The Nigerian National Petroleum Corporation (NNPC) on Wednesday reported that it earned $470 million from crude oil and gas export sale in August 2018, representing a positive variance of about $78 million from the $391.91million generated in the preceding month.
In the Monthly Financial and Operations Report for August 2018 released by the corporation’s Group General Manager, Group Public Affairs, Mr. Ndu Ughamadu, indicated that crude oil export sales raked in $337.62 million, representing 71.83 percent of the accrued income as against the $283.43 million generated in July from the same source.
The report reflected that during the month under review, export gas sales totalled $132.38 million, adding that from August 2017 to August 2018 crude oil and gas transactions involved crude oil and gas export worth $5.26 billion.
The corporation stated that based on the above sales figures, a total export receipt of $450.24 million was recorded in August compared to the $382.65 million in July, adding that income from crude oil during the period totalled $336.43 million, while gas and miscellaneous receipt grossed $101.33 million and $12.48 million respectively.
The report clarified further that out of the export receipts, $142.31million was remitted to the Federation Account, while $307.93 million was paid as JV cost recovery for the month to guarantee current and future production.
According to the state-owned oil corporation, of the total export crude oil and gas $5.23 billion receipt for the period August 2017 to August 2018, $3.74 billion was transferred to JV Cash Call as first line charge and the balance of $1.49 billion was paid into the Federation Account.
The corporation stated that it remitted N128.40 billion into the Federation Account in the month under review, adding that from August 2017 to August 2018, the Federation and JV received N879.02 billion and N651.4 billion respectively.
The NNPC explained that the Federation Crude Oil & Gas Revenue, Federation Crude Oil and Gas lifting, are broadly classified into Equity Export and Domestic crude which are lifted and marketed by corporation and the proceeds remitted into the Federation Account.
In addition, it clarified further that Equity Export receipts, after adjusting for Joint Venture (JV) Cash Calls, were paid directly into the Federation Account domiciled in Central Bank of Nigeria (CBN).
The corporation reported that during the month under review, a total of 445,000 barrels of oil per day (b/pd) of crude oil were allocated for refining to meet domestic products supply, and payments on the sales were made to the Federation Account after making adjustments for crude and product losses and pipeline repairs and management costs incurred during the period.
