• About
  • Advertise
  • Contact
Friday, May 9, 2025
  • Login
Vital News
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
Vital News
No Result
View All Result
Home Oil & Gas

NNPCL nets N1. 7trillion from crude oil sales in one year

Vital News by Vital News
June 11, 2022
in Oil & Gas
0
Share on FacebookShare on Twitter

Abuja – Nigerian National Petroleum Corporation (NNPC) said it made N1.7trn from crude oil sales in one year.

The NNPC in its latest monthly and financial report for August said the revenue came from March 2020 to March 2021 after it lifted a total of 108 million barrels of crude oil within the year, at an average price of $43 per barrel.

In a breakdown of the report in March 2020, the oil and gas firm lifted approximately 9, 490mn/b; 11, 437mn/b in April; 5, 113m/b in May; 6,274mb in June; and 8,546m/b in July.

In August, NNPC said it lifted 8, 546mn/b; 8, 490mn/b in September; 10, 333mn/b in October; 9, 532mn/d in November; and 7, 539mn/b in December 2020.

According to the report, in January 2021, it lifted 5, 542mn/b; 9, 397mn/b in February, and 7, 553mn/b in March 2021, making it a total of 108 million barrels for the period under review.

RelatedStories

TMV Applauds President Tinubu As FG’s CNG Initiative Attracts N760bln Private Investments In One Year

FG Directs NNPCL To Resume Sale Of Crude Oil In Naira To Dangote, Other Local Refineries

NNPCL Unveils New Senior Management Team

Tinubu, Dangote Refinery And Mele Kyari’s Sack

The corporation noted that the crude was lifted from the daily allocation for domestic utilisation translating to an average volume of 243,650 barrels of oil per day in terms of performance.

Price fluctuations within the period ranged from $25/b in March 2020, to $17/b in April; $25/b in May; $40/b in June; $44/b in July; $55/b in August; $40/b in September; $40/b in October; $43/b in November; and $51/b in December 2020.

In January 2021, crude lifted was sold at $57/b; $64/b in February, and $64/b in March 2021.

In order to meet domestic product supply requirements, NNPC said all the barrels were processed under the Direct-Sales-Direct Purchase (DSDP) scheme while no deliveries were made to the domestic refineries for processing.

Meanwhile, the nation’s official exchange rate during the period was around N400 to the dollar.

According to an average of N400/$, the various average monthly costs of Brent, and the monthly crude oil production figures as stated above, the corporation said it earned approximately N71bn in March; N69bn in April; N46bn in May; N90bn in June; N136bn in July; N170bn in August; N130bn in September; N158bn in October; N156bn in November; and N145bn in December 2020.

It further stated that the corporation earned N124bn in January 2021, N230bn in February, and N184bn in March 2021.

NNPC put total revenue from sales at N1.7trn within the period under review, and the nation earned about 90 per cent of its revenue from mostly export of crude oil.

The Managing Director and Chief Executive Officer, 11 Plc and former Chairman, Major Oil Marketers Association of Nigeria, (MOMAN), Tunji Oyebanji, said Nigeria’s dependence on oil revenue would not give room for adequate growth of other sectors of the economy.

Tags: CrudeNNPCLOilsales
Previous Post

Why we sacked 1,000 teachers in Anambra – Soludo

Next Post

Audu congratulates Tinubu, says his presidency will scale up Nigeria’s economic recovery

Vital News

Vital News

RelatedStories

TMV Applauds President Tinubu As FG’s CNG Initiative Attracts N760bln Private Investments In One Year
Oil & Gas

TMV Applauds President Tinubu As FG’s CNG Initiative Attracts N760bln Private Investments In One Year

April 19, 2025
NNPCL Unveils New Senior Management Team
Oil & Gas

FG Directs NNPCL To Resume Sale Of Crude Oil In Naira To Dangote, Other Local Refineries

April 9, 2025
NNPCL Unveils New Senior Management Team
Oil & Gas

NNPCL Unveils New Senior Management Team

April 5, 2025
Tinubu, Dangote Refinery And Mele Kyari’s Sack
Oil & Gas

Tinubu, Dangote Refinery And Mele Kyari’s Sack

April 2, 2025
Tinubu Removes Mele Kyari As GMD Of NNPCL, Appoints Ojulari As Replacement
National

Tinubu Removes Mele Kyari As GMD Of NNPCL, Appoints Ojulari As Replacement

April 2, 2025
Next Post

Audu congratulates Tinubu, says his presidency will scale up Nigeria's economic recovery

2023 - APC has no governorship candidate in Akwa Ibom - INEC

NGO donates cash, clothes, food items to 20 widows in Okene

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Follow Us

Recommended

Alake Gives Illegal Miners 30-day Ultimatum To join Co-operatives

Alake Gives Illegal Miners 30-day Ultimatum To join Co-operatives

2 years ago
Alia, New Benue Governor Nullifies All Appointments, Promotions Made By Ortom

Relief, Excitement As Benue Workers Receive First Salary In 7 Months

2 years ago
At AFRICA CEO FORUM, Dangote Calls For More Investments To Propel Africa’s Economic Growth

At AFRICA CEO FORUM, Dangote Calls For More Investments To Propel Africa’s Economic Growth

12 months ago

We will fish out, punish killers of two soldiers – Nigerian Army

3 years ago

Instagram

    Please install/update and activate JNews Instagram plugin.

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

Topics

Abiodun Abuja APC arrest Atiku Bandits Bello Benue Buhari CBN Court Dangote death drugs Economy EFCC Election elections FG Fraud gunmen Hajj INEC Kano kidnap Kill Kogi Kwara Lagos NDLEA Niger Nigeria Ododo Ogun Oyo PDP Police Power rescue road Security Senate students Tinubu US
No Result
View All Result

Highlights

New Pope Is Chosen As White Smoke Popped Up From Sistine Chapel

2027 : APGA Adopts President Bola Tinubu As Presidential Candidate

Gov. Radda, APC Chairman Present As Three PDP House Of Reps Members Defect To APC

Police Arrest Ekiti Female University Student For Faking Kidnap To Spend Night With Boyfriend

Gov. Mutfwang Flags Off Distribution Of Dangote Food Palliative In Plateau

Labour Party Suspends Abia Governor, Otti, Nwokocha, Ireti Kingibe For Anti – party

Trending

NASCON Records100% Growth In Dividend Payout, Attributes Higher Profitability To Massive Expansion Drive
Business

NASCON Records100% Growth In Dividend Payout, Attributes Higher Profitability To Massive Expansion Drive

by Vital News
May 8, 2025
0

The Management of NASCON Allied Industries Plc, has attributed significant growth in the dividend payout by 100...

President Tinubu In Anambra, Promises To Tackle Erosion, Reactivate Gas Plan, Integrate State Into National Rail Systems

President Tinubu In Anambra, Promises To Tackle Erosion, Reactivate Gas Plan, Integrate State Into National Rail Systems

May 8, 2025
Robert Prevost Is The New Pope

Robert Prevost Is The New Pope

May 8, 2025

New Pope Is Chosen As White Smoke Popped Up From Sistine Chapel

May 8, 2025
Tinubu, Dangote Refinery And Mele Kyari’s Sack

2027 : APGA Adopts President Bola Tinubu As Presidential Candidate

May 8, 2025
ADVERTISEMENT
Vital News

Vital News is an online newspaper with a mission to uphold professional journalism by reporting and publishing only facts and figures-based news reports across Nigeria and beyond.

Recent News

  • NASCON Records100% Growth In Dividend Payout, Attributes Higher Profitability To Massive Expansion Drive May 8, 2025
  • President Tinubu In Anambra, Promises To Tackle Erosion, Reactivate Gas Plan, Integrate State Into National Rail Systems May 8, 2025
  • Robert Prevost Is The New Pope May 8, 2025

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

© 2022 Vital News - . All Rights Reserved.

No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security

© 2022 Vital News - Vital News by Vital News.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In