in the series.