NNPC earns N1.7tr between March 2020 and March 2021
By Jeph Ajobaju, Chief Copy Editor
Crude oi sales provided N1.7 trillion for the Nigerian National Petroleum Corporation (NNPC) between March 2020 and March 2021, according to its latest monthly and financial report for August 2021.
The NNPC said it lifted a total 108 million barrels (mb) of crude in the period, sold at an average price of $43 per barrel (pb).
The report shows the breakdown of the liftings as:
- March 2020 – 9.490mb
- April 2020 – 11.437mb
- May 2020 – 5.113mb
- June 2020 – 6.274mb
- July 2020 – 8.546mb
- August 2020 – 8.546mb
- September2020 – 8.490mb
- October 2020 – 10.333mb
- November 2020 – 9.532mb
- December 2020 – 7.539mb
- January 2021 – 5.542mb
- February 2021 – 9.397mb
- March 2021 – 7.553mb
- Total – 108mb
The NNPC said crude lifted for daily allocation for domestic utilisation translated to an average 243,650 barrels per day (bpd) in terms of performance.
It listed the price per barrel in the period as:
- March 2020 – $25
- April 2020 – $17
- April 2020 – $25
- June 2020 – $40
- July 2020 – $44
- August 2020 – $55
- September 2020 – $40
- October 2020 – $40
- November 2020 – $43
- December 2020 – $51
- January 2021 – $57
- February 2021 – $64
- March 2021 – $64
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Breakdown of earnings
To meet domestic product supply requirements, the NNPC added, all the barrels were processed under the Direct-Sales-Direct Purchase (DSDP) scheme while no deliveries were made to domestic refineries for processing, per The PUNCH.
The official exchange rate during the period was about N400 to the dollar.
The NNPC explained that based on an average N400/$, monthly cost of Brent, and monthly crude production figures as stated above, its revenues were as follows:
- March 2020 – N71 billion
- April 2020 – N69 billion
- May 2020 – N46 billion
- June 2020 – N90 billion
- July 2020 – N136 billion
- August 2020 – N170 billion
- September 2020 – N130 billion
- October 2020 – N158 billion
- November 2020 – N156 billion
- December 2020 – N145 billion
- January 2021 – N124 billion
- February 2021 – N230 billion
- March 2021 – N184 billion
- Total – N1.7 trillion
Nigeria earns about 90 per cent of its revenue from crude oil export.
And dependence on oil will not give room for adequate growth of other sectors of the economy, said Tunji Oyebanji, 11 Plc Chief Executive Officer and former Major Oil Marketers Association of Nigeria (MOMAN) Chairman.
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