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Oil, gas export rose by $78m in August, NNPC says

Friday, 09 November 2018 | 00:00

The Nigerian National Petroleum Corporation (NNPC) has said that its crude oil and gas export sales in August 2018 was $470 million, indicating an upsurge of about $78 million in relation to July export figures of $391.91 million.

The corporation stated this in its monthly financial and operations report for August 2018 released yesterday in Abuja by its spokesman, Mr. Ndu Ughamadu.

The report indicated that crude oil export sales contributed $337.62 million which represents 71.83 per cent of the dollar transactions compared with $283.43 million contribution in the previous month.

The release said export gas sales during the period amounted to $132.38 million, adding that the August 2017 to August 2018 crude oil and gas export was worth $5.26 billion.

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

A further breakdown of the figures showed that out of the export receipts, $142.31 million was remitted to the Federation Account, while $307.93 million was remitted to fund the JV cost recovery for the month of August, 2018 to guarantee current and future production.

Total export crude oil & gas receipt for the period August 2017 to August 2018 stood at $5.23 billion 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.
Source: Daily Trust

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