24 February 2017, Sweetcrude, Abuja — Nigeria’s crude oil and gas export value dipped by 49.39 percent in one year, as the Nigerian National Petroleum Corporation (NNPC) recorded crude oil and gas export revenue of $2.399 billion in 2016.
According to data obtained from the NNPC, the revenue for 2016 represented a decline of $2.341 billion or 49.39 percent when compared to the revenue of $4.74 billion recorded in 2015.
Giving a breakdown of the figures, the report disclosed that crude oil export fetched the NNPC $1.412 billion, dropping by 55.33 percent compared to $3.161 billion in 2015.
In addition, the NNPC earnings from gas export depreciated by 35.34 per cent, from $1.296 billion in 2015 to $837.735 million in 2016; while other commodities fetched the NNPC $150.231 million, dropping by 47.98 per cent from $288.773 million.
Particularly, for December 2016, the report noted that the NNPC earned $175.042 million from crude oil and gas export sales, rising by 7.79 per cent from $162.398 million recorded in November 2016. However, the amount for December 2016 represented a decline of 11.22 per cent when compared with total crude oil and gas export for December 2015.
Further breakdown showed that the NNPC earned $97.868 million from crude oil export, rising by 1.62 per cent from $96.311 million in November 2016 and dropping by 39.55 per cent when compared with $161.895 million recorded in the similar period in 2015.
The report explained that crude oil export sales contributed $100.37million or 51.36 per cent of total dollar transactions compared with $96.31 million contribution in the previous month.
Furthermore, the NNPC gas export stood at $77.159 million in December 2016, appreciating by 16.76 per cent and depreciating by 121.46 per cent from $66.086 million and $34.841 million recorded in November 2016 and December 2015 respectively.
The report noted that the total export proceeds were remitted to fund the Joint Venture (JV) cash call for the month of December 2016 to guarantee current and future production.
The report said, “Total export crude oil and gas receipt for the period of January 2016 to December 2016 stood at $2.40 billion, out of which the sum of $2.33 billion was transferred to JV cash call in line with the 2016 approved budget and the balance of $0.073 billion was paid to Federation Account.
“However, this JVCC amount falls short of the 2016 Appropriated amount of $.8.55 billion. This is due to twin effect of production disruption in Niger-Delta and low crude oil prices during the year.”
In addition, the report noted that products theft and vandalism had continued to destroy value and put NNPC at disadvantaged competitive position, noting that a total of 2,560 vandalized points were recorded between January 2016 and December 2016.