Q1 2022: Nigeria Records $565.5m from Oil and Gas – NNPC

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The Nigerian National Petroleum Company Limited (NNPC) has said that the country recorded $565.5 million export sales of crude oil and gas in the first three months of 2022.

In a date provided by the NNPC, crude oil exports earned the nation about $177.86million, while revenue from gas feedstock to Nigeria LNG Limited (NLNG) amounted to $387.72 million.

The data, which is displayed in the NNPC website, showed that in January 2022, Nigeria earned $75.88million from crude oil, compared with the $84.45million earned from gas feedstock to NLNG.

According to the details, in February, the country earned $13.05m from crude oil, compared with $159.58m from gas feedstock to NLNG. In March, Nigeria earned $88.9m from crude oil while gas feedstock to NLNG fetched the country $143.69m.

“Feedstock gas receipt was $143.69m. This includes receipts of $54.72m and $21.29m, which were expected in the previous month but slipped into the current month. Other related NLNG receipt was $7.67m,” the national oil company stated at its latest presentation at the Federation Account Allocation Committee.

Observers note that the NNPC information demonstrates the trend of Nigeria’s revenue from feedstock gas to NLNG surpassing crude oil earnings has been consistent in the last 16 months.

The reported stated further that between December 2021 and December 2020, Nigeria earned a total of $644.28million from gas feedstock to NLNG while income from crude oil exports was $368.34 million.

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