Nigeria’s NNPC Rakes In Whopping $47.257bn From Oil In 13 Months


Nigeria’s NNPC Rakes In Whopping $47.257bn From Oil In 13 Months

Abuja, Nigeria News 31st October, 2018: A new report by the Nigerian National Petroleum Corporation (NNPC) has revealed that between May 2017 and May 2018, Nigeria earned $47,257,178,735 from crude oil, according to Thisday Newspaper reports.

This revenue represents an increase of $13,112,090,598 from the $34,145,088,137 the country earned between May 2016 and May 2017.

This is coming as the corporation has also clarified that even though it has been bearing the high cost of importation of petrol as the sole importer of the product since October 2017, it has no plan to review upwards, the N145 per litre price of the commodity.

According to Thisday, the NNPC in a summarised copy of its June 2018 monthly operations and financial report, disclosed that the money was the value for 774,166,187 million barrels (mb) of crude oil that was produced from oil fields.

The figures, production and revenue, were, however, different from what was recorded by the country between May 2016 and May 2017.

According to the corporation’s records for May 2016 and May 2017, oil production was 685,800,421mb, with the accrued revenue amounting to $34,145,088,137.

The NNPC explained in the June 2018 report which also showed a difference of about N11 billion in its trading profits between the months of May and June 2018, that the $47,257,178,735 earned was however shared between the Nigerian government, International Oil Companies (IOCs) and alternative financing (AF) entities.

The NNPC’s report which is yet to be published on its webpage, came at a time the corporation said the federal government has no plans to review the pump price of petrol it currently subsidises in the country.

In the report, the corporation indicated that the federal government within the period got $14,991,801,512 as its share of the oil revenue from 247,413,205mb of oil it lifted as against $10,980,402,262 it previously got for the same period from lifting 220,199,527mb of oil.

The IOCs, which included independent producers and NNPC’s subsidiary – the Nigerian Petroleum Development Company (NPDC), got $30,354,101,114 as their share from lifting 497,817,456mb of oil, different from $22,681,908,242 they previously got from lifting 445,983,713mb of oil.

For AF entities, the NNPC report stated that they got $1,911,276,109 from their lifting of 28,935,026mb of oil for the period which is different from $482,777,634 they got from lifting 9,617,181mb of oil between May 2016 and May 2017.

The NNPC’s report also indicated the corporation recorded a trading surplus of N7.17 billion which was N10.97 billion less than the N18.12 billion it said it recorded as profit in the previous month of May 2018. NNPC in this regards blamed the decline in oil production and liftings of NPDC for the revenue shortfall.

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