Abuja — The Nigerian National Petroleum Corporation, NNPC, earned $381.7 million from the export sales of crude oil and gas in January 2019.
The NNPC, in its Monthly Financial and Operations Report for January 2019, disclosed that the amount earned from the export of oil and gas represented a 10.42 percent improvement over the $345.68 million recorded from the sale of both commodities in December 2019.
Giving a breakdown of the earnings, the report noted that $269.43 million was earned from the export of crude oil, while $111.75 million and $0.524 million was earned from gas and other petroleum products export respectively.
This was in contrast to $180.46 million, $114.61 million and $50.61 million earned from the export of crude oil, gas, and others in December 2018.
Furthermore, the report noted that the NNPC’s remittance to the Federation Account in the month under review stood at $156.11 million, rising by 13.88 percent compared to $137.08 million remitted in December 2018.
The amount remitted to the Federation Account represented 40.9 percent of total earnings from crude oil and gas export, while Joint Venture cost recovery gulped 59.1 percent of total earnings, with $225.6 million.
The NNPC said, “Total export receipt of $381.70 million was recorded in January 2019 as against $345.68 million in December 2018. Contribution from crude oil amounted to $269.43 million while gas and miscellaneous receipts stood at $111.75 million and $0.52 million respectively.
“Of the export receipts, $156.11 million was remitted to the Federation Account while $225.60 million was remitted to fund the JV cost recovery for the month of January 2019 to guarantee current and future production.
“Total export crude oil and gas receipt for the period January 2018 to January 2019 stood at $5.96 billion. Out of which the sum of $4.39 billion was transferred to JV cash Call as first line charge and the balance of $1.57 million was paid into the Federation Account.”
The report added that the NNPC earned N153.013 billion from the domestic sales of crude oil and gas in January, dropping by 37.53 percent from N111.26 billion recorded in December 2019.
Giving a breakdown of the figures, the report disclosed that N148.14 billion and N4.88 billion was earned by the NNPC from the domestic sales of crude oil and gas respectively, compared to N100.51 billion and N10.75 billion recorded in December 2018.
“NNPC transferred the sum of N153.01 billion in Federation Account for the month under review. From January 2018 to January 2019, Federation and JV received the sum of N905.45 billion and N658.66 billion respectively,” the report explained.