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.
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.
