Nigeria earned US$476.25mn from crude oil, gas exports in December 2017

Nigeria CrudeNigeria focuses on increasing crude oil and gas export to the international market. (Image source: blake.thornberry/Flickr)Nigeria has earned a total export receipt of US$476.25mn in December 2017, from sale of crude oil and gas as against US$201.11mn in November 2017

This is reported in the Nigerian National Petroleum Corporation’s (NNPC) financial and operations report for December 2017.

According to the report, while receipts from crude oil amounted to US$342.16mn, gas and miscellaneous receipts accounted for US$94.85mn and US$39.24mn respectively.

The report further showed that from January to December 2017, NNPC remitted a total of US$2.38bn into the Federation Account, US$1.79bn for Joint Venture financing, and US$53mn to the Federal Government for debt repayment.

In terms of natural gas off-take, commercialisation and utilisation, the report indicated that out of the 234.08 bcf of gas supplied in December 2017, a total of 138.99 bcf was commercialised, comprising of 39.53 bcf and 99.46 bcf for the domestic and export markets respectively.

This translates to a total daily supply of 1,275.09mn scf of gas to the domestic market and 3,209.70mn scf of gas supplied to the export market.

A total of 828mn scf of gas per day was delivered to the gas-fired power plants in the month under review to generate an average of 3,342MW, a modest 11.4 per cent increase on the November 2017, gas-to-power delivery of 743mn scf to generate 3,115MW.

Domestic Crude Oil of 445,000 bopd is allocated for refining to meet domestic products supply. Payments are effected to the Federation Account by NNPC after adjusting for crude oil and product losses, pipeline repairs and management cost incurred during the period.

NNPC also lifts crude oil and gas, other than the equity and domestic crude oil, on behalf of the Department of Petroleum Resources (DPR) and the Federal Inland Revenue Service (FIRS), proceeds of which are remitted into the Federation Account.

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