FG Generated $3.71 Billion from Crude Oil and Gas Exports between August 2019 and August 2020

The Federal Government realised $3.71 billion from crude oil and gas exports between August 2019 and August 2020, the latest Nigerian National Petroleum Corporation (NNPC) report has shown.

In the corporation’s August 2020 Monthly Financial and Operations Report, Nigeria’s total crude oil and gas export sales rose by 64.84 percent to $139.5 million in August 2020 when compared to the month of July.

As expected, crude oil export sales contributed the most at $80.27 million or 57.54 percent of the total amount generated. This was higher than the $55.29 million realised in the month of July.

Gas export sales stood at $59.23 million in August 2020.

“The August 2019 to August 2020 crude oil and gas transactions indicated that crude oil and gas worth $3.71bn were exported,” the oil firm stated.

The report also noted an increase in trading surplus by N29.6 billion, up from N20.36 billion in July 2020.

The oil firm attributed the 45 percent increase in performance to 82 percent growth in surplus posted by the Nigerian Petroleum Development Company due to sustained improvement in global market fundamentals.

The Group surplus was further boosted by the 109 percent increase in profit of Duke Oil Incorporated, as well as 75 percent and 22 percent reduction in deficits for the Nigerian Pipelines and Storage Company and refineries.

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