By Modupe Gbadeyanka
Not less than $470 million was generated in the month of August 2018 from the sale of crude oil and gas by the Nigerian National Petroleum Corporation (NNPC).
According to the federal government owned oil agency, the figure showed that this was $78 million higher than what was realised in the month of July 2018, $391.9 million.
NNPC Monthly Financial and Operations report for August 2018 indicated that crude oil export sales contributed $337.62 million which represents 71.83 percent of the dollar transactions compared with $283.43 million contribution in the previous month.
In the report released in Abuja by NNPC’s spokesman, Mr Ndu Ughamadu, export gas sales during the period amounted to $132.38 million, adding that the August 2017 to August 2018 crude oil and gas transactions involved crude oil and gas export worth $5.26 billion.
It further explained that based on the above sales figures, a total export receipt of $450.24 million was recorded in August 2018 as receipt against $382.65 million in July 2018.
Contribution from crude oil during the period, it stated, amounted to $336.43 million, while gas and miscellaneous receipt 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.
On Naira payments to the Federation Account, the report informed that NNPC transferred N128.40 billion into the account for the month under review. It was also explained that from August 2017 to August 2018, the Federation and JV received N879.02 billion and N651.4 billion respectively.
Providing insight into the corporation’s remittances to the national treasury, 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.
It informed that Equity Export receipts, after adjusting for Joint Venture (JV) Cash Calls, are paid directly into the Federation Account domiciled in Central Bank of Nigeria (CBN).
The corporation explained that domestic crude oil of 445,000bopd was allocated for refining to meet domestic products supply, and payments were effected to the Federation Account by NNPC after adjusting crude & product losses and pipeline repairs & management costs incurred during the period.
more recommended stories
Board Seeks Shareholders’ Nod to Sell Dangote Flour for N130bn
By Dipo Olowookere The board of.
Seplat, 18 Other Equities Lift Market by 0.07%
By Modupe Gbadeyanka The equity market.
Linkage Assurance Declares N290bn Loss in 2018
By Modupe Gbadeyanka In the 2018.
Oando Improves PAT by 9.5% to N4.6bn in Q1’19
By Modupe Gbadeyanka Leading energy firm.
NBET Blames Media for Poor Investment in Power Sector
By Modupe Gbadeyanka Members of the.
CCNN Nets N3.6bn Profit as Revenue Rises 213% in Q1 2019
By Dipo Olowookere On Thursday, one.
Nigerian Breweries Woes Sink Q1 2019 Profit by 22%
By Dipo Olowookere Since the Nigerian.
Investors Oversubscribe Nigeria’s 30-Year Bond by 400%
By Dipo Olowookere On Wednesday, the.