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Oil, gas export rose by $78m in August, NNPC says

The Nigerian National Petroleum Corporation (NNPC) has said that its crude oil and gas export sales in August 2018 was $470 million, indicating an upsurge of about $78 million in relation to July export figures of $391.91 million.

The corporation stated this in its monthly financial and operations report for August 2018 released yesterday in Abuja by its spokesman, Mr. Ndu Ughamadu.

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The report 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.

The release said export gas sales during the period amounted to $132.38 million, adding that the August 2017 to August 2018 crude oil and gas export was worth $5.26 billion.

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Contribution from crude oil during the period, it stated, amounted to $336.43 million, while gas and miscellaneous receipts 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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