The Nigerian National Petroleum Corporation made N1.7 trillion in revenue from crude oil sales in a single year.
The figure was received from March 2020 to March 2021, according to the corporation’s latest monthly and financial report for August, after it lifted a total of 108 million barrels of crude oil at an average price of $43 per barrel over the year.
According to the study, the oil and gas company hoisted roughly 9, 490 million barrels per day in March 2020, 11, 437 million barrels per day in April, 5, 113 million barrels per day in May, 6,274 million barrels per day in June, and 8,546 million barrels per day in July.
NNPC reported in August that it lifted 8, 546 million barrels per day; 8, 490 million barrels per day in September; 10, 333 million barrels per day in October; 9, 532 million barrels per day in November; and 7, 539 million barrels per day in 2020.
It hoisted 5, 542 million barrels per day in January 2021, 9, 397 million barrels per day in February, and 7, 553 million barrels per day in March 2021, totaling 108 million barrels for the period under consideration.
According to the NNPC, the crude was removed from the daily allocation for domestic use, resulting in an average daily volume of 243,650 barrels of oil.
Between March 2020 and December 2020, price changes went from $25/b in March 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.
Crude oil was sold at $57/b in January 2021, $64/b in February, and $64/b in March 2021.
All barrels were processed under the Direct-Sales-Direct Purchase (DSDP) programme, according to NNPC, in order to meet domestic product supply requirements. No deliveries to local refineries for processing were made.
During this time, the official exchange rate of the country was around N400 to the dollar.
Going by an average of N400/$, the various average monthly costs of Brent and the monthly crude oil production figures as stated above, NNPC 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.
In January 2021, the NNPC earned N124 billion, N230 billion in February, and N184 billion in March 2021.
During the period under review, the company reported total revenue from sales of N1.7 trillion.
Nigeria’s primary source of money is crude oil exports, which account for over 90% of the country’s total earnings.
