Nigeria earns $2.276m from gas sale

Ike Amos 15 June 2016, Sweetcrude, Abuja – Nigeria earned $2.27 million from gas sales in the month of March 2016, data from the Nigerian National Petroleum Corporation, has revealed.

NNPC Towers2

NNPC Towers, Abuja

The NNPC said in its Monthly Financial and Operations Report for March that while $2.27 million was earned from gas sales, $88.364 million was earned from crude oil export and $51.229 million from other receipts.

Overall, revenue from crude oil and gas exports for the month totalled $141.87 million, dipping by $94.83 million or 40.06 per cent from earnings of $236.7 million recorded in February 2016.

The report also stated that the country’s total earnings from crude oil and gas sales for the last 12 months, between April 2015 and March 2016, stood at $3.977 billion.

The NNPC noted that the drastic slump in total export receipt is largely due to shut in of about 300,000 barrels of oil per day (bopd) at Forcados Terminal following Force majeure declared by Shell Petroleum Development Company (SPDC) on 15th February, 2016, which ensured that all un-lifted February and March cargoes were deferred until the repair is completed.

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