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

State-run oil firm Nigerian National Petroleum Corporation (NNPC) said it sold crude oil and gas to the international market and earned $470million in August this year. This is an upsurge of about $78million in relation to July oil and gas export figures of $391.91million.

NNPC Monthly Financial and Operations Report for August 2018 released yesterday in Abuja by the corporation’s Group General Manager, Group Public Affairs, Mr. Ndu Ughamadu, indicated that crude oil export sales contributed $337.62 million which represents 71.83 per cent of the dollar transactions compared with $283.43million contributed in the previous month.

The report said export gas sales during the period under review amounted to $132.38million, adding that the August 2017 to August 2018 crude oil and gas transactions involved crude oil and gas export valued at $5.26 billion.

It further explained that based on the sales figure, a total export receipt of $450.24 million was recorded in August 2018 as receipt against $382.65million in July 2018.

Contribution from crude oil during the period, it stated, amounted to $336.43 million, while gas and miscellaneous receipt stood at $101.33million and $12.48million respectively.

A further breakdown of the figures showed that out of the export receipts, $142.31million 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.

Total export crude oil and gas receipt for the period August 2017 to August 2018 stood at $5.23billion 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.

On naira payments to the Federation Account, the report showed that NNPC transferred N128.40billion into Federation Account for the month under review.  It  also explained that from August 2017 to August 2018, the Federation and JV received N879.02billion and N651.4billion respectively.

Providing insight into the corporation’s remittances to the national treasury, NNPC explained that the Federation Crude Oil & Gas Revenue, Federation Crude Oil and Gas lifting, are broadly classified into equity export and domestic crude which are lifted and marketed by the Corporation and the proceeds remitted into the Federation Account.

It added that Equity Export receipts, after adjusting for JV Cash Calls, are paid directly into the Federation Account domiciled in Central Bank of Nigeria (CBN).

NNPC explained that domestic crude oil of 445,000barrels of oil per day (bopd) was allocated for refining to meet domestic products supply, and payments were effected to the Federation Account by NNPC after adjusting crude and product losses and pipeline repairs & management costs incurred during the period.

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

Earn more money by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Rant Money website you earn:

You have been spending money buying data to read news online while publishers make huge revenue from adverts without giving you a dime; this is about to change as Rant Money now shares her advert revenue with readers - 

Register now to start earning

Rant Money Comment Policy

Your comments MUST BE constructive with vivid and clear suggestion relating to the post.

Your comments MUST NOT be less than 5 words.

Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act again.

Rant Money does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.

Constructive REPLY to comments is allowed


Add a Comment
  1. Why are they telling the masses when we all know that only them will eat the money

  2. You can only know or hear the amount in figures without proper accountability.

  3. And buhari will open his mouth to say there is no money

  4. There is alot from the sale of crude oil in Nigeria. Money they there

  5. so Nigeria money can up up to that and they are not paying salary

  6. Thereid enough money in this our country but our government are just fighting for their pocket.

  7. That is a good news that will improve our economy

  8. that much and there is no tangible change. na wa o

  9. Only in August? Why are this suffering yet please?

  10. where are they putting the money into

  11. So Nigeria is earn big money like this and all worker’sare still suffer for their salary.

  12. The only solution to this lack of transparency in handling of oil and gas revenues by the NNPC a for petroleum industry bill (PIB) to be passed.

  13. This is really an impressive result

  14. Let that money be used to refurbish our refineries

  15. I hope this money can be used judiciously but unfortunately our govt are not loyal

  16. NNPC is earning real cash from this fuel export o

  17. This is a huge sum of money. Yet, they will not use it appropriately. You will that the money is missing

  18. achievement is what we need but they should try and spend the money judiciously

  19. I pray is been used for the appropriately.

  20. How the money comes is what we always hear but how they spend it will Dont always know

  21. see money this country self people are suffering

  22. NNPC Account needs to be audited by a private firm

  23. Nigeria earn money like that still not pay workers salary

    1. They’re paying themselves and still embezzling and never wanted to pay workers.

  24. hope it will be utilized approprialy

Leave a Reply