Nigeria rakes in $2.45b from oil, gas export

Nigeria rakes in $2.45b from oil, gas export

The Nigerian National Petroleum Corporation (NNPC) raked in a total of $2.45billion from the export of crude oil and gas from May 2016 to May 2017, it said in its May Financial and Operations Report yesterday.

From the total export receipt, NNPC transferred $2.18billion to the Joint Venture Cash Call (JVCC) in accordance with the Budget and Exit of the JVCC.

The report added that the corporation transferred the balance of $0.27billion to the Federation Account.

The NNPC said : “Total export crude oil and gas receipt for the period of May 2016 to May 2017 stood at $2.45billion, out of which the sum of $ 2.18 billion was transferred to the JVCC in line with the Budget and Exit of the JVCC and the balance of $0.27 billion was paid to the Federation Account.

“This JVCC amount falls short of $8.64billion in the 2016 appropriated amount. This was caused by the production disruption in the Niger Delta and low crude oil prices during the year.”

According to the report, a total export sale of $272.74 million was recorded in May, 2017.

The sale, said the report, was $114.71 million higher than the preceding month’s performance of $158.03million when crude oil export sales contributed $133.81 million (or 49.06%) of the dollar transactions compared with $71.81million contribution in the previous month.

The NNPC noted that the export gas sales amounted to $138.93million in the month. The May 2016 to May 2017 crude oil and gas transactions indicate that crude oil and gas worth $2,712.91million was exported.

It said : “Total export proceeds of $247.82 million were recorded in May 2017 as receipt against $142.12 million in April 2017. Contribution from crude oil amounted to $123.24 million, while gas and miscellaneous receipt stood at $103.83 million and $0.021 million.”

The NNPC said : “The 22nd publication recorded remarkable improvement in group performance, in spite of challenging operating business environment which limits profitability.

“ The May 2017 report indicated a trading deficit of ¦ 3.55billion, representing 32.65% decrease in deficit compared to the previous month’s deficit of ¦ 5.27billion.

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