A report of the Nigerian National Petroleum Corporation (NNPC) Ltd has shown that the corporation generated revenue of N1.7 trillion in crude oil sales over a 12 month period.
The period is from March 2020 to March 2021.
In its monthly and financial report for August, NNPC Ltd said it lifted a total of 108 million barrels of crude oil within the year, at an average price of $43 per barrel.
According to the report, in March 2020, the oil and gas firm lifted approximately 9, 490mn/b; 11, 437mn/b in April; 5, 113m/b in May; 6,274mb in June; and 8,546m/b in July.
In August, the corporation lifted 8, 546mn/b; 8,490mn/b in September; 10, 333mn/b in October; 9,532mn/d in November; and 7,539mn/b in December 2020. In January 2021, it lifted 5, 542mn/b; 9, 397mn/b in February, and 7, 553mn/b in March 2021, making it a total of 108 million barrels for the period under review.
NNPC Ltd said the crude was lifted from the daily allocation for domestic utilisation translating to an average volume of 243,650 barrels of oil per day in terms of performance.
On pricing, the report showed that price fluctuations within the period ranged from $25/b in March 2020, 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, while in January 2021, crude lifted was sold at $57/b; $64/b in February, and $64/b in March 2021.
NNPC said it earned approximately N71 billion in March; N69 billion in April; N46 billion in May; N90 billion in June; N136 billion in July; N170 billion in August; N130 billion in September; N158 billion in October; N156 billion in November; and N145 billion in December 2020.
The NNPC earned N124 billion in January 2021, N230 billion in February, and N184 billion in March 2021.
The corporation put total revenue from sales at N1.7 trillion within the period under review.
It said in order to meet domestic product supply requirements, all the barrels were processed under the Direct Sales-Direct Purchase (DSDP) scheme while no deliveries were made to the domestic refineries for processing.
